$SALM
SALEM MEDIA GROUP, INC. /DE/

2012 Q3 Form 10-Q Financial Statement

#000119312512463172 Filed on November 09, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q3
Revenue $56.72M $54.50M
YoY Change 4.07% 6.06%
Cost Of Revenue $39.43M $37.17M
YoY Change 6.08% 5.21%
Gross Profit $17.29M $17.34M
YoY Change -0.29% 7.97%
Gross Profit Margin 30.48% 31.81%
Selling, General & Admin $4.640M $4.290M
YoY Change 8.16% 3.37%
% of Gross Profit 26.84% 24.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.580M $3.730M
YoY Change -4.02% 0.54%
% of Gross Profit 20.71% 21.51%
Operating Expenses $44.08M $41.45M
YoY Change 6.33% 426.72%
Operating Profit $8.479M $9.286M
YoY Change -8.69% 13.38%
Interest Expense $6.127M $6.826M
YoY Change -10.24% -192.37%
% of Operating Profit 72.26% 73.51%
Other Income/Expense, Net $60.00K $3.000K
YoY Change 1900.0% -70.0%
Pretax Income $2.436M $2.215M
YoY Change 9.98% 176.88%
Income Tax -$971.0K $526.0K
% Of Pretax Income -39.86% 23.75%
Net Earnings $3.368M $1.485M
YoY Change 126.8% 336.76%
Net Earnings / Revenue 5.94% 2.72%
Basic Earnings Per Share $0.13 $0.07
Diluted Earnings Per Share $0.13 $0.07
COMMON SHARES
Basic Shares Outstanding 24.66M shares 24.55M shares
Diluted Shares Outstanding 25.36M shares 24.75M shares

Balance Sheet

Concept 2012 Q3 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $200.0K $0.00
YoY Change -100.0%
Cash & Equivalents $195.0K $19.00K
Short-Term Investments
Other Short-Term Assets $13.80M $10.50M
YoY Change 31.43% 5.0%
Inventory
Prepaid Expenses $3.904M
Receivables $33.17M $30.70M
Other Receivables $376.0K $1.100M
Total Short-Term Assets $47.58M $42.30M
YoY Change 12.48% 7.36%
LONG-TERM ASSETS
Property, Plant & Equipment $100.7M $112.4M
YoY Change -10.44% -4.01%
Goodwill $21.33M
YoY Change
Intangibles $6.484M
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.506M $6.800M
YoY Change -77.85% -43.8%
Total Long-Term Assets $511.5M $520.9M
YoY Change -1.8% -2.87%
TOTAL ASSETS
Total Short-Term Assets $47.58M $42.30M
Total Long-Term Assets $511.5M $520.9M
Total Assets $559.1M $563.2M
YoY Change -0.73% -2.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.684M $2.200M
YoY Change 22.0% 100.0%
Accrued Expenses $5.587M $19.40M
YoY Change -71.2% -0.51%
Deferred Revenue
YoY Change
Short-Term Debt $15.00M $0.00
YoY Change
Long-Term Debt Due $5.100M $100.0K
YoY Change 5000.0% 0.0%
Total Short-Term Liabilities $49.88M $29.80M
YoY Change 67.39% 10.37%
LONG-TERM LIABILITIES
Long-Term Debt $250.5M $277.6M
YoY Change -9.76% -7.25%
Other Long-Term Liabilities $29.00K $8.100M
YoY Change -99.64% -5.81%
Total Long-Term Liabilities $29.00K $285.7M
YoY Change -99.99% -7.21%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.88M $29.80M
Total Long-Term Liabilities $29.00K $285.7M
Total Liabilities $355.1M $360.9M
YoY Change -1.6% -3.94%
SHAREHOLDERS EQUITY
Retained Earnings $4.677M
YoY Change
Common Stock $233.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $34.01M
YoY Change
Treasury Stock Shares 2.318M shares
Shareholders Equity $204.0M $202.3M
YoY Change
Total Liabilities & Shareholders Equity $559.1M $563.2M
YoY Change -0.73% -2.17%

Cashflow Statement

Concept 2012 Q3 2011 Q3
OPERATING ACTIVITIES
Net Income $3.368M $1.485M
YoY Change 126.8% 336.76%
Depreciation, Depletion And Amortization $3.580M $3.730M
YoY Change -4.02% 0.54%
Cash From Operating Activities $9.610M $9.920M
YoY Change -3.12% -7.03%
INVESTING ACTIVITIES
Capital Expenditures -$1.560M -$1.610M
YoY Change -3.11% -22.6%
Acquisitions
YoY Change
Other Investing Activities -$4.170M -$80.00K
YoY Change 5112.5% -97.08%
Cash From Investing Activities -$5.720M -$1.680M
YoY Change 240.48% -65.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.990M -9.580M
YoY Change -58.35% 15.42%
NET CHANGE
Cash From Operating Activities 9.610M 9.920M
Cash From Investing Activities -5.720M -1.680M
Cash From Financing Activities -3.990M -9.580M
Net Change In Cash -100.0K -1.340M
YoY Change -92.54% -45.31%
FREE CASH FLOW
Cash From Operating Activities $9.610M $9.920M
Capital Expenditures -$1.560M -$1.610M
Free Cash Flow $11.17M $11.53M
YoY Change -3.12% -9.57%

