Salem Media Group, Inc. (SALM) has reported 200.28 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $1.06 million, or $0.04 a share in the quarter, compared with $0.35 million, or $0.01 a share for the same period last year. Revenue during the quarter went up marginally by 0.63 percent to $64.98 million from $64.58 million in the previous year period. Total expenses were 92.58 percent of quarterly revenues, up from 90.58 percent for the same period last year. That has resulted in a contraction of 200 basis points in operating margin to 7.42 percent.
Operating income for the quarter was $4.82 million, compared with $6.08 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $10.35 million compared with $10.44 million in the prior year period. At the same time, adjusted EBITDA margin contracted 24 basis points in the quarter to 15.92 percent from 16.17 percent in the last year period.
For the second-quarter, Salem Media Group, Inc. projects revenue to grow in the range of 1 percent to 3 percent.
Operating cash flow declines
Salem Media Group, Inc. has generated cash of $9.04 million from operating activities during the quarter, down 18.42 percent or $ 2.04 million, when compared with the last year period. The company has spent $3.13 million cash to meet investing activities during the quarter as against cash outgo of $5.68 million in the last year period.
The company has spent $5.95 million cash to carry out financing activities during the quarter as against cash outgo of $5.41 million in the last year period.
Debt comes down
Salem Media Group, Inc. has recorded a decline in total debt over the last one year. It stood at $255.52 million as on Mar. 31, 2017, down 6.43 percent or $17.55 million from $273.07 million on Mar. 31, 2016. Total debt was 44.17 percent of total assets as on Mar. 31, 2017, compared with 46 percent on Mar. 31, 2016. Debt to equity ratio was at 1.19 as on Mar. 31, 2017, down from 1.30 as on Mar. 31, 2016. Interest coverage ratio deteriorated to 1.40 for the quarter from 1.60 for the same period last year. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
