$SALM
SALEM MEDIA GROUP, INC. /DE/

2018 Q3 Form 10-Q Financial Statement

#000119312518321219 Filed on November 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2018 Q1
Revenue $65.53M $66.27M $63.80M
YoY Change 0.15% 0.24% -1.82%
Cost Of Revenue $51.39M $51.16M $49.71M
YoY Change -0.98% 2.38% -2.32%
Gross Profit $14.14M $15.11M $14.08M
YoY Change 4.43% -6.38% -0.07%
Gross Profit Margin 21.58% 22.8% 22.07%
Selling, General & Admin $3.990M $4.030M $3.920M
YoY Change -5.67% 5.22% -23.59%
% of Gross Profit 28.22% 26.67% 27.84%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.000M $3.000M $4.487M
YoY Change -3.23% -3.23% 8.85%
% of Gross Profit 21.22% 19.85% 31.87%
Operating Expenses $8.620M $8.620M $8.400M
YoY Change 2.25% 7.21% -9.09%
Operating Profit $6.275M $1.343M $5.671M
YoY Change 25.37% -84.42% 17.68%
Interest Expense $4.507M $4.754M $4.518M
YoY Change -6.14% 21.15% 31.72%
% of Operating Profit 71.82% 353.98% 79.67%
Other Income/Expense, Net $1.000K -$88.00K $75.00K
YoY Change -101.25%
Pretax Income $1.771M -$3.265M $1.230M
YoY Change 1328.23% -266.41% -27.9%
Income Tax $564.0K -$1.098M $402.0K
% Of Pretax Income 31.85% 32.68%
Net Earnings $1.207M -$2.167M $828.0K
YoY Change -2723.91% -270.36% -21.89%
Net Earnings / Revenue 1.84% -3.27% 1.3%
Basic Earnings Per Share $0.05 -$0.08 $0.03
Diluted Earnings Per Share $0.05 -$0.08 $0.03
COMMON SHARES
Basic Shares Outstanding 26.18M 26.18M 26.17M shares
Diluted Shares Outstanding 26.31M 26.18M 26.30M shares

