Salem Media Q2 revenue up 7.7% to $68.7M; net income surges 304% to $9.1M; issues Q3 outlook

SALEM MEDIA GROUP, INC. /DE/

2022-Q2 EPS reported $0.39 revenue$131,291,000

Net income $9.1M ($0.33 diluted EPS) vs $2.3M ($0.08) a year ago; included $6.9M net gain on asset sales and $3.9M impairment.
Broadcast revenue up 12.1% to $52.5M, but Station Operating Income fell 6.2% to $10.0M.
Digital media revenue up 4.5% to $10.8M, operating income up 26.5% to $2.5M; Publishing revenue down 18.5% to $5.4M.
Q3 2022 outlook: total revenue growth of 6-8% YoY; operating expenses (non-GAAP) up 11-14% YoY.
Balance sheet: $114.7M on 7.125% notes due 2028, $44.7M on 6.75% notes due 2024, $10K on ABL.

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