salem communications -cl a (SALM) Key Developments
Salem Communications Corp. Announces Executive Changes, Effective July 1, 2014
Jun 26 14
Salem Communications Corporation announced that long time Pittsburgh General Manager Chuck Gratner is retiring effective July 1, 2014 after 50 years in radio. Chuck has worked for Salem Communications for the last 23 years, managing the company's cluster in Pittsburgh which includes Christian Teaching and Talk formatted WORD 101.5 FM and Christian Teaching and Talk WPIT 73 AM. Chuck will be replaced by the stations' General Sales Manager Tom Lemmon who has been with Salem in Pittsburgh almost 12 years.
Salem Communications Announces the Opening of Little Rock's FaithTalk 99.5 FM Open House
Jun 2 14
Salem Communications announced that it will celebrate the opening of Little Rock's FaithTalk 99.5 FM (KDIS-FM) with an open house of the station's new studios. The event is planned for June 10, 2014 with brief remarks from Salem senior executives. KDIS is the newest Christian Teaching and Talk station in Salem's station line-up of 41 stations in its foundational format. The new FaithTalk 99.5 FM studios are located at 415 North McKinley Street, Suite 700 in Little Rock, Arkansas.
Salem Communications Corporation Declares Quarterly Cash Distribution Payable on June 30, 2014
May 27 14
Salem Communications Corporation announced that its Board of Directors has increased its quarterly cash distribution from $0.0575 per share to $0.0600 per share. The cash distribution will be paid on June 30, 2014 to all Class A and Class B common stockholders of record as of June 16, 2014.
Salem Communications Corp. Reports Earnings Results for the First Quarter Ended March 31, 2014
May 22 14
Salem Communications Corp. reported earnings results for the first quarter ended March 31, 2014. Net income for the first quarter ended March 31, 2014 was $431,000, or $0.02 per share, compared to a net loss of $18.59 million, or $0.75 loss per share, for the same quarter ended March 31, 2013. Total revenue for the first quarter ended March 31, 2014 was $62.33 million, compared to $55.63 million for the same quarter ended March 31, 2013. Operating income from continuing operations for the first quarter ended March 31, 2014 was $5.33 million, compared to $6.58 million for the same quarter ended March 31, 2013.
Salem Communications Reports Consolidated Earnings Results for the First Quarter Ended March 31, 2014; Provides Revenue Guidance for the Second Quarter of 2014
May 6 14
Salem Communications reported consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported total revenue of $62,333,000 against $55,628,000 a year ago. Operating income from continuing operations was $5,331,000 against $6,582,000 a year ago. Income from continuing operations before income taxes was $529,000 against loss from continuing operations before income taxes of $27,264,000 a year ago. Income from continuing operations was $431,000 against loss from continuing operations of $18,582,000 a year ago. Net income was $431,000 against net loss of $18,593,000 a year ago. Basic and diluted income per share was $0.02 against basic and diluted loss per share of $0.75 a year ago. Capital expenditures was $3,010,000 against $2,343,000 a year ago. Adjusted EBITDA was $10,747,000 against $11,227,000 a year ago. EBITDA was 10,126,000 against LBITDA of 17,329,000 a year ago.
For the second quarter of 2014, the company is projecting total revenue to increase 13% to 15% over the second quarter 2013 total revenue of $60.1 million.