$SALM
SALEM MEDIA GROUP, INC. /DE/

2012 Q1 Form 10-Q Financial Statement

#000119312512211581 Filed on May 04, 2012

View on sec.gov

Income Statement

Concept 2012 Q1 2011 Q1
Revenue $54.28M $51.16M
YoY Change 6.1% 5.88%
Cost Of Revenue $38.04M $35.52M
YoY Change 7.09% 9.66%
Gross Profit $16.25M $15.65M
YoY Change 3.83% -1.82%
Gross Profit Margin 29.94% 30.59%
Selling, General & Admin $4.870M $4.550M
YoY Change 7.03% 6.56%
% of Gross Profit 29.97% 29.07%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.619M $3.701M
YoY Change -2.22% 3.96%
% of Gross Profit 22.27% 23.65%
Operating Expenses $42.90M $8.260M
YoY Change 419.42% 5.49%
Operating Profit $7.930M $11.92M
YoY Change -33.46% 46.95%
Interest Expense $6.396M $7.235M
YoY Change -11.6% -194.7%
% of Operating Profit 80.66% 60.71%
Other Income/Expense, Net $7.000K -$11.00K
YoY Change -163.64% -63.33%
Pretax Income $1.572M $4.715M
YoY Change -66.66% 1022.62%
Income Tax $687.0K $2.156M
% Of Pretax Income 43.7% 45.73%
Net Earnings $843.0K $2.587M
YoY Change -67.41% 1193.5%
Net Earnings / Revenue 1.55% 5.06%
Basic Earnings Per Share $0.04 $0.10
Diluted Earnings Per Share $0.04 $0.10
COMMON SHARES
Basic Shares Outstanding 24.56M shares 24.52M shares
Diluted Shares Outstanding 24.75M shares 24.76M shares

Balance Sheet

Concept 2012 Q1 2011 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $300.0K
YoY Change 0.0% -95.83%
Cash & Equivalents $312.0K $263.0K
Short-Term Investments
Other Short-Term Assets $10.50M $9.700M
YoY Change 8.25% 11.49%
Inventory
Prepaid Expenses $3.603M
Receivables $30.50M $28.30M
Other Receivables $850.0K $400.0K
Total Short-Term Assets $42.14M $38.70M
YoY Change 8.88% -4.91%
LONG-TERM ASSETS
Property, Plant & Equipment $111.8M $115.2M
YoY Change -2.99% -3.52%
Goodwill $20.10M
YoY Change
Intangibles $5.881M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.269M $10.90M
YoY Change -88.36% -14.84%
Total Long-Term Assets $519.8M $529.8M
YoY Change -1.89% -0.75%
TOTAL ASSETS
Total Short-Term Assets $42.14M $38.70M
Total Long-Term Assets $519.8M $529.8M
Total Assets $561.9M $568.5M
YoY Change -1.15% -1.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.121M $2.700M
YoY Change 52.63% 170.0%
Accrued Expenses $5.191M $18.30M
YoY Change -71.63% -10.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $30.41M $29.20M
YoY Change 4.15% 3.91%
LONG-TERM LIABILITIES
Long-Term Debt $271.0M $288.4M
YoY Change -6.03% -4.19%
Other Long-Term Liabilities $29.00K $7.900M
YoY Change -99.63% -8.14%
Total Long-Term Liabilities $29.00K $296.3M
YoY Change -99.99% -4.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.41M $29.20M
Total Long-Term Liabilities $29.00K $296.3M
Total Liabilities $358.6M $369.1M
YoY Change -2.86% -1.99%
SHAREHOLDERS EQUITY
Retained Earnings $4.809M
YoY Change
Common Stock $232.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $34.01M
YoY Change
Treasury Stock Shares 2.318M shares
Shareholders Equity $203.4M $199.3M
YoY Change
Total Liabilities & Shareholders Equity $561.9M $568.5M
YoY Change -1.15% -1.04%

Cashflow Statement

Concept 2012 Q1 2011 Q1
OPERATING ACTIVITIES
Net Income $843.0K $2.587M
YoY Change -67.41% 1193.5%
Depreciation, Depletion And Amortization $3.619M $3.701M
YoY Change -2.22% 3.96%
Cash From Operating Activities $10.32M $10.09M
YoY Change 2.28% -32.05%
INVESTING ACTIVITIES
Capital Expenditures $2.761M $2.412M
YoY Change 14.47% -274.78%
Acquisitions
YoY Change
Other Investing Activities $15.00K $459.0K
YoY Change -96.73% -121.75%
Cash From Investing Activities -$4.080M $3.500M
YoY Change -216.57% -200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.000M -14.16M
YoY Change -57.63% 8.09%
NET CHANGE
Cash From Operating Activities 10.32M 10.09M
Cash From Investing Activities -4.080M 3.500M
Cash From Financing Activities -6.000M -14.16M
Net Change In Cash 240.0K -570.0K
YoY Change -142.11% -67.43%
FREE CASH FLOW
Cash From Operating Activities $10.32M $10.09M
Capital Expenditures $2.761M $2.412M
Free Cash Flow $7.559M $7.678M
YoY Change -1.55% -52.69%

