Salem Communications Announces Increase in Third Quarter 2012

Salem Communications Announces Increase in Third Quarter 2012 Total
Revenue of 4.1% to $56.7 Million 
CAMARILLO, CA -- (Marketwire) -- 11/08/12 --  Salem Communications
Corporation (NASDAQ: SALM) released its results for the three and
nine months ended September 30, 2012. 
Third Quarter 2012 Highlights 


 
--  Third quarter revenue increased 4.1% to $56.7 million compared to the
    industry which was flat
--  Internet revenue increased 16.7%; continuing to grow our Internet
    presence with the acquisition of Sermonspice.com in August
--  Acquired a fourth signal in Tampa in August; programming WLCC-AM in
    Spanish language Christian teaching and talk format
--  Leverage ratio of 4.97; first time leverage ratio is below 5.00 since
    2000

  
Third Quarter 2012 Results 
For the quarter ended September 30, 2012 compared to the quarter
ended September 30, 2011: 
Consolidated 


 
--  Total revenue increased 4.1% to $56.7 million from $54.5 million;
--  Operating expenses increased 6.7% to $48.2 million from $45.2 million;
--  Operating expenses excluding gain or loss on disposal of assets
    increased 5.5% to $47.7 million from $45.2 million;
--  Operating income decreased 8.7% to $8.5 million from $9.3 million;
--  Net income increased 126.8% to $3.4 million, or $0.13 net income per
    diluted share, from $1.5 million, $0.06 net income per diluted share,
    in the prior year;
--  EBITDA decreased 3.5% to $12.1 million from $12.5 million; and
--  Adjusted EBITDA decreased 1.6% to $13.0 million from $13.2 million.

  
Broadcast 


 
--  Net broadcast revenue increased 2.5% to $45.9 million from $44.8
    million;
--  Station operating income ("SOI") decreased 2.1% to $15.3 million from
    $15.6 million;
--  Same station net broadcast revenue increased 2.1% to $45.7 million
    from $44.8 million;
--  Same station SOI decreased 2.4% to $15.3 million from $15.6 million;
    and
--  Same station SOI margin decreased to 33.4% from 35.0%.

  
Internet  


 
--  Internet revenue increased 16.7% to $7.8 million from $6.7 million;
    and
--  Internet operating income increased 23.0% to $2.0 million from $1.6
    million.

  
Publishing  


 
--  Publishing revenue remained consistent at $3.0 million; and
--  Publishing operating income decreased 67.2% to $44,000 from $134,000.

  
Included in the results for the quarter ended September 30, 2012 are:  


 
--  A $0.6 million loss ($0.4 million, net of tax, or $0.01 per share) on
    disposal of assets and;
--  A $0.3 million non-cash compensation charge ($0.2 million, net of tax,
    or $0.01 per share) related to the expensing of stock options
    consisting of:
    --  $0.2 million non-cash compensation included in corporate expenses;
        and
    --  $0.1 million non-cash compensation included in broadcast operating
        expenses.

  
Included in the results for the quarter ended September 30, 2011 are:  


 
--  A $0.3 million loss ($0.2 million, net of tax, or $0.01 per share) on
    early retirement of long-term debt due to the repurchase of $5.0
    million of our 9 5/8% senior secured second lien notes due in 2016;
    and
--  A $0.2 million non-cash compensation charge ($0.1 million, net of tax)
    related to the expensing of stock options primarily consisting of:
    --  $0.1 million non-cash compensation included in corporate expenses;
        and
    --  $0.1 million non-cash compensation included in broadcast operating
        expenses.

