SALM
Salem Media Group, Inc.0.5000
-0.0200-3.85%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
No earnings call transcript available
Key Stats
Market Cap
15.93MP/E (TTM)
-Basic EPS (TTM)
-1.30Dividend Yield
0%Recent Filings
8-K
Loan amendment enables property sale-leaseback
Salem Media Group amended its loan agreement with Siena Lending Group on January 19, 2024, boosting the letter of credit limit to $3.0 million while setting a post-sale minimum usage threshold. The lender consents to a sale-leaseback of the Camarillo, CA property, requiring $6,231,900 in net proceeds to prepay revolving loans, followed by a five-year lease at ~$500,000 annual rent. This frees up capital yet imposes quarterly reductions on real estate advances starting April 1, 2024. Lenders hold liens on proceeds.
8-K
Voluntary Nasdaq delisting announced
Salem Media Group notified Nasdaq on December 29, 2023, of its voluntary delisting of Class A Common Stock, effective around January 18, 2024, after failing to meet the minimum bid price rule. The board, following a special committee's review, opted for delisting to cut compliance costs and free management time, while planning OTCQX quotation starting January 19, 2024. Delisting saves significant annual expenses. Yet risks linger if OTC approval falters.
8-K
Salem secures $26M revolving facility
Salem Media Group secured a $26 million three-year revolving credit facility from Siena Lending Group on December 26, 2023, replacing its prior Wells Fargo arrangement. Loans carry interest at 1-month SOFR plus 4.50% with a 4.30% floor and mature on December 26, 2026, secured by first-priority liens on accounts receivable, inventory, and select real estate. This refinances existing debt, bolstering liquidity amid broadcast operations. Early termination within 30 months incurs a premium.
8-K
Forbearance extended to Dec 18
Salem Media Group extended its lender forbearance period to December 18, 2023, amid ongoing defaults, while tightening minimum availability covenants to $5 million through December 8 and $7.5 million thereafter. This buys time to address liquidity strains, with revolving loans outstanding at $20.1 million as of November 30. Lenders hold firm.
8-K
Q3 revenue dips, impairments hit
Salem Media Group reported Q3 2023 total revenue of $63.5 million, down 5.0% from $66.9 million last year, while Adjusted EBITDA edged up 9.3% to $2.5 million. A $35.1 million impairment on broadcast licenses in major markets hammered operating loss to $36.3 million from $8.8 million, yet core expenses held nearly flat. Recent sales of Greenville stations for $6.8 million and pending deals, including $30.0 million for Salem Church Products, aim to streamline operations. Q4 revenue guidance projects a 6-8% decline from $68.8 million.
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