Balance Sheet

Concept 2018 Q3 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $0.00 $0.00 $0.00
YoY Change -100.0%
Cash & Equivalents $17.00K $9.000K $6.000K
Short-Term Investments
Other Short-Term Assets $8.800M $15.20M $10.90M
YoY Change 20.55% 87.65% 53.52%
Inventory $891.0K $953.0K $800.0K
Prepaid Expenses $7.376M $7.207M
Receivables $35.06M $32.58M $33.80M
Other Receivables $898.0K $727.0K $800.0K
Total Short-Term Assets $47.76M $52.60M $46.33M
YoY Change 6.14% 20.93% 7.98%
LONG-TERM ASSETS
Property, Plant & Equipment $96.71M $96.42M $98.65M
YoY Change -5.37% -5.1% -3.85%
Goodwill $26.79M $25.80M $26.42M
YoY Change 3.17%
Intangibles $10.18M $11.63M
YoY Change -16.58% -12.9%
Long-Term Investments
YoY Change
Other Assets $3.590M $3.768M $3.597M
YoY Change -45.61% -33.89% -28.06%
Total Long-Term Assets $521.2M $512.0M $523.8M
YoY Change -3.24% -4.18% -2.19%
TOTAL ASSETS
Total Short-Term Assets $47.76M $52.60M $46.33M
Total Long-Term Assets $521.2M $512.0M $523.8M
Total Assets $568.9M $564.6M $570.2M
YoY Change -2.51% -2.29% -1.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.583M $4.228M $1.677M
YoY Change 23.86% 69.12% -71.09%
Accrued Expenses $10.88M $12.05M $10.62M
YoY Change -62.23% -46.68% -51.3%
Deferred Revenue $12.35M $11.40M $12.17M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.20M $12.00M $100.0K
YoY Change 52.24% 18.81% -95.24%
Total Short-Term Liabilities $53.50M $49.34M $40.20M
YoY Change 6.57% 10.64% 2.03%
LONG-TERM LIABILITIES
Long-Term Debt $240.2M $240.3M $249.8M
YoY Change -3.69% -3.57% -2.23%
Other Long-Term Liabilities $62.00K $51.00K $64.00K
YoY Change -99.61% -99.66% -99.58%
Total Long-Term Liabilities $62.00K $51.00K $64.00K
YoY Change -99.98% -99.98% -99.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.50M $49.34M $40.20M
Total Long-Term Liabilities $62.00K $51.00K $64.00K
Total Liabilities $342.5M $337.8M $339.7M
YoY Change -7.54% -6.96% -6.65%
SHAREHOLDERS EQUITY
Retained Earnings $15.13M $15.63M $19.50M
YoY Change
Common Stock $245.0M $244.8M $244.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $34.01M $34.01M $34.01M
YoY Change
Treasury Stock Shares 2.318M shares 2.318M shares 2.318M shares
Shareholders Equity $226.5M $226.7M $230.5M
YoY Change
Total Liabilities & Shareholders Equity $568.9M $564.6M $570.2M
YoY Change -2.51% -2.29% -1.44%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $1.207M -$2.167M $828.0K
YoY Change -2723.91% -270.36% -21.89%
Depreciation, Depletion And Amortization $3.000M $3.000M $4.487M
YoY Change -3.23% -3.23% 8.85%
Cash From Operating Activities $10.13M -$2.800M $12.87M
YoY Change 17.93% -137.14% 42.45%
INVESTING ACTIVITIES
Capital Expenditures -$1.900M -$2.210M -$2.480M
YoY Change -6.4% 0.91% -5.7%
Acquisitions
YoY Change
Other Investing Activities -$4.810M $1.990M $170.0K
YoY Change 69.96% 503.03% 53.15%
Cash From Investing Activities -$6.710M -$220.0K -$2.385M
YoY Change 38.07% -88.17% -23.8%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.400M 3.030M -10.49M
YoY Change -9.09% -152.7% 76.1%
NET CHANGE
Cash From Operating Activities 10.13M -2.800M 12.87M
Cash From Investing Activities -6.710M -220.0K -2.385M
Cash From Financing Activities -3.400M 3.030M -10.49M
Net Change In Cash 20.00K 10.00K 3.000K
YoY Change -300.0% -114.29% -106.38%
FREE CASH FLOW
Cash From Operating Activities $10.13M -$2.800M $12.87M
Capital Expenditures -$1.900M -$2.210M -$2.480M
Free Cash Flow $12.03M -$590.0K $15.35M
YoY Change 13.28% -106.06% 31.59%