  
These results reflect the reclassification of the operations of
Samaritan Fundraising to discontinued operations for the three months
ended September 30, 2012 and 2011.  
Per share numbers are calculated based on 25,358,052 diluted weighted
average shares for the quarter ended September 30, 2012, and
24,746,164 diluted weighted average shares for the quarter ended
September 30, 2011.  
Year to Date 2012 Results 
For the nine months ended September 30, 2012 compared to the nine
months ended September 30, 2011: 
Consolidated  


 
--  Total revenue increased 4.7% to $168.6 million from $161.1 million;
--  Operating expenses increased 14.1% to $148.4 million from $130.0
    million;
--  Operating expenses excluding gain or loss on disposal of assets and
    impairment of long-lived assets increased 5.9% to $142.2 million from
    $134.3 million;
--  Operating income decreased 34.9% to $20.3 million from $31.1 million;
--  Net income decreased 53.2% to $2.4 million, or $0.10 net income per
    diluted share, from $5.2 million, or $0.21 net income per diluted
    share, in the prior year;
--  EBITDA decreased 26.1% to $30.1 million from $40.8 million; and
--  Adjusted EBITDA decreased 0.9% to $38.3 million from $38.6 million.

  
Broadcast 


 
--  Net broadcast revenue increased 2.5% to $136.2 million from $132.9
    million;
--  SOI decreased 2.0% to $45.9 million from $46.9 million;
--  Same station net broadcast revenue increased 2.3% to $135.5 million
    from $132.4 million;
--  Same station SOI decreased 1.7% to $45.9 million from $46.7 million;
    and
--  Same station SOI margin decreased to 33.9% from 35.3%.

  
Internet  


 
--  Internet revenue increased 21.4% to $23.3 million from $19.2 million;
    and
--  Internet operating income increased 45.8% to $5.4 million from $3.7
    million.

  
Publishing  


 
--  Publishing revenue increased 1.4% to $9.1 million from $9.0 million;
    and
--  Publishing operating income decreased 60.5% to $0.2 million from $0.5
    million.

  
Included in the results for the nine months ended September 30, 2012
are:  


 
--  A $0.6 million loss ($0.3 million, net of tax, or $0.01 per share) on
    disposal of assets;
--  A $0.9 million loss ($0.5 million, net of tax, or $0.02 per share) on
    early retirement of long-term debt due to the repurchase of $17.5
    million of our 9 5/8% senior secured second lien notes due in 2016;
--  A $5.6 million impairment loss ($3.4 million, net of tax, or $0.14 per
    share) on land in Covina, California; and
--  A $1.0 million non-cash compensation charge ($0.6 million, net of tax,
    or $0.02 per share) related to the expensing of stock options
    consisting of:
    --  $0.7 million non-cash compensation included in corporate expenses;
    --  $0.2 million non-cash compensation included in broadcast operating
        expenses; and
    --  $0.1 million non-cash compensation included in internet operating
        expenses.

  
Included in the results for the nine months ended September 30, 2011
are:  


 
--  A $4.3 million gain ($2.6 million, net of tax, or $0.11 per diluted
    share) on disposal of assets comprised of a $2.4 million pre-tax gain
    from the sale of KKMO-AM in Seattle, Washington and a $2.1 million
    pre-tax gain from the sale of KXMX-AM in Los Angeles, California,
    partially offset by losses from various fixed asset and equipment
    disposals;
--  A $1.4 million loss ($0.8 million, net of tax, or $0.03 per share) on
    early retirement of long-term debt due to the repurchase and
    redemption of $22.5 million of our 9 5/8% senior secured second lien
    notes due in 2016; and
--  A $0.6 million non-cash compensation charge ($0.4 million, net of tax,
    or $0.02 per share) related to the expensing of stock options
    primarily consisting of:
    --  $0.4 million non-cash compensation included in corporate expenses;
        and
    --  $0.2 million non-cash compensation included in broadcast ope
rating
        expenses.

