$SALM
SALEM MEDIA GROUP, INC. /DE/ Stock $salm

$salm Overview Financials Valuation SEC Filings Company Website

2014 Q1 Form 10-Q Financial Statement

#000119312514192695 Filed on May 09, 2014

Income Statement

Concept	2014 Q1	2013 Q1
Revenue	$62.34M	$55.63M
YoY Change	12.07%	2.48%
Cost Of Revenue	$47.20M	$39.43M
YoY Change	19.71%	3.65%
Gross Profit	$15.14M	$16.20M
YoY Change	-6.54%	-0.31%
Gross Profit Margin	24.28%	29.12%
Selling, General & Admin	$5.060M	$5.800M
YoY Change	-12.76%	19.1%
% of Gross Profit	33.42%	35.8%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization	$4.737M	$3.815M
YoY Change	24.17%	5.42%
% of Gross Profit	31.29%	23.55%
Operating Expenses	$52.27M	$45.23M
YoY Change	15.56%	5.41%
Operating Profit	$5.331M	$6.582M
YoY Change	-19.01%	-17.0%
Interest Expense	$3.779M	$5.723M
YoY Change	-33.97%	-10.52%
% of Operating Profit	70.89%	86.95%
Other Income/Expense, Net	$66.00K	$6.000K
YoY Change	1000.0%	-14.29%
Pretax Income	$529.0K	-$27.26M
YoY Change	-101.94%	-1834.35%
Income Tax	$98.00K	-$8.682M
% Of Pretax Income	18.53%
Net Earnings	$431.0K	-$18.59M
YoY Change	-102.32%	-2305.58%
Net Earnings / Revenue	0.69%	-33.42%
Basic Earnings Per Share	$0.02	-$0.75
Diluted Earnings Per Share	$0.02	-$0.75
COMMON SHARES
Basic Shares Outstanding	25.06M shares	24.63M shares
Diluted Shares Outstanding	25.88M shares	24.63M shares

Balance Sheet

Concept	2014 Q1	2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$300.0K	$100.0K
YoY Change	200.0%	-66.67%
Cash & Equivalents	$278.0K	$123.0K
Short-Term Investments
Other Short-Term Assets	$14.20M	$23.80M
YoY Change	-40.34%	126.67%
Inventory	$564.0K
Prepaid Expenses	$5.639M	$3.883M
Receivables	$36.02M	$36.11M
Other Receivables	$2.098M	$694.0K
Total Short-Term Assets	$53.18M	$60.73M
YoY Change	-12.44%	44.14%
LONG-TERM ASSETS
Property, Plant & Equipment	$99.64M	$99.49M
YoY Change	0.15%	-10.98%
Goodwill	$2.300M	$22.42M
YoY Change	-89.74%	11.56%
Intangibles	$16.90M	$8.791M
YoY Change	92.21%	49.48%
Long-Term Investments
YoY Change
Other Assets	$1.769M	$1.608M
YoY Change	10.01%	26.71%
Total Long-Term Assets	$535.8M	$521.2M
YoY Change	2.8%	0.27%
TOTAL ASSETS
Total Short-Term Assets	$53.18M	$60.73M
Total Long-Term Assets	$535.8M	$521.2M
Total Assets	$588.9M	$581.9M
YoY Change	1.21%	3.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$3.897M	$3.071M
YoY Change	26.9%	-25.48%
Accrued Expenses	$12.76M	$6.533M
YoY Change	95.32%	25.85%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$2.400M	$3.300M
YoY Change	-27.27%	3200.0%
Total Short-Term Liabilities	$40.57M	$31.12M
YoY Change	30.36%	2.34%
LONG-TERM LIABILITIES
Long-Term Debt	$288.4M	$303.4M
YoY Change	-4.94%	11.96%
Other Long-Term Liabilities	$4.076M	$20.00K
YoY Change	20280.0%	-31.03%
Total Long-Term Liabilities	$4.076M	$20.00K
YoY Change	20280.0%	-31.03%
TOTAL LIABILITIES
Total Short-Term Liabilities	$40.57M	$31.12M
Total Long-Term Liabilities	$4.076M	$20.00K
Total Liabilities	$387.0M	$394.7M
YoY Change	-1.95%	10.09%
SHAREHOLDERS EQUITY
Retained Earnings	-$3.075M	-$14.00M
YoY Change	-78.03%	-391.02%
Common Stock	$238.7M	$234.9M
YoY Change	1.61%	1.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)	$34.01M	$34.01M
YoY Change	0.0%	0.0%
Treasury Stock Shares	2.318M shares	2.318M shares
Shareholders Equity	$201.9M	$187.2M
YoY Change
Total Liabilities & Shareholders Equity	$588.9M	$581.9M
YoY Change	1.21%	3.56%

