$SALM
SALEM MEDIA GROUP, INC. /DE/

2012 Q2 Form 10-Q Financial Statement

#000119312512347688 Filed on August 09, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $57.63M $55.44M
YoY Change 3.94% 4.37%
Cost Of Revenue $39.63M $37.37M
YoY Change 6.05% 4.62%
Gross Profit $18.00M $18.07M
YoY Change -0.39% 3.79%
Gross Profit Margin 31.24% 32.59%
Selling, General & Admin $4.800M $4.200M
YoY Change 14.29% 12.9%
% of Gross Profit 26.67% 23.24%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.580M $3.800M
YoY Change -5.79% 4.97%
% of Gross Profit 19.89% 21.03%
Operating Expenses $44.43M $41.57M
YoY Change 6.88% 466.35%
Operating Profit $3.862M $9.920M
YoY Change -61.07% -1.49%
Interest Expense $6.264M $7.064M
YoY Change -11.33% -191.38%
% of Operating Profit 162.2% 71.21%
Other Income/Expense, Net $4.000K -$12.00K
YoY Change -133.33%
Pretax Income -$3.263M $1.808M
YoY Change -280.48% 38.02%
Income Tax -$1.484M $723.0K
% Of Pretax Income 39.99%
Net Earnings -$1.792M $1.100M
YoY Change -262.91% 57.14%
Net Earnings / Revenue -3.11% 1.98%
Basic Earnings Per Share -$0.07 $0.04
Diluted Earnings Per Share -$0.07 $0.04
COMMON SHARES
Basic Shares Outstanding 24.36M shares 24.28M shares
Diluted Shares Outstanding 24.36M shares 24.49M shares

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $300.0K $1.400M
YoY Change -78.57% -60.0%
Cash & Equivalents $299.0K $1.370M
Short-Term Investments
Other Short-Term Assets $16.40M $9.800M
YoY Change 67.35% 2.08%
Inventory
Prepaid Expenses $3.720M
Receivables $32.19M $30.20M
Other Receivables $126.0K $500.0K
Total Short-Term Assets $49.08M $41.80M
YoY Change 17.41% 3.47%
LONG-TERM ASSETS
Property, Plant & Equipment $102.3M $113.9M
YoY Change -10.15% -4.29%
Goodwill $20.10M
YoY Change
Intangibles $5.436M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.554M $7.200M
YoY Change -78.42% -44.19%
Total Long-Term Assets $510.2M $523.9M
YoY Change -2.61% -2.15%
TOTAL ASSETS
Total Short-Term Assets $49.08M $41.80M
Total Long-Term Assets $510.2M $523.9M
Total Assets $559.3M $565.7M
YoY Change -1.13% -1.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.399M $3.200M
YoY Change 37.47% 146.15%
Accrued Expenses $5.233M $13.50M
YoY Change -61.24% 1.5%
Deferred Revenue
YoY Change
Short-Term Debt $9.000M $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $35.77M $24.40M
YoY Change 46.59% 18.45%
LONG-TERM LIABILITIES
Long-Term Debt $263.9M $288.1M
YoY Change -8.4% -6.37%
Other Long-Term Liabilities $29.00K $8.000M
YoY Change -99.64% -8.05%
Total Long-Term Liabilities $29.00K $296.1M
YoY Change -99.99% -6.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.77M $24.40M
Total Long-Term Liabilities $29.00K $296.1M
Total Liabilities $358.1M $365.1M
YoY Change -1.9% -3.11%
SHAREHOLDERS EQUITY
Retained Earnings $2.163M
YoY Change
Common Stock $232.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $34.01M
YoY Change
Treasury Stock Shares 2.318M shares
Shareholders Equity $201.2M $200.6M
YoY Change
Total Liabilities & Shareholders Equity $559.3M $565.7M
YoY Change -1.13% -1.75%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income -$1.792M $1.100M
YoY Change -262.91% 57.14%
Depreciation, Depletion And Amortization $3.580M $3.800M
YoY Change -5.79% 4.97%
Cash From Operating Activities $2.430M $5.980M
YoY Change -59.36% -230.28%
INVESTING ACTIVITIES
Capital Expenditures -$2.090M -$1.910M
YoY Change 9.42% -20.75%
Acquisitions
YoY Change
Other Investing Activities -$490.0K $10.00K
YoY Change -5000.0% -100.45%
Cash From Investing Activities -$2.580M -$1.900M
YoY Change 35.79% -58.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 140.0K -2.970M
YoY Change -104.71% -154.3%
NET CHANGE
Cash From Operating Activities 2.430M 5.980M
Cash From Investing Activities -2.580M -1.900M
Cash From Financing Activities 140.0K -2.970M
Net Change In Cash -10.00K 1.110M
YoY Change -100.9% -129.92%
FREE CASH FLOW
Cash From Operating Activities $2.430M $5.980M
Capital Expenditures -$2.090M -$1.910M
Free Cash Flow $4.520M $7.890M
YoY Change -42.71% -461.93%