  
These results reflect the reclassification of the operations of
Samaritan Fundraising to discontinued operations for the nine months
ended September 30, 2012 and 2011.  
Per share numbers are calculated based on 24,893,832 diluted weighted
average shares for the nine months ended September 30, 2012, and
24,665,649 diluted weighted average shares for the nine months ended
September 30, 2011.  
Balance Sheet 
As of September 30, 2012, the company had $217.5 million of 9 5/8%
senior secured second lien notes outstanding, $29.4 million drawn on
its revolver, $8.8 million subordinated debt and $15.0 million
subordinated debt payable to related parties. The company was in
compliance with the covenants of its credit facility and bond
indenture. The company's bank leverage ratio was 4.97 versus a
compliance covenant of 6.25.  
Cash Distribution 
Salem paid a cash distribution of $0.035 per share on its Class A and
Class B common stock on September 28, 2012 to shareholders of record
as of September 14, 2012. The distribution totaled approximately $0.9
million. For the year, Salem has paid $2.6 million, or $0.10 per
share, in cash distributions.  
Acquisitions and Divestitures 
The following transactions were completed since July 1, 2012: 


 
--  On August 30, 2012, we acquired SermonSpice.com for $3.0 million;
--  On August 31, 2012, we completed the acquisition of radio station
    WLCC-AM, Tampa, Florida, for $1.2 million; and
--  On October 2, 2012, we acquired Godvine.com for $4.2 million.

  
The following transactions are currently pending: 


 
--  On August 30, 2012, we entered into an agreement to acquire radio
    station WMUU-FM, Greenville, South Carolina for $6.0 million;
--  On October 19, 2012, we entered into an agreement to purchase radio
    station WJKR-FM in Columbus, Ohio for $4.0 million; and
--  On November 6, 2012, we gave notice to redeem $4.0 million of our 9
    5/8% Notes at a price equal to 103% of the face value on December 12,
    2012.

