Salem Media Group total revenue for the second quarter of 2023 was $65.8 million, a decrease of 4.2% from Q2 of 2022. The company reports an operating loss of $4.1 million compared to operating income of $7.3 million reported in Q2 of 2022. Salem posts a net loss of $7.1 million for the second quarter of this year, compared to a net income of $9.1 million reported for Q2 of 2022. Looking at the company’s operating results by segment, Net
Broadcast revenue decreased 5.3% to $49.7 million from $52.5 million; Station Operating Income decreased 43.5% to $6.2 million from $10.9 million; Same Station net broadcast revenue decreased 5.8% to $49.4 million from $52.4 million; and Same Station operating income decreased 37.7% to $6.8 million from $10.9 million. Digital Media revenue increased 0.5% to $10.9 million from $10.8 million, and Publishing revenue decreased 3.5% to $5.2 million from $5.4 million. Salem reports that as of June 30, 2023, the company was not in compliance with its fixed charge coverage ratio. On August 7, 2023 it signed a forbearance whereby the bank agreed not to exercise remedies on the default during the month of August. Additionally, the notional amount of the revolver was reduced from $30 million to $25 million with a minimum availability of $1 million. The interest rate associated with the revolver increased by two percentage points effective July 1, 2023 through the date of the forbearance amendment.
