Salem Media Q3 revenue down 5% to $63.5M; net loss widens to $31.3M on $35.1M impairment

SALEM MEDIA GROUP, INC. /DE/

2023-Q3 EPS reported -$1.60 vs consensus -$0.05 ▼ miss (-3385.8%)

Total revenue $63.5M (-5.0% YoY); net loss $31.3M ($1.15 EPS) vs $11.9M loss prior year.
Operating loss $36.3M includes $35.1M broadcast license impairment; adjusted EBITDA up 9.3% to $2.5M.
Broadcast revenue down 4.2% to $49.0M; station operating income fell 31.8% to $6.8M.
Agreed to sell Salem Church Products for $30M in Q4 2023; sold Greenville stations for $6.8M in Nov.
Q4 2023 outlook: total revenue to decline 6-8% YoY; excluding political and asset sales, decline 2-4%.

item 2.02 item 7.01 item 9.01

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, 2023 results: revenue $63.5 million, net income $31.3 million, or $1.15 net loss per share, EPS $1.15 net loss per share.

Period: the quarter ended September 30, 2023
Revenue: $63.5 million
Net income: $31.3 million, or $1.15 net loss per share
EPS: $1.15 net loss per share
Result: reported results

Exact text from the filing

of operations for the quarter ended September 30, 2023. --- EX-99.1 (EX-99.1) --- EX-99.1 Exhibit 99.1 SALEM MEDIA GROUP, INC. ANNOUNCES THIRD QUARTER 2023 TOTAL REVENUE OF $63.5 MILLION IRVING, TX November 13, 2023 – Salem Media Group, Inc. (the “company”) (Nasdaq: SALM) released its results for the three and nine months ended September 30, 2023. Third Quarter

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SALEM MEDIA GROUP, INC. /DE/ reported the nine months ended September 30, 2023 results: revenue $192.8 million, net income $43.5 million, or $1.60 net loss per share, EPS $1.60 net loss per share.

Period: the nine months ended September 30, 2023
Revenue: $192.8 million
Net income: $43.5 million, or $1.60 net loss per share
EPS: $1.60 net loss per share
Result: reported results

Exact text from the filing

2022. Year to Date 2023 Results For the nine months ended September 30, 2023 compared to the nine months ended September 30, 2022: Consolidated • Total revenue decreased 2.7% to $192.8 million from $198.2 million; • Total operating expenses increased 21.9% to $237.3 million from $194.6 million; • Operating expenses, excluding gains or losses on the disposition of

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Source: SEC EDGAR

accession 0001193125-23-276041

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