Cashflow Statement

Concept	2014 Q1	2013 Q1
OPERATING ACTIVITIES
Net Income	$431.0K	-$18.59M
YoY Change	-102.32%	-2305.58%
Depreciation, Depletion And Amortization	$4.737M	$3.815M
YoY Change	24.17%	5.42%
Cash From Operating Activities	$10.30M	$1.840M
YoY Change	459.78%	-82.17%
INVESTING ACTIVITIES
Capital Expenditures	$3.010M	$2.343M
YoY Change	28.47%	-15.14%
Acquisitions
YoY Change
Other Investing Activities	-$129.0K	$26.00K
YoY Change	-596.15%	73.33%
Cash From Investing Activities	-$8.836M	-$7.915M
YoY Change	11.64%	94.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-1.250M	5.820M
YoY Change	-121.48%	-197.0%
NET CHANGE
Cash From Operating Activities	10.30M	1.840M
Cash From Investing Activities	-8.836M	-7.915M
Cash From Financing Activities	-1.250M	5.820M
Net Change In Cash	-8.836M	-7.915M
YoY Change	11.64%	-3397.92%
FREE CASH FLOW
Cash From Operating Activities	$10.30M	$1.840M
Capital Expenditures	$3.010M	$2.343M
Free Cash Flow	$7.290M	-$503.0K
YoY Change	-1549.3%	-106.65%