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salm Stock Based Compensation
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salm Operating Income Loss Before Depreciation And Amortization
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salm Net Broadcast Revenue
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salm Publishing Revenue
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salm Internet Expenses Net
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salm Publishing Expenses Net
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salm Supplemental Noncash Trade Revenue
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salm Supplemental Noncash Trade Expense
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dei Trading Symbol
TradingSymbol
SALM
dei Entity Registrant Name
EntityRegistrantName
SALEM COMMUNICATIONS CORP /DE/
dei Amendment Flag
AmendmentFlag
false
dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-06-30
dei Entity Central Index Key
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0001050606
dei Current Fiscal Year End Date
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<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 5 to our condensed consolidated financial statements.</font></p> </div>
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>NOTE 7. RECENT ACCOUNTING PRONOUNCEMENTS</b></font></p> <!-- xbrl,body --> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In July 2012, the FASB issued Accounting Standards Update (&#x201C;ASU&#x201D;) 2012-02, Intangibles &#x2013; Goodwill and Other &#x201C;Testing Indefinite-lived Intangible Assets for Impairment.&#x201D; The updated guidance gives companies the option to first perform a qualitative assessment to determine whether it is more likely than not, defined as a likelihood of more than 50%, that an indefinite-lived intangible asset is impaired. If it is determined that it is more likely than not that an impairment exists, then the company is required to estimate the fair value of the indefinite-lived intangible assets and perform the quantitative impairment test in accordance with ASU 350-30. This ASU is effective for fiscal years, and interim periods within those years, beginning after September&#xA0;15, 2012. Early adoption is permitted as of a date before July 27, 2012. The adoption of ASU 2012-02 is not expected to have a material impact on our financial position, results of operations or cash flows.</font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In December 2011, the FASB issued ASU No.&#xA0;2011-11, &#x201C;Balance Sheet (Topic 210): Disclosures about Offsetting Assets and Liabilities&#x201D; (&#x201C;ASU No.&#xA0;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&#xA0;1, 2013, and interim periods within those annual periods. The adoption of ASU No.&#xA0;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; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">In September&#xA0;2011, the FASB&#xA0;issued ASU No.&#xA0;2011-08, &#x201C;Testing Goodwill for Impairment&#x201D; (&#x201C;ASU No.&#xA0;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&#xA0;15, 2011. The adoption of ASC No.&#xA0;2011-08 is not expected to have a material impact on our financial position, results of operations or cash flows.</font></p> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px; FONT-SIZE: 1px"> &#xA0;</p> <!-- xbrl,n --> </div>
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Significant areas for which management uses estimates include, but are not limited to: (1)&#xA0;asset impairments, including broadcasting licenses, goodwill and other indefinite-lived intangible assets; (2)&#xA0;income tax valuation allowances; (3)&#xA0;uncertain tax positions; (4)&#xA0;allowance for doubtful accounts; (5)&#xA0;self-insurance reserves; (6)&#xA0;fair value of equity awards; (7)&#xA0;estimated lives for tangible and intangible assets; (8)&#xA0;fair value measurements; and (9)&#xA0;contingency reserves. These estimates require the use of judgment as future events and the effect of these events cannot be predicted with certainty. The estimates will change as new events occur, as more experience is acquired and as more information is obtained. We evaluate and update our assumptions and estimates on an ongoing basis and we may consult outside experts to assist as considered necessary.</font></p> </div>
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EarningsPerShareBasic
0.05
CY2011Q2 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-9000
CY2011Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.04
