Salem Media Q3 revenue $66M (+8.8%); net income $22.1M vs $0.3M on asset sale gains

SALEM MEDIA GROUP, INC. /DE/

2021-Q3 EPS reported $0.91 revenue$189,118,000

Net income $22.1M ($0.81 diluted EPS) vs $0.3M ($0.01) YoY; includes $10.6M gain on asset sales.
Adjusted EBITDA $10.8M, up 12.5% from $9.6M; total operating expenses down 10.2%.
Refinanced $112.8M of 2024 Notes into 7.125% Senior Secured Notes due 2028; plus $50M delayed draw commitments.
Q4 2021 outlook: total revenue flat to +2% YoY; ex-political revenues up 6-8%.
Sold Lewisville, TX land for $12.1M; pending sales of Tampa and Denver land for $13.5M and $8.2M respectively.

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