Facts In Submission

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CY2013Q4	us-gaap	Assets Current AssetsCurrent	51045000
CY2013Q4	salm	Share Based Compensation Arrangement By Share Based Payment Award Options Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageGrantDateFairValue	3.57
CY2013Q4	salm	Share Based Compensation Arrangements By Share Based Payment Award Options Outstanding Weighted Average Remaining Contractual Term2 ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2	P5Y6M
CY2013Q4	salm	Long Term Debt And Capital Lease Obligations Current And Noncurrent LongTermDebtAndCapitalLeaseObligationsCurrentAndNoncurrent	290793000
CY2013Q4	salm	Business Acquisition Contingent Consideration At Present Value BusinessAcquisitionContingentConsiderationAtPresentValue	616000
CY2014Q1	us-gaap	Business Combination Contingent Consideration Liability BusinessCombinationContingentConsiderationLiability	8500000
CY2014Q1	us-gaap	Business Combination Liabilities Arising From Contingencies Amount Recognized BusinessCombinationLiabilitiesArisingFromContingenciesAmountRecognized	2000000
CY2014Q1	us-gaap	Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet	2300000
CY2013Q1	us-gaap	Gains Losses On Extinguishment Of Debt GainsLossesOnExtinguishmentOfDebt	-33000
CY2014Q1	us-gaap	Dividend Payable Date To Be Paid Day Month And Year DividendPayableDateToBePaidDayMonthAndYear	2014-03-31
CY2014Q1	us-gaap	Common Stock Dividends Per Share Declared CommonStockDividendsPerShareDeclared	0.0575
CY2014Q1	us-gaap	Dividends Payable Date Declared Day Month And Year DividendsPayableDateDeclaredDayMonthAndYear	2014-03-06
CY2014Q1	us-gaap	Dividends Payable Date Of Record Day Month And Year DividendsPayableDateOfRecordDayMonthAndYear	2014-03-17
CY2014Q1	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	1400000
CY2014Q1	salm	Business Acquisition Earn Out Payment Period BusinessAcquisitionEarnOutPaymentPeriod	P3Y
CY2013Q4	salm	Business Acquisition Earn Out Payment Period BusinessAcquisitionEarnOutPaymentPeriod	P2Y
CY2013	us-gaap	Increase Decrease In Loss And Loss Adjustment Expense Reserve IncreaseDecreaseInLossAndLossAdjustmentExpenseReserve	400000
CY2013Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.75
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate	0.0106	pure
CY2013Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.75
CY2013Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	24632431	shares
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate	1.0078	pure
CY2013Q1	us-gaap	Weighted Average Number Diluted Shares Outstanding Adjustment WeightedAverageNumberDilutedSharesOutstandingAdjustment	675808	shares
CY2013Q1	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	1849000
CY2013Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1	P6Y7M6D
CY2013Q1	us-gaap	Unrecognized Tax Benefits Period Increase Decrease UnrecognizedTaxBenefitsPeriodIncreaseDecrease	0
CY2013Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate	0.0205	pure
CY2013Q1	us-gaap	Income Loss From Continuing Operations Per Basic Share IncomeLossFromContinuingOperationsPerBasicShare	-0.75
CY2013Q1	us-gaap	Income Loss From Discontinued Operations Net Of Tax Per Basic Share IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
CY2013Q1	us-gaap	Income Loss From Continuing Operations Per Diluted Share IncomeLossFromContinuingOperationsPerDilutedShare	-0.75
CY2013Q1	us-gaap	Common Stock Dividends Per Share Cash Paid CommonStockDividendsPerShareCashPaid	0.05
CY2013Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	24632431	shares
CY2013Q1	us-gaap	Income Loss From Discontinued Operations Net Of Tax Per Diluted Share IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
CY2013Q1	us-gaap	Sales Revenue Net SalesRevenueNet	55628000
CY2013Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	2343000
CY2013Q1	us-gaap	Increase Decrease In Restricted Cash IncreaseDecreaseInRestrictedCash	970000
CY2013Q1	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	-429000
CY2013Q1	us-gaap	Investment Income Interest InvestmentIncomeInterest	21000
CY2013Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1	800000
CY2013Q1	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	-27264000
CY2013Q1	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	26000
CY2013Q1	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	23000
CY2013Q1	us-gaap	Payments Of Loan Costs PaymentsOfLoanCosts	3881000
CY2013Q1	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	1234000
CY2013Q1	us-gaap	Repayments Of Senior Debt RepaymentsOfSeniorDebt	212597000
CY2013Q1	us-gaap	Income Loss From Discontinued Operations Net Of Tax IncomeLossFromDiscontinuedOperationsNetOfTax	-11000
CY2013Q1	us-gaap	Repayments Of Lines Of Credit RepaymentsOfLinesOfCredit	87220000
CY2013Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	6000