Facts In Submission

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FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">sales returns and allowances;</p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="14%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">barter transactions;</p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="14%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">inventory reserves;</p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="14%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">reserves for royalty advances;</p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="14%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">fair value of equity awards;</p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="14%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">self-insurance reserves;</p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="14%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">estimated lives for tangible and intangible assets;</p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="14%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">income tax valuation allowances; and</p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 6pt; MARGIN-TOP: 0pt"> &#xA0;</p> <table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr style="PAGE-BREAK-INSIDE: avoid"> <td width="14%">&#xA0;</td> <td valign="top" width="2%" align="left">&#x2022;</td> <td valign="top" width="1%">&#xA0;</td> <td valign="top" align="left"> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt" align="left">uncertain tax positions.</p> </td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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>
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
128284 shares
salm Payment For Capital Expenditures Reimbursable Under Tenant Improvement Allowances And Trade Agreements
PaymentForCapitalExpendituresReimbursableUnderTenantImprovementAllowancesAndTradeAgreements
77000
salm Refund Payment Of Debt Issuance Costs
RefundPaymentOfDebtIssuanceCosts
-11000
salm Payments Of Contingent Earn Out Consideration
PaymentsOfContingentEarnOutConsideration
140000
salm Supplemental Noncash Barter Revenue
SupplementalNoncashBarterRevenue
5018000
salm Supplemental Noncash Barter Expense
SupplementalNoncashBarterExpense
4223000
salm Capital Expenditures Reimbursable Under Tenant Improvement Allowances
CapitalExpendituresReimbursableUnderTenantImprovementAllowances
77000
salm Non Cash Capital Expenditures For Property And Equipment Acquired Under Trade Agreements
NonCashCapitalExpendituresForPropertyAndEquipmentAcquiredUnderTradeAgreements
90000
salm Contract With Customer Liability Preriod Increase Decrease Related To Short Term Contract
ContractWithCustomerLiabilityPreriodIncreaseDecreaseRelatedToShortTermContract
972000
salm Contract With Customer Liability Additional Revenue Recognized Related To Long Term Contract
ContractWithCustomerLiabilityAdditionalRevenueRecognizedRelatedToLongTermContract
574000
salm Contract With Customer Liability Preriod Increase Decrease Related To Long Term Contract
ContractWithCustomerLiabilityPreriodIncreaseDecreaseRelatedToLongTermContract
-972000
salm Percentage Of Intangible Assets
PercentageOfIntangibleAssets
0.71 pure
CY2017Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
161000
CY2017Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
300000
CY2017Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1100000
CY2017Q3 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-12000
CY2017Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.07
CY2017Q3 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
3082000
CY2017Q3 us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
1135000
CY2017Q3 us-gaap Costs And Expenses
CostsAndExpenses
60428000
CY2017Q3 us-gaap Depreciation
Depreciation
3100000
salm Contract With Customer Liability Revenue Recognized Related To Short Term Contract
ContractWithCustomerLiabilityRevenueRecognizedRelatedToShortTermContract
-6864000
salm Contract With Customer Liability Additional Revenue Recognized Related To Short Term Contract
ContractWithCustomerLiabilityAdditionalRevenueRecognizedRelatedToShortTermContract
16448000
salm Contract With Customer Liability Revenue Recognized And Recorded Related To Short Term Contract
ContractWithCustomerLiabilityRevenueRecognizedAndRecordedRelatedToShortTermContract
-10971000
salm Contract With Customer Liability Revenue Recognized Related To Long Term Contract
ContractWithCustomerLiabilityRevenueRecognizedRelatedToLongTermContract
0
salm Deferred Payments On Acquisitions
DeferredPaymentsOnAcquisitions
326000
CY2018Q2 us-gaap Gain Loss On Disposition Of Assets1
GainLossOnDispositionOfAssets1
-200000
CY2018Q2 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
800000
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2017 salm Indefinitelived Intangible Assets Increase Due To Capital Improvements
IndefinitelivedIntangibleAssetsIncreaseDueToCapitalImprovements
5000
CY2017Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
107000
CY2017Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-95000
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4233000
CY2017Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
124000
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
170000
CY2017Q3 us-gaap Interest Expense
InterestExpense
4802000
CY2017Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
0
CY2017Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
1000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-46000
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-80000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
5005000
CY2017Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
65433000
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
268000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26144796 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26144796 shares
CY2018Q3 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
142000
CY2018Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
200000
CY2018Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1600000
CY2018Q3 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.07
CY2018Q3 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
3032000
CY2018Q3 us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
1604000
CY2018Q3 us-gaap Costs And Expenses
CostsAndExpenses
59253000
CY2018Q3 us-gaap Depreciation
Depreciation
3000000
CY2018Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2018Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
49000
CY2018Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2018Q3 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
759000
CY2018Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3987000
CY2018Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1771000
CY2018Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
564000
CY2018Q3 us-gaap Interest Expense
InterestExpense
4507000
CY2018Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
2000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
1207000
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
6275000
CY2018Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
65528000
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
191000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26312194 shares
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26183910 shares

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