Salem Q1 Revenue Down 3.7%; Stock Falls
Salem Media Q1 sales decreased 3.7% to $58.3 million from the year-ago quarter, the radio broadcaster reported Monday evening. Salem estimated April revenue was down 24% and May down 23%, but numbers are edging up for June. In an investor…
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call, CEO Edward Atsinger said revenue was “clearly impacted by financial fallout from COVID-19.” Salem has laid off 10% of employees, reduced base salary for every employee, suspended 401K matching, and asked for forbearance from lenders, Atsinger said. The stock closed down Tuesday 12%, below $1.