CY2013Q1	us-gaap	Payments To Acquire Other Property Plant And Equipment PaymentsToAcquireOtherPropertyPlantAndEquipment	5000000
CY2013Q1	us-gaap	Gains Losses On Extinguishment Of Debt GainsLossesOnExtinguishmentOfDebt	-27721000
CY2013Q1	us-gaap	Interest Paid InterestPaid	5895000
CY2013Q1	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	-1070000
CY2013Q1	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	703000
CY2013Q1	us-gaap	Payments For Proceeds From Other Deposits PaymentsForProceedsFromOtherDeposits	-424000
CY2013Q1	us-gaap	Disposal Group Including Discontinued Operation Revenue DisposalGroupIncludingDiscontinuedOperationRevenue
CY2013Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	6582000
CY2013Q1	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt	15000000
CY2013Q1	us-gaap	Gain Loss On Disposition Of Assets GainLossOnDispositionOfAssets	-4000
CY2013Q1	us-gaap	Income Loss From Continuing Operations IncomeLossFromContinuingOperations	-18582000
CY2013Q1	us-gaap	Notes Issued1 NotesIssued1	2000000
CY2013Q1	us-gaap	Net Income Loss NetIncomeLoss	-18593000
CY2013Q1	us-gaap	Accretion Amortization Of Discounts And Premiums Investments AccretionAmortizationOfDiscountsAndPremiumsInvestments	-47000
CY2013Q1	us-gaap	Repayments Of Long Term Capital Lease Obligations RepaymentsOfLongTermCapitalLeaseObligations	31000
CY2013Q1	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	800000
CY2013Q1	us-gaap	Discontinued Operation Income Loss From Discontinued Operation Before Income Tax DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax	-16000
CY2013Q1	us-gaap	Employee Service Share Based Compensation Tax Benefit From Compensation Expense EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense	328000
CY2013Q1	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	5821000
CY2013Q1	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	-8694000
CY2013Q1	us-gaap	Costs And Expenses CostsAndExpenses	49046000
CY2013Q1	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	5796000
CY2013Q1	us-gaap	Share Based Compensation ShareBasedCompensation	820000
CY2013Q1	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	802000
CY2013Q1	us-gaap	Cash And Cash Equivalents Period Increase Decrease CashAndCashEquivalentsPeriodIncreaseDecrease	-257000
CY2013Q1	us-gaap	Operating Expenses OperatingExpenses	45227000
CY2013Q1	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	-8682000
CY2013Q1	us-gaap	Proceeds From Repayments Of Bank Overdrafts ProceedsFromRepaymentsOfBankOverdrafts	-915000
CY2013Q1	us-gaap	Increase Decrease In Deferred Revenue IncreaseDecreaseInDeferredRevenue	-1569000
CY2013Q1	us-gaap	Allocated Share Based Compensation Expense Net Of Tax AllocatedShareBasedCompensationExpenseNetOfTax	492000
CY2013Q1	us-gaap	Interest Expense InterestExpense	5723000
CY2013Q1	us-gaap	Increase Decrease In Accrued Income Taxes Payable IncreaseDecreaseInAccruedIncomeTaxesPayable	-14000
CY2013Q1	us-gaap	Discontinued Operation Tax Effect Of Discontinued Operation DiscontinuedOperationTaxEffectOfDiscontinuedOperation	-5000
CY2013Q1	us-gaap	Net Cash Provided By Used In Discontinued Operations NetCashProvidedByUsedInDiscontinuedOperations	-12000
CY2013Q1	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	-9000
CY2013Q1	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	129000
CY2013Q1	us-gaap	Proceeds From Lines Of Credit ProceedsFromLinesOfCredit	24070000
CY2013Q1	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	3815000
CY2013Q1	us-gaap	Amortization Of Financing Costs AmortizationOfFinancingCosts	343000
CY2013Q1	us-gaap	Cash Provided By Used In Operating Activities Discontinued Operations CashProvidedByUsedInOperatingActivitiesDiscontinuedOperations	-12000
CY2013Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-7915000
CY2013Q1	us-gaap	Cost Of Services Amortization CostOfServicesAmortization	693000
CY2013Q1	us-gaap	Cost Of Services Depreciation CostOfServicesDepreciation	3122000
CY2013Q1	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	-3631000
CY2013Q1	us-gaap	Disposal Group Including Discontinued Operation Operating Expense DisposalGroupIncludingDiscontinuedOperationOperatingExpense	16000
CY2013Q1	salm	Net Broadcast Revenue NetBroadcastRevenue	43247000
CY2013Q1	salm	Net Internet Revenue NetInternetRevenue	9716000
CY2013Q1	salm	Net Publishing Revenue NetPublishingRevenue	2665000
CY2013Q1	salm	Interest Paid To Related Party InterestPaidToRelatedParty	296000
CY2013Q1	salm	Internet Expenses Net InternetExpensesNet	6841000
CY2013Q1	salm	Operating Income Loss Before Depreciation And Amortization OperatingIncomeLossBeforeDepreciationAndAmortization	10401000
CY2013Q1	salm	Broadcast Expenses Net BroadcastExpensesNet	29567000
CY2013Q1	salm	Publishing Expenses Net PublishingExpensesNet	3023000
CY2013Q1	salm	Supplemental Noncash Trade Revenue SupplementalNoncashTradeRevenue	1109000
CY2013Q1	salm	Supplemental Noncash Trade Expense SupplementalNoncashTradeExpense	1085000
