earnings
confidence high
sentiment negative
materiality 0.80
Salem Media Q2 revenue down 4.2% to $65.8M; net loss $7.1M vs prior-year net income $9.1M
SALEM MEDIA GROUP, INC. /DE/
2023-Q2 EPS
reported -$0.45
vs consensus -$0.11
▼ miss
(-320.2%)
- Net loss per diluted share $0.26 vs $0.33 income YoY; Adjusted EBITDA fell 77% to $2.7M.
- Broadcast revenue declined 5.3% to $49.7M; Station Operating Income down 43.5%.
- Company not in compliance with fixed charge coverage ratio at June 30; bank forbearance signed through August with revolver reduced to $25M and rate +200 bps.
- Impairment charges totaling $2.9M (goodwill in Townhall and broadcast licenses in Portland/SF).
- Q3 outlook: total revenue projected to decline 3%-5% from $66.9M in Q3 2022.