  
Conference Call Information  
Salem will host a teleconference to discuss its results on November
8, 2012 at 2:00 p.m. Pacific Time. To access the teleconference,
please dial (719) 325-4804, passcode 8814010 or listen via the
investor relations portion of the company's website, located at
www.salem.cc. A replay of the teleconference will be available
through November 22, 2012 and can be heard by dialing (719) 457-0820,
passcode 8814010 or on the investor relations portion on the
company's website, located at www.salem.cc. 
Fourth Quarter 2012 Outlook 
For the fourth quarter of 2012, Salem is projecting total revenue to
increase 3% to 5% over fourth quarter 2011 total revenue of $57.1
million. Salem is also projecting operating expenses before gain or
loss on disposal of assets, terminated transaction costs and
abandoned license upgrades and impairments to increase 3% to 6% as
compared to the fourth quarter of 2011 operating expenses of $46.0
million. 
About Salem Communications 
Salem Communications Corporation is the largest commercial U.S. radio
broadcasting company that provides programming targeted at audiences
interested in Christian and conservative opinion radio content, as
measured by the number of stations and audience coverage. Upon
completion of all announced transactions, the company will own and/or
operate a national portfolio of 99 radio stations in 38 markets,
including 61 stations in 22 of the top 25 markets. We also program
the Family Talk(TM) Christian-themed talk format on SiriusXM Channel
131. 
Salem also owns Salem Radio Network, a national radio network that
syndicates talk, news and music programming to approximately 2,300
affiliated radio stations and Salem Media Representatives, a national
media advertising sales firm with offices across the country. 
In addition to its radio broadcast business, Salem owns an Internet
and a publishing division. Salem Web Network is a provider of online
Christian and conservative-themed content and streaming and includes
websites such as Christian faith focused Christianity.com, Questions
and Answers about Jesus Christ at Jesus.org, Christian living focused
Crosswalk.com(R), online Bible at BibleStudyTools.com, Christian
videos at GodTube.com, a leading website providing church media at
WorshipHouseMedia.com and Christian radio ministries online at
OnePlace.com. Additionally Salem owns conservative news leader
Townhall.com(R) and conservative political blog HotAir.com, providing
conservative commentary, news and blogging. Salem Publishing(TM)
circulates Christian and conservative magazines such as Homecoming(R)
The Magazine, YouthWorker Journal(TM), The Singing News, FaithTalk
Magazine, Preaching and Townhall Magazine(TM). Xulon Press(TM) is a
provider of self publishing services targeting the Christian
audience.  
Forward-Looking Statements 
 Statements used in this press release
that relate to future plans, events, financial results, prospects or
performance are forward-looking statements as defined under the
Private Securities Litigation Reform Act of 1995. Actual results may
differ materially from those anticipated as a result of certain risks
and uncertainties, including but not limited to the ability of Salem
to close and integrate announced transactions, market acceptance of
Salem's radio station formats, competition from new technologies,
adverse economic conditions, and other risks and uncertainties
detailed from time to time in Salem's reports on Forms 10-K, 10-Q,
8-K and other filings filed with or furnished to the Securities and
Exchange Commission. Readers are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of
the date hereof. Salem undertakes no obligation to update or revise
any forward-looking statements to reflect new information, changed
circumstances or unanticipated events. 
Regulation G 
 Station operating income, non-broadcast operating
income, EBITDA and Adjusted EBITDA are financial measures not
prepared in accordance with generally accepted accounting principles
("GAAP"). Station operating income is defined as net broadcast
revenues minus broadcast operating expenses. Non-broadcast operating
income is defined as non-broadcast revenue minus non-broadcast
operating expenses. EBITDA is defined as net income before interest,
taxes, depreciation and amortization. Adjusted EBITDA is defined as
EBITDA before impairment of long-lived assets, gain or loss on the
disposal of assets and non-cash compensation expense. In addition,
Salem has provided supplemental information as an attachment to this
press release, reconciling these non-GAAP financial measures to the
most directly comparable financial measures prepared in accordance
with GAAP. The company believes these non-GAAP financial measures,
when considered in conjunction with the most directly comparable GAAP
financial measures, provide useful measures of the company's
operating performance.  
Station operating income, non-broadcast operating income, EBITDA and
Adjusted EBITDA are generally recognized by the broadcast industry as
important measures of performance and are used by investors as well
as analysts who report on the industry to provide meaningful
comparisons between broadcast. Station operating income,
non-broadcast operating income, EBITDA and Adjusted
 EBITDA are not a
measure of liquidity or of performance in accordance with GAAP, and
should be viewed as a supplement to and not a substitute for, or
superior to, the company's results of operations presented on a GAAP
basis such as operating income and net income. In addition, Salem's
definitions of station operating income, non-broadcast operating
income, EBITDA and Adjusted EBITDA are not necessarily comparable to
similarly titled measures reported by other companies. 


 
                                                                            
Salem Communications Corporation                                            
Condensed Consolidated Statements of Operations                             
(in thousands, except share, per share and margin data)                     
                            Three Months Ended         Nine Months Ended    
                               September 30,             September 30,      
                         ------------------------  ------------------------ 
                             2011         2012         2011         2012    
                         -----------  -----------  -----------  ----------- 
                                             (Unaudited)                    
Net broadcast revenue    $    44,793  $    45,895  $   132,929  $   136,224 
Net Internet revenue           6,686        7,800       19,168       23,269 
Net publishing revenue         3,024        3,024        9,009        9,136 
                         -----------  -----------  -----------  ----------- 
Total revenue                 54,503       56,719      161,106      168,629 
Operating expenses:                                                         
  Broadcast operating                                                       
   expenses                   29,198       30,628       86,054       90,289 
  Internet operating                                                        
   expenses                    5,080        5,825       15,457       17,858 
  Publishing operating                                                      
   expenses                    2,890        2,980        8,541        8,951 
  Corporate expenses           4,285        4,643       13,040       14,314 
  Impairment of long-                                                       
   lived assets                    -            -            -        5,608 
  Depreciation and                                                          
   amortization                3,732        3,577       11,233       10,775 
  (Gain) loss on                                                            
   disposal of assets             32          587       (4,343)         563 
                         -----------  -----------  -----------  ----------- 
Total operating expenses      45,217       48,240      129,982      148,358 
                         -----------  -----------  -----------  ----------- 
Operating income               9,286        8,479       31,124       20,271 
Other income (expense):                                                     
  Interest income                 57           24          154           83 
  Interest expense            (6,826)      (6,127)     (21,125)     (18,787)
  Gain (loss) on early                                                      
   redemption of long-                                                      
   term debt                    (305)           -       (1,395)        (893)
  Other income                                                              
   (expense), net                  3           60          (20)          71 
                         -----------  -----------  -----------  ----------- 
Income from continuing                                                      
 operations before                                                          
 income taxes                  2,215        2,436        8,738          745 
Provision for (benefit                                                      
 from) income taxes              526         (971)       3,405       (1,768)
                         -----------  -----------  -----------  ----------- 
Income from continuing                                                      
 operations                    1,689        3,407        5,333        2,513 
Loss from discontinued                                                      
 operations, net of tax         (204)         (39)        (161)         (94)
                         -----------  -----------  -----------  ----------- 
Net income               $     1,485  $     3,368  $     5,172  $     2,419 
                         ===========  ===========  ===========  =========== 
                                                                            