CY2013Q1	salm	Accretion Of Deferred Payments For Business Acquisition AccretionOfDeferredPaymentsForBusinessAcquisition
CY2014Q1	dei	Trading Symbol TradingSymbol	SALM
CY2014Q1	dei	Entity Registrant Name EntityRegistrantName	SALEM COMMUNICATIONS CORP /DE/
CY2014Q1	dei	Amendment Flag AmendmentFlag	false
CY2014Q1	dei	Entity Filer Category EntityFilerCategory	Accelerated Filer
CY2014Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2014
CY2014Q1	dei	Document Type DocumentType	10-Q
CY2014Q1	dei	Document Period End Date DocumentPeriodEndDate	2014-03-31
CY2014Q1	dei	Entity Central Index Key EntityCentralIndexKey	0001050606
CY2014Q1	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2014Q1	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2014Q1	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	0.02
CY2014Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod	10000	shares
CY2014Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate	0.0236	pure
CY2014Q1	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	0.02
CY2014Q1	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	25881811	shares
CY2014Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate	0.8684	pure
CY2014Q1	us-gaap	Weighted Average Number Diluted Shares Outstanding Adjustment WeightedAverageNumberDilutedSharesOutstandingAdjustment	816829	shares
CY2014Q1	us-gaap	Net Cash Provided By Used In Operating Activities Continuing Operations NetCashProvidedByUsedInOperatingActivitiesContinuingOperations	10300000
CY2014Q1	us-gaap	Description Of New Accounting Pronouncements Not Yet Adopted DescriptionOfNewAccountingPronouncementsNotYetAdopted	<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>NOTE 7. RECENT ACCOUNTING PRONOUNCEMENTS</b></p> <!-- xbrl,body --> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Changes to accounting principles are established by the FASB in the form of accounting standards updates (“ASU’s”) to the FASB’s Accounting Standards Codification. We consider the applicability and impact of all ASU’s. ASU’s not listed below were assessed and determined to be not applicable to our financial position or results of operations.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In July 2013, the FASB issued ASU 2013-11, <i>Presentation of Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists</i>, an amendment to FASB ASC Topic 740, <i>Income Taxes</i>, (“FASB ASU 2013-11”). This update clarifies that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. In situations where a net operating loss carryforward, a similar tax loss, or a tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction or the tax law of the jurisdiction does not require, and the entity does not intend to use, the deferred tax asset for such purpose, the unrecognized tax benefit should be presented in the financial statements as a liability and should not be combined with deferred tax assets. This ASU is effective prospectively for fiscal years, and interim periods within those years, beginning after December 15, 2013. Retrospective application is permitted. The adoption of this ASU did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In July 2013, the FASB issued ASU 2013-10, <i>Inclusion of the Fed Funds Effective Swap Rate (or Overnight Index Swap Rate) as a Benchmark Interest Rate for Hedge Accounting Purposes</i>, an amendment to FASB ASC Topic 815, <i>Derivatives and Hedging</i> (“FASB ASC Topic 815”). The update permits the use of the Fed Funds Effective Swap Rate to be used as a US benchmark interest rate for hedge accounting purposes under FASB ASC Topic 815, in addition to the interest rates on direct Treasury obligations of the US government (“UST”) and the London Interbank Offered Rate (“LIBOR”). The update also removes the restriction on using different benchmark rates for similar hedges. This ASU is effective prospectively for qualifying new or redesignated hedging relationships entered into on or after July 17, 2013. The adoption of this ASU did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> In February 2013, the FASB issued ASU 2013-04, <i>Obligations Resulting from Joint and Several Liability Arrangements for Which the Total Amount of the Obligation is Fixed at the Reporting Date</i>, an amendment to FASB ASC Topic 405, <i>Liabilities</i> (“FASB ASC Topic 405”). The update requires an entity to measure obligations resulting from joint and several liability arrangements for which the total amount of the obligation is fixed as of the reporting date as the sum of the obligation the entity agreed to pay among its co-obligors and any additional amount the entity expects to pay on behalf of its co-obligors. This ASU is effective for annual and interim periods beginning after December 15, 2013 and is required to be applied retrospectively to all prior periods presented for those obligations that existed upon adoption of the ASU. The adoption of this ASU did not have a material impact on our financial position, results of operations, cash flows, or presentation thereof.</p> </div>