Facts In Submission

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CY2012Q1 dei Document Fiscal Period Focus
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CY2012Q1 dei Trading Symbol
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CY2012Q1 dei Entity Registrant Name
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SALEM COMMUNICATIONS CORP /DE/
CY2012Q1 dei Amendment Flag
AmendmentFlag
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CY2012Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2012Q1 dei Document Fiscal Year Focus
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CY2012Q1 dei Document Type
DocumentType
10-Q
CY2012Q1 dei Document Period End Date
DocumentPeriodEndDate
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CY2012Q1 us-gaap Reclassifications
Reclassifications
<div> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>NOTE 2. RECLASSIFICATIONS</b></font></p> <p style="margin-top:6px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation. These reclassifications include the accounting for discontinued operations as described in more detail in Note 4 to our condensed consolidated financial statements and the separation as of March 2011 of our non-broadcast segment into two operating segments, Internet and Publishing. We believe that this segment information is useful to readers of our financial statements. Additionally, due to growth within our Internet operations, including the acquisition of WorshipHouse Media in March 2011, our Internet segment qualified for disclosure as a reportable segment. All prior periods presented have been updated to reflect these reclassifications.</font></p> </div>
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GainLossOnDispositionOfAssets
169000
CY2012Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
850000
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
327000
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
10317000
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
CY2012Q1 us-gaap Interest Expense
InterestExpense
6396000
CY2012Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
644000
CY2012Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-110000
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2761000
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
54284000
CY2012Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
417000
CY2012Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div> <p style="margin-top:18px;margin-bottom:0px"><font style="font-family:Times New Roman" size="2"><b>NOTE 6. RECENT ACCOUNTING PRONOUNCEMENTS</b></font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">In December 2011, the FASB issued Accounting Standards Update (&#x201C;ASU&#x201D;) No. 2011-11, &#x201C;Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities&#x201D; (&#x201C;ASU No. 2011-11&#x201D;). This ASU requires us to disclose both net and gross information about assets and liabilities that have been offset, if any, and the related arrangements. The disclosures under this new guidance are required to be provided retrospectively for all comparative periods presented. We are required to apply the amendments for annual reporting periods beginning on or after January 1, 2013, and interim periods within those annual periods. The adoption of ASU No. 2011-11 is not expected to have a material impact on our financial position, results of operations or cash flows.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">In September&#xA0;2011, the FASB&#xA0;issued ASU No. 2011-08, &#x201C;Testing Goodwill for Impairment&#x201D; (&#x201C;ASU No. 2011-08&#x201D;), which is intended to simplify goodwill impairment testing. Entities will be allowed to perform a qualitative assessment on goodwill impairment to determine whether a quantitative assessment is necessary. The revised standard is effective for annual and interim goodwill impairment tests performed for fiscal years beginning after December 15, 2011. The adoption of ASC No. 2011-08 will not have a material impact on our financial position, results of operations or cash flows.</font></p> <p style="margin-top:12px;margin-bottom:0px; text-indent:4%"> <font style="font-family:Times New Roman" size="2">In May 2011, the FASB issued ASU No. 2011-04, &#x201C;Amendments to Achieve Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and IFRSs&#x201D; (&#x201C;ASU No. 2011-04&#x201D;), which amends ASC Topic 820, &#x201C;Fair Value Measurement&#x201D;. ASU No. 2011-04 does not extend the use of fair value accounting, but provides guidance on how it should be applied where its use is already required or permitted by other standards within U.S. GAAP or International Financial Reporting Standards. ASU No. 2011-04 changes the wording used to describe many requirements in U.S. GAAP for measuring fair value and for disclosing information about fair value measurements. Additionally, ASU No. 2011-14 clarifies the FASB&#x2019;s intent about the application of existing fair value measurements. ASU No. 2011-04 is effective for interim and annual periods beginning after December&#xA0;15, 2011, and is applied prospectively. Adoption of ASU No. 2011-04 did not have a material impact on our financial position, results of operations or cash flows.</font></p> </div>
CY2012Q1 us-gaap Payments To Acquire Other Property Plant And Equipment
PaymentsToAcquireOtherPropertyPlantAndEquipment
2150000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
843000
CY2012Q1 us-gaap Cost Of Services Amortization
CostOfServicesAmortization
589000
CY2012Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
7000
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1572000
CY2012Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.04
CY2012Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3619000
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-4081000
CY2012Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.04
CY2012Q1 us-gaap Payments For Proceeds From Other Deposits
PaymentsForProceedsFromOtherDeposits
30000
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
7930000
CY2012Q1 us-gaap Proceeds From Repayments Of Bank Overdrafts
ProceedsFromRepaymentsOfBankOverdrafts
-1428000
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
687000
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
245000
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24564947 shares
CY2012Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
208000
CY2012Q1 us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
9000000
CY2012Q1 us-gaap Interest Paid
InterestPaid
410000
CY2012Q1 us-gaap Cash Provided By Used In Operating Activities Discontinued Operations
CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations
4000
CY2012Q1 us-gaap Proceeds From Sale Of Productive Assets
ProceedsFromSaleOfProductiveAssets
765000
CY2012Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1297000
CY2012Q1 us-gaap Cost Of Services Depreciation
CostOfServicesDepreciation
3030000
CY2012Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4867000
CY2012Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24753671 shares
CY2012Q1 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
322000
CY2012Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-42000
CY2012Q1 salm Net Broadcast Revenue
NetBroadcastRevenue
43957000
CY2012Q1 salm Internet Revenue
InternetRevenue
7434000
CY2012Q1 salm Publishing Revenue
PublishingRevenue
2893000
CY2012Q1 salm Broadcast Expenses Net
BroadcastExpensesNet
29142000
CY2012Q1 salm Internet Expenses Net
InternetExpensesNet
5924000
CY2012Q1 salm Publishing Expenses Net
PublishingExpensesNet
2971000
CY2012Q1 salm Supplemental Noncash Trade Revenue
SupplementalNoncashTradeRevenue
1047000
CY2012Q1 salm Supplemental Noncash Trade Expense
SupplementalNoncashTradeExpense
1114000

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