8-K
filed November 3, 2022, 7:59 PM ET
ticker SALM
CIK 0001050606
earnings
confidence high
sentiment negative
materiality 0.70
Salem Media Q3 revenue up 1.3% to $66.9M but net loss $11.9M vs prior year profit; guides Q4 revenue down 3-5%
SALEM MEDIA GROUP, INC. /DE/
2022-Q3 EPS reported
-$0.04
revenue$198,153,000
- Net loss of $11.9M ($0.44 loss per share) compared to net income of $22.1M ($0.81 EPS) in Q3 2021.
- Adjusted EBITDA fell 78.8% to $2.3M; operating loss of $8.8M vs operating income of $15.8M.
- Recorded $7.7M impairment of broadcast licenses across 12 markets and $3.8M legal settlement expense.
- Broadcast revenue up 3.1% to $51.1M, but station operating income (SOI) decreased 17.9% to $10.0M.
- Q4 2022 outlook: total revenue expected to decrease 3-5% YoY; Recurring Operating Expenses up 4-7%.
Key facts
Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
SALEM MEDIA GROUP, INC. /DE/ reported the quarter ended September 30, 2022 results: revenue $66.9 million, net income $11.9 million, EPS $0.44 net loss per share.
- Period
- the quarter ended September 30, 2022
- Revenue
- $66.9 million
- Net income
- $11.9 million
- EPS
- $0.44 net loss per share
- Result
- reported results
Exact text from the filing
Third Quarter 2022 Results For the quarter ended September 30, 2022 compared to the quarter ended September 30, 2021: Consolidated • Total revenue increased 1.3% to $66.9 million from $66.0 million; • Total operating expenses increased 50.7% to $75.6 million from $50.2 million; • Operating expenses, excluding stock-based compensation expense, debt modification costs, gains and losses on the sale or disposition of assets, legal settlement, impairments, depreciation expense and amortization expense (1) increased 10.3% to $60.8 million from $55.2 million; • The company had an operating loss of $8.8 million compared to operating income of $15.8 million; • The company recognized $0.1 million in film distribution income from an unconsolidated equity investment; • The company had a net loss of $11.9 million, or $0.44 net loss per share compared to net income of $22.1 million, or $0.81 net income per diluted share; • EBITDA (1) decreased to $(5.7) million from $30.2 million; and • Adjusted EBI
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.95
SALEM MEDIA GROUP, INC. /DE/ reported the nine months ended September 30, 2022 results: revenue $198.2 million, net income $1.0 million, EPS $0.04 net loss per share.
- Period
- the nine months ended September 30, 2022
- Revenue
- $198.2 million
- Net income
- $1.0 million
- EPS
- $0.04 net loss per share
- Result
- reported results
Exact text from the filing
Year to Date 2022 Results For the nine months ended September 30, 2022 compared to the nine months ended September 30, 2021: Consolidated • Total revenue increased 4.8% to $198.2 million from $189.1 million; • Total operating expenses increased 19.2% to $194.6 million from $163.3 million; • Operating expenses, excluding stock-based compensation expense, debt modification costs, gains and losses on the sale or disposition of assets, legal settlement, impairments, depreciation expense and amortization expense (1) increased 9.2% to $176.6 million from $161.6 million; • The company’s operating income decreased 86.4% to $3.5 million from $25.8 million; • The company recognized $4.0 million in film distribution income from an unconsolidated equity investment; • The company had a net loss of $1.0 million, or $0.04 net loss per share compared to net income of $24.7 million, or $0.91 net income per diluted share; • EBITDA (1) decreased 63.6% to $17.0 million from $46.7 million; and • Adjusted E
View on SEC.gov
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