CY2014Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1	P7Y6M
CY2014Q1	us-gaap	Unrecognized Tax Benefits Period Increase Decrease UnrecognizedTaxBenefitsPeriodIncreaseDecrease	0
CY2014Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate	0.0251	pure
CY2014Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod	39275	shares
CY2014Q1	us-gaap	Income Loss From Continuing Operations Per Basic Share IncomeLossFromContinuingOperationsPerBasicShare	0.02
CY2014Q1	us-gaap	Stock Issued During Period Shares Stock Options Exercised StockIssuedDuringPeriodSharesStockOptionsExercised	102333	shares
CY2014Q1	us-gaap	Income Loss From Discontinued Operations Net Of Tax Per Basic Share IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
CY2014Q1	us-gaap	Prior Period Reclassification Adjustment Description PriorPeriodReclassificationAdjustmentDescription	<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Reclassifications</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Certain reclassifications have been made to the prior year financial statements to conform to the current year presentation.</p> </div>
CY2014Q1	us-gaap	Income Loss From Continuing Operations Per Diluted Share IncomeLossFromContinuingOperationsPerDilutedShare	0.02
CY2014Q1	us-gaap	Common Stock Dividends Per Share Cash Paid CommonStockDividendsPerShareCashPaid	0.06
CY2014Q1	us-gaap	Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1 EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1	P1Y9M18D
CY2014Q1	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	25064982	shares
CY2014Q1	us-gaap	Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest	529000
CY2014Q1	us-gaap	Payments For Proceeds From Other Investing Activities PaymentsForProceedsFromOtherInvestingActivities	-129000
CY2014Q1	us-gaap	Use Of Estimates UseOfEstimates	<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with GAAP 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: (1) asset impairments, including broadcasting licenses, goodwill and other indefinite-lived intangible assets; (2) income tax valuation allowances; (3) uncertain tax positions; (4) allowance for doubtful accounts; (5) inventory reserves; (6) reserves for royalty advances; (7) self-insurance reserves; (8) fair value of equity awards; (9) estimated lives for tangible and intangible assets; (10) fair value measurements; (11) contingency reserves; (12) probabilities associated with the potential for contingent earn-out consideration; and (13) sales returns and allowances. 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.</p> </div>
CY2014Q1	us-gaap	Investment Income Interest InvestmentIncomeInterest	15000
CY2014Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1	1500000
CY2014Q1	us-gaap	Income Loss From Discontinued Operations Net Of Tax Per Diluted Share IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
CY2014Q1	us-gaap	Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1 SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1	P3Y6M
CY2014Q1	us-gaap	Sales Revenue Net SalesRevenueNet	62333000
CY2014Q1	us-gaap	Payments To Acquire Property Plant And Equipment PaymentsToAcquirePropertyPlantAndEquipment	3010000
CY2014Q1	us-gaap	Unrealized Gain Loss On Derivatives UnrealizedGainLossOnDerivatives	-1096000
CY2014Q1	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	8000
CY2014Q1	us-gaap	Payments Of Loan Costs PaymentsOfLoanCosts	4000
CY2014Q1	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	1444000
CY2014Q1	us-gaap	Payments To Acquire Businesses Gross PaymentsToAcquireBusinessesGross	4173000
CY2014Q1	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	66000
CY2014Q1	us-gaap	Excess Tax Benefit From Share Based Compensation Operating Activities ExcessTaxBenefitFromShareBasedCompensationOperatingActivities	-69000
CY2014Q1	us-gaap	Payments To Acquire Other Property Plant And Equipment PaymentsToAcquireOtherPropertyPlantAndEquipment	1784000
CY2014Q1	us-gaap	Gains Losses On Extinguishment Of Debt GainsLossesOnExtinguishmentOfDebt	-8000
CY2014Q1	us-gaap	Interest Paid InterestPaid	3350000
CY2014Q1	us-gaap	Increase Decrease In Accounts Receivable IncreaseDecreaseInAccountsReceivable	-5084000
CY2014Q1	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-231000
CY2014Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	5331000
CY2014Q1	us-gaap	Gain Loss On Disposition Of Assets GainLossOnDispositionOfAssets	117000
CY2014Q1	us-gaap	Income Loss From Continuing Operations IncomeLossFromContinuingOperations	431000
CY2014Q1	us-gaap	Net Income Loss NetIncomeLoss	431000
CY2014Q1	us-gaap	Cost Of Services Depreciation CostOfServicesDepreciation	3129000
CY2014Q1	us-gaap	Increase Decrease In Accounts Payable And Accrued Liabilities IncreaseDecreaseInAccountsPayableAndAccruedLiabilities	680000