CY2011Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
105000
CY2011Q2 us-gaap Operating Expenses
OperatingExpenses
41570000
CY2011Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24279251 shares
CY2011Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1808000
CY2011Q2 us-gaap Net Income Loss
NetIncomeLoss
1100000
CY2011Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
723000
CY2011Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.04
CY2011Q2 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
39000
CY2011Q2 us-gaap Interest Expense
InterestExpense
7064000
CY2011Q2 salm Stock Based Compensation
StockBasedCompensation
200000
CY2011Q2 salm Share Based Compensation Tax Expense Benefit
ShareBasedCompensationTaxExpenseBenefit
70000
CY2011Q2 salm Operating Income Loss Before Depreciation And Amortization
OperatingIncomeLossBeforeDepreciationAndAmortization
13870000
CY2011Q2 salm Net Broadcast Revenue
NetBroadcastRevenue
45406000
CY2012Q2 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-8000
CY2012Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.07
CY2012Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
201000
CY2012Q2 us-gaap Operating Expenses
OperatingExpenses
44432000
CY2012Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24356298 shares
CY2012Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.04
CY2011Q2 salm Publishing Expenses Net
PublishingExpensesNet
2771000
CY2012Q1 us-gaap Dividends Payable Nature
DividendsPayableNature
We anticipate paying quarterly dividends in March, June, September and December of each year.
CY2012Q1 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
0.035
CY2012Q1 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
900000
CY2012Q1 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.035
CY2012Q1 us-gaap Dividends Payable Date Declared Day Month And Year
DividendsPayableDateDeclaredDayMonthAndYear
2012-03-07
CY2012Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
CY2012Q2 us-gaap Costs And Expenses
CostsAndExpenses
53764000
CY2012Q2 us-gaap Cost Of Services Depreciation
CostOfServicesDepreciation
3037000
CY2012Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
CY2012Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-893000
CY2012Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
3862000
CY2012Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
4000
CY2012Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-1779000
CY2012Q2 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-145000
CY2012Q2 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-21000
CY2012Q2 us-gaap Share Based Compensation
ShareBasedCompensation
369000
CY2012Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2012Q2 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
13000
CY2012Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
28000
CY2012Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-13000
CY2012Q2 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
34000
CY2012Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4804000
CY2012Q2 us-gaap Cost Of Services Amortization
CostOfServicesAmortization
542000
CY2012Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24356298 shares
CY2012Q2 us-gaap Sales Revenue Net
SalesRevenueNet
57626000
CY2012Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.07
CY2012Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3263000
CY2012Q2 us-gaap Net Income Loss
NetIncomeLoss
-1792000
CY2012Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1484000
CY2012Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.07
CY2012Q2 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
114000
CY2012Q2 us-gaap Interest Expense
InterestExpense
6264000
CY2012Q2 salm Stock Based Compensation
StockBasedCompensation
400000
CY2012Q2 salm Share Based Compensation Tax Expense Benefit
ShareBasedCompensationTaxExpenseBenefit
168000
CY2012Q2 salm Operating Income Loss Before Depreciation And Amortization
OperatingIncomeLossBeforeDepreciationAndAmortization
13194000
CY2012Q2 salm Net Broadcast Revenue
NetBroadcastRevenue
46372000
CY2012Q2 salm Internet Revenue
InternetRevenue
8035000
CY2012Q2 salm Publishing Revenue
PublishingRevenue
3219000
CY2012Q2 salm Broadcast Expenses Net
BroadcastExpensesNet
30519000
CY2012Q2 salm Internet Expenses Net
InternetExpensesNet
6109000
CY2012Q2 salm Publishing Expenses Net
PublishingExpensesNet
3000000
CY2012Q2 salm Number Of Stock Option Plans
NumberOfStockOptionPlans
1 OptionPlan
CY2012Q2 salm Impairment Of Long Lived Assets
ImpairmentOfLongLivedAssets
5608000

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