Highest-materiality recent filing
Letter of credit limit increased from $1.0M to $3.0M under the Siena Lending Group facility.
Salem Media Group voluntarily delists from Nasdaq, plans OTCQX listing by Jan 19
Salem Media notified Nasdaq of voluntary delisting, effective ~Jan 18, 2024.
Salem Media closes $26M asset-based revolver, refinances Wells Fargo facility
New $26M 3-year revolving credit facility with Siena Lending Group, replacing prior Wells Fargo facility.
Salem Media extends forbearance to Dec 18; availability minimum raised to $5M then $7.5M
Forbearance period extended through December 18, 2023.
Salem Media Q3 revenue down 5% to $63.5M; net loss widens to $31.3M on $35.1M impairment
Total revenue $63.5M (-5.0% YoY); net loss $31.3M ($1.15 EPS) vs $11.9M loss prior year.
Salem Media extends forbearance to Nov 27, shortens credit maturity to Feb 1, 2024
Forbearance period extended through November 27, 2023, from the earlier November 2 date.
Salem Media Group to sell Salem Church Products to Gloo for $30M; expects close Nov 1
Sale price includes $22.5M cash and $7.5M secured promissory note; total $30M.
Salem Media extends forbearance period to Nov 3, 2023; availability requirement rises to $5M
Forbearance period extended through Nov 3, 2023; availability minimum of $1M until then, $5M thereafter.
Salem Media extends forbearance period to Sep 29, 2023; reduces cash disposition threshold
Forbearance period extended through September 29, 2023 under Eighth Amendment to Credit Agreement.
Salem Media Group enters forbearance through Aug 31; credit cut to $25M
Lenders forbear on specified defaults (incl. fixed charge coverage ratio breach) until August 31, 2023.
Salem Media Q2 revenue down 4.2% to $65.8M; net loss $7.1M vs prior-year net income $9.1M
Net loss per diluted share $0.26 vs $0.33 income YoY; Adjusted EBITDA fell 77% to $2.7M.
Salem Media receives Nasdaq delisting notice for bid price below $1
Received Nasdaq letter on June 23, 2023 for failing $1 minimum bid price for 32 consecutive business days.
Salem Media stockholders elect all director nominees, ratify auditor, approve charter amendment
All 7 director nominees elected; Edward G. Atsinger III received ~39.8M total votes.
Salem Media Q1 2023: Revenue up 1.4% to $63.5M, net loss $5.2M, Q2 revenue guidance down 5-7%
Total revenue $63.5M (+1.4% YoY); net loss $5.2M ($0.19/share) vs. net income $1.7M a year ago.
Salem Media issues $44.7M of 7.125% Senior Secured Notes due 2028, redeems $36.5M of 2024 notes
Issued $44,685,000 additional 7.125% Senior Secured Notes due 2028 under existing indenture.
Salem Media Q4 2022 net loss $2.2M; revenue $68.8M down 0.5%; impairments weigh
Net loss per diluted share $0.08 vs net income $0.61 in Q4 2021; operating income down 92% to $1.6M.
Salem Media Group to redeem $36.5M 6.75% notes due 2024, issue $44.7M 7.125% notes due 2028
Issued notice to redeem all $36,535,000 of 6.750% Senior Secured Notes due 2024 on March 27, 2023 at par plus accrued interest.
Salem Media enters new employment agreements with President Broadcast Media and CFO
E. Allen Power named President Broadcast Media; base salary $390k (2023), $399,750 (2024), $409,743.75 (2025); quarterly bonuses tied to Broadcast NOR and SOI targets.
Net loss of $11.9M ($0.44 loss per share) compared to net income of $22.1M ($0.81 EPS) in Q3 2021.
Salem Media settles Texas lawsuit for $5.325M, up from $1.5M accrued
Settlement with Cort Thomas (Receiver/Assignee) resolves 2020 lawsuit alleging Texas Securities Act violations.
Salem Media Q2 revenue up 7.7% to $68.7M; net income surges 304% to $9.1M; issues Q3 outlook
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.
Salem Media Q1 revenue up 5.5% to $62.6M; net income rises 438% to $1.7M
Revenue $62.6M (+5.5% YoY); operating income $5.0M (+14.2%).
Salem Media Group annual meeting results: all proposals approved
All seven director nominees elected; Class A and B votes cast.
Salem Media amends CEO and COO employment agreements with new incentive structure
CEO David Santrella base salary set at $661k (2022), $674,220 (2023), $687,704 (2024).
Salem Media retains EF Hutton as financial advisor for $15M ATM offering
Company engaged EF Hutton as financial advisor for its existing $15M at-the-market equity offering program.
Salem Media Q4 revenue $69.1M (+7.2% YoY); diluted EPS $0.61 vs $0.12
Net income of $16.8M ($0.61 diluted EPS) includes $13M net gain on asset sales (land in Tampa).
Salem Media Group names David Santrella CEO, David Evans COO; Atsinger becomes Executive Chairman
Edward Atsinger III transitions from CEO to Executive Chairman effective Jan 2, 2022; annual salary $1M.
Salem Media Q3 revenue $66M (+8.8%); net income $22.1M vs $0.3M on asset sale gains
Net income $22.1M ($0.81 diluted EPS) vs $0.3M ($0.01) YoY; includes $10.6M gain on asset sales.
Salem Media closes refinancing of $112.8M 2024 notes with $114.7M of 7.125% notes due 2028
Exchanged $112.8M of 6.75% senior secured notes due 2024 for $114.7M of 7.125% senior secured notes due 2028 (including 1.688% call premium).
Salem Media Q2 revenue $63.8M (+20.6%); net income $2.3M vs loss; Q3 guidance up 2-4%
Net income of $2.3M ($0.08 diluted EPS) vs net loss of $2.5M ($0.09 loss) in Q2 2020.
Effective January 2, 2022, Edward G. Atsinger III, the Company’s current Chief Executive Officer, will transition to the newly created role of Executive Chairman of the Board of Directors.
the Company announced the appointment of David Santrella as Chief Executive Officer
Stuart W. Epperson, Jr. will join the Board, filling the vacancy created by Mr. Epperson, Sr.’s resignation.
and David Evans as Chief Operating Officer
Stuart W. Epperson, Sr., the Company’s current Chairman of the Board, will resign from the Board and transition to the position of Chairman Emeritus.
Max materiality 0.80 · Median 0.70 · Most common event debt