CY2014Q1	salm	Percentage Of Intangible Assets PercentageOfIntangibleAssets	0.69	pure
CY2014Q1	salm	Net Broadcast Revenue NetBroadcastRevenue	45576000
CY2014Q1	us-gaap	Accretion Amortization Of Discounts And Premiums Investments AccretionAmortizationOfDiscountsAndPremiumsInvestments	-46000
CY2014Q1	us-gaap	Repayments Of Long Term Capital Lease Obligations RepaymentsOfLongTermCapitalLeaseObligations	32000
CY2014Q1	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	600000
CY2014Q1	us-gaap	Employee Service Share Based Compensation Tax Benefit From Compensation Expense EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense	241000
CY2014Q1	us-gaap	Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1 BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1	127000
CY2014Q1	us-gaap	Net Cash Provided By Used In Financing Activities Continuing Operations NetCashProvidedByUsedInFinancingActivitiesContinuingOperations	-1251000
CY2014Q1	us-gaap	Deferred Income Tax Expense Benefit DeferredIncomeTaxExpenseBenefit	-28000
CY2014Q1	us-gaap	Costs And Expenses CostsAndExpenses	57002000
CY2014Q1	us-gaap	Noncash Or Part Noncash Acquisition Value Of Assets Acquired1 NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1	200000
CY2014Q1	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	6830000
CY2014Q1	us-gaap	Share Based Compensation ShareBasedCompensation	603000
CY2014Q1	us-gaap	Provision For Doubtful Accounts ProvisionForDoubtfulAccounts	686000
CY2014Q1	us-gaap	Cash And Cash Equivalents Period Increase Decrease CashAndCashEquivalentsPeriodIncreaseDecrease	213000
CY2014Q1	us-gaap	Operating Expenses OperatingExpenses	52255000
CY2014Q1	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	98000
CY2014Q1	us-gaap	Proceeds From Repayments Of Bank Overdrafts ProceedsFromRepaymentsOfBankOverdrafts	-307000
CY2014Q1	us-gaap	Proceeds From Sale Of Productive Assets ProceedsFromSaleOfProductiveAssets	2000
CY2014Q1	us-gaap	Increase Decrease In Deferred Revenue IncreaseDecreaseInDeferredRevenue	-3364000
CY2014Q1	us-gaap	Allocated Share Based Compensation Expense Net Of Tax AllocatedShareBasedCompensationExpenseNetOfTax	362000
CY2014Q1	us-gaap	Interest Expense InterestExpense	3779000
CY2014Q1	us-gaap	Increase Decrease In Accrued Income Taxes Payable IncreaseDecreaseInAccruedIncomeTaxesPayable	49000
CY2014Q1	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	-424000
CY2014Q1	us-gaap	Proceeds From Stock Options Exercised ProceedsFromStockOptionsExercised	467000
CY2014Q1	us-gaap	Asset Impairment Charges AssetImpairmentCharges	0
CY2014Q1	us-gaap	Depreciation Depletion And Amortization DepreciationDepletionAndAmortization	4737000
CY2014Q1	us-gaap	Impairment Of Long Lived Assets To Be Disposed Of ImpairmentOfLongLivedAssetsToBeDisposedOf	0
CY2014Q1	us-gaap	Amortization Of Financing Costs AmortizationOfFinancingCosts	172000
CY2014Q1	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-8836000
CY2014Q1	us-gaap	Cost Of Services Amortization CostOfServicesAmortization	1608000
CY2014Q1	salm	Net Internet Revenue NetInternetRevenue	12910000
CY2014Q1	salm	Share Based Compensation Arrangement By Share Based Payment Award Options Expected To Vest Weighted Average Remaining Contractual Term ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedToVestWeightedAverageRemainingContractualTerm	P6Y6M
CY2014Q1	salm	Business Combination Contingent Consideration Arrangements Payment BusinessCombinationContingentConsiderationArrangementsPayment
CY2014Q1	salm	Net Publishing Revenue NetPublishingRevenue	3847000
CY2014Q1	salm	Intangible Assets License Renewal Period IntangibleAssetsLicenseRenewalPeriod	P8Y
CY2014Q1	salm	Number Of Stock Option Plans NumberOfStockOptionPlans	1	OptionPlan
CY2014Q1	salm	Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Weighted Average Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestWeightedAverageGrantDateFairValue	3.02
CY2014Q1	salm	Internet Expenses Net InternetExpensesNet	9817000
CY2014Q1	salm	Operating Income Loss Before Depreciation And Amortization OperatingIncomeLossBeforeDepreciationAndAmortization	10078000
CY2014Q1	salm	Broadcast Expenses Net BroadcastExpensesNet	31189000
CY2014Q1	salm	Publishing Expenses Net PublishingExpensesNet	4419000
CY2014Q1	salm	Supplemental Noncash Trade Revenue SupplementalNoncashTradeRevenue	1628000
CY2014Q1	salm	Supplemental Noncash Trade Expense SupplementalNoncashTradeExpense	1367000
CY2014Q1	salm	Business Acquisition Earn Out Payment Period BusinessAcquisitionEarnOutPaymentPeriod	P1Y9M
CY2014Q1	salm	Net Present Value Of Contingent Consideration NetPresentValueOfContingentConsideration	2047000
CY2014Q1	salm	Accretion Of Acquisition Related Contingent Consideration AccretionOfAcquisitionRelatedContingentConsideration	60000
CY2014Q1	salm	Accretion Of Deferred Payments For Business Acquisition AccretionOfDeferredPaymentsForBusinessAcquisition	214000

