Salem Media Group, Inc (SALM) has reported a 5.54 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $2.19 million, or $0.08 a share in the quarter, compared with $2.08 million, or $0.08 a share for the same period last year. Revenue during the quarter grew 5.60 percent to $71.27 million from $67.49 million in the previous year period. Total expenses were 87.60 percent of quarterly revenues, up from 86.96 percent for the same period last year. That has resulted in a contraction of 64 basis points in operating margin to 12.40 percent.
Operating income for the quarter was $8.84 million, compared with $8.80 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $12.63 million compared with $12.83 million in the prior year period. At the same time, adjusted EBITDA margin contracted 128 basis points in the quarter to 17.73 percent from 19.01 percent in the last year period.
Working capital increases sharply
Salem Media Group, Inc has recorded an increase in the working capital over the last year. It stood at $14.55 million as at Sep. 30, 2016, up 48.45 percent or $4.75 million from $9.80 million on Sep. 30, 2015. Current ratio was at 1.35 as on Sep. 30, 2016, up from 1.21 on Sep. 30, 2015. Days sales outstanding went down to 47 days for the quarter compared with 51 days for the same period last year.
Debt comes down
Salem Media Group, Inc has recorded a decline in total debt over the last one year. It stood at $265.37 million as on Sep. 30, 2016, down 5.17 percent or $14.48 million from $279.84 million on Sep. 30, 2015. Total debt was 44.30 percent of total assets as on Sep. 30, 2016, compared with 47.04 percent on Sep. 30, 2015. Debt to equity ratio was at 1.25 as on Sep. 30, 2016, down from 1.36 as on Sep. 30, 2015. Interest coverage ratio improved to 2.37 for the quarter from 2.26 for the same period last year.
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