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salm Publishing Revenue
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salm Broadcast Expenses Net
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salm Internet Expenses Net
InternetExpensesNet
15457000
salm Publishing Expenses Net
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8541000
salm Supplemental Noncash Trade Revenue
SupplementalNoncashTradeRevenue
4089000
salm Supplemental Noncash Trade Expense
SupplementalNoncashTradeExpense
3443000
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
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Entity Central Index Key
EntityCentralIndexKey
0001050606
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
us-gaap Costs And Expenses
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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us-gaap Cost Of Services Depreciation
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Reclassifications
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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; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <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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458000
us-gaap Operating Income Loss
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us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
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CY2012Q1 us-gaap Dividends Payable Nature
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We anticipate paying quarterly common stock dividends in March, June, September and December of each year.
CY2012Q1 us-gaap Common Stock Dividends Per Share Declared
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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> <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&#xA0;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: 12px; 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> </div>
us-gaap Payments To Acquire Other Property Plant And Equipment
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P2Y2M12D
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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1.024 pure
us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Income Taxes Paid Net
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251000
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us-gaap Payments For Proceeds From Other Investing Activities
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us-gaap Income Loss From Continuing Operations Per Diluted Share
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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>
us-gaap Interest Expense Related Party
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InterestExpense
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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1.51
us-gaap Increase Decrease In Accrued Income Taxes Payable
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salm Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period Total Intrinsic Value
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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 Internet Revenue
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salm Publishing Revenue
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salm Broadcast Expenses Net
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salm Internet Expenses Net
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salm Publishing Expenses Net
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8951000
salm Supplemental Noncash Trade Revenue
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salm Supplemental Noncash Trade Expense
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salm Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Intrinsic Value
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salm Number Of Stock Option Plans
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salm Share Based Compensation Arrangement By Share Based Payment Award Options Exercised In Period Weighted Average Grant Date Fair Value
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CY2011Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0159 pure
CY2011Q3 us-gaap Cost Of Services Depreciation
CostOfServicesDepreciation
3099000
CY2011Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.01
CY2011Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-305000
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
9286000
CY2011Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
37000
CY2011Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000
CY2011Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
1689000
CY2011Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-32000
CY2011Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-301000
CY2011Q3 us-gaap Share Based Compensation
ShareBasedCompensation
165000
CY2011Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.06
CY2011Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
393000
CY2011Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y6M
CY2011Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
57000
CY2011Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-204000
CY2011Q3 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
694000
CY2011Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4285000
CY2011Q3 us-gaap Cost Of Services Amortization
CostOfServicesAmortization
633000
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24746164 shares
CY2011Q3 us-gaap Sales Revenue Net
SalesRevenueNet
54503000
CY2011Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.06
CY2011Q3 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-97000
CY2011Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2215000
CY2011Q3 us-gaap Net Income Loss
NetIncomeLoss
1485000
CY2011Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
526000
CY2011Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.07
CY2011Q3 us-gaap Interest Expense
InterestExpense
6826000
CY2011Q3 salm Operating Income Loss Before Depreciation And Amortization
OperatingIncomeLossBeforeDepreciationAndAmortization
13050000
CY2011Q3 salm Net Broadcast Revenue
NetBroadcastRevenue
44793000
CY2011Q3 salm Internet Revenue
InternetRevenue
6686000
CY2011Q3 salm Publishing Revenue
PublishingRevenue
3024000
CY2011Q3 salm Broadcast Expenses Net
BroadcastExpensesNet
29198000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
2436000
CY2012Q3 us-gaap Net Income Loss
NetIncomeLoss
3368000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-971000
CY2012Q3 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.14
CY2012Q3 us-gaap Interest Expense Related Party
InterestExpenseRelatedParty
124000
CY2012Q3 us-gaap Interest Expense
InterestExpense
6127000
CY2012Q3 salm Operating Income Loss Before Depreciation And Amortization
OperatingIncomeLossBeforeDepreciationAndAmortization
12643000
CY2012Q3 salm Net Broadcast Revenue
NetBroadcastRevenue
45895000
CY2012Q3 salm Internet Revenue
InternetRevenue
7800000
CY2012Q3 salm Publishing Revenue
PublishingRevenue
3024000
CY2012Q3 salm Broadcast Expenses Net
BroadcastExpensesNet
30628000
CY2012Q3 salm Internet Expenses Net
InternetExpensesNet
5825000
CY2012Q3 salm Publishing Expenses Net
PublishingExpensesNet
2980000
CY2012Q3 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
3407000
CY2012Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-587000
CY2012Q3 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
-65000
CY2012Q3 us-gaap Share Based Compensation
ShareBasedCompensation
299000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.13
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
11000
CY2012Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
24000
CY2012Q3 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-39000
CY2012Q3 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
76000
CY2012Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4643000
CY2012Q3 us-gaap Cost Of Services Amortization
CostOfServicesAmortization
494000
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25358052 shares
CY2012Q3 us-gaap Sales Revenue Net
SalesRevenueNet
56719000
CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.13
CY2012Q3 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-26000
CY2012Q3 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.14
CY2012Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
180000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
44076000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24663027 shares
CY2012Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.13

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