Files In Submission

Name	View Source	Status
0001193125-14-192695-index-headers.html	Edgar Link	pending
0001193125-14-192695-index.html	Edgar Link	pending
0001193125-14-192695.txt	Edgar Link	pending
0001193125-14-192695-xbrl.zip	Edgar Link	pending
d703728d10q.htm	Edgar Link	pending
d703728dex311.htm	Edgar Link	pending
d703728dex312.htm	Edgar Link	pending
d703728dex321.htm	Edgar Link	pending
d703728dex322.htm	Edgar Link	pending
FilingSummary.xml	Edgar Link	unprocessable
Financial_Report.xls	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
g703728g28d03.jpg	Edgar Link	pending
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
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R7.htm	Edgar Link	pending
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R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
salm-20140331.xml	Edgar Link	completed
salm-20140331.xsd	Edgar Link	pending
salm-20140331_cal.xml	Edgar Link	unprocessable
salm-20140331_def.xml	Edgar Link	unprocessable
salm-20140331_lab.xml	Edgar Link	unprocessable
salm-20140331_pre.xml	Edgar Link	unprocessable
Show.js	Edgar Link	pending

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$SALM
SALEM MEDIA GROUP, INC. /DE/ Stock $salm

2014 Q1 Form 10-Q Financial Statement

#000119312514192695 Filed on May 09, 2014

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$SALM SALEM MEDIA GROUP, INC. /DE/ Stock $salm

2014 Q1 Form 10-Q Financial Statement

#000119312514192695 Filed on May 09, 2014

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$SALM
SALEM MEDIA GROUP, INC. /DE/ Stock $salm