Basic income per share                                                      
 before discontinued                                                        
 operations              $      0.07  $      0.14  $      0.22  $      0.10 
Income (loss) per share                                                     
 from discontinued                                                          
 operations, net of tax        (0.01)           -        (0.01)           - 
Basic income per share                                                      
 after discontinued                                                         
 operations              $     (0.06) $      0.13  $      0.21  $      0.10 
                                                                            
Diluted income per share                                                    
 before discontinued                                                        
 operations              $      0.07  $      0.14  $      0.22  $      0.10 
Income (loss) per share                                                     
 from discontinued                                                          
 operations, net of tax        (0.01)           -        (0.01)           - 
Diluted income per share                                                    
 after discontinued                                                         
 operations              $      0.06  $      0.13  $      0.21  $      0.10 
                                                                            
Dividends per share      $         -  $      0.03  $         -  $      0.10 
                                                                            
Basic weighted average                                                      
 shares outstanding       24,546,056   24,663,027   24,448,722   24,528,091 
                         ===========  ===========  ===========  =========== 
Diluted weighted average                                                    
 shares outstanding       24,746,164   25,358,052   24,665,649   24,893,832 
                         ===========  ===========  ===========  =========== 
                                                                            
Other data:                                                                 
Station operating income $    15,595  $    15,267  $    46,875  $    45,935 
Station operating margin        34.8%        33.3%        35.3%        33.7%
                                                                            
                                                                            
                                                                            
Salem Communications Corporation                                            
Condensed Consolidated Balance Sheets                                       
(in thousands)                                                              
                                        December 31, 2011 September 30, 2012
                                       ------------------ ------------------
                                                                 (Unaudited)
Assets                                                                      
Cash                                   $               
67 $              195
Restricted cash                                       110                  -
Trade accounts receivable, net                     31,001             33,168
Deferred income taxes                               6,403              7,027
Other current assets                                4,385              7,188
Property, plant and equipment                     111,222            100,668
Intangible assets, net                            399,942            403,495
Deferred financing costs                            5,489              4,379
Other assets                                        2,691              2,964
                                       ------------------ ------------------
Total assets                           $          561,310 $          559,084
                                       ================== ==================
                                                                            
Liabilities and Stockholders' Equity                                        
Current liabilities                    $           36,515 $           49,881
Long-term debt and capital lease                                            
 obligations                                      265,679            250,455
Deferred income taxes                              48,077             46,660
Other liabilities                                   7,991              8,116
Stockholders' equity                              203,048            203,972
                                       ------------------ ------------------
Total liabilities and stockholders'                                         
 equity                                $          561,310 $          559,084
                                       ================== ==================
                                                                            
                                                                            
                                                                            
Salem Communications Corporation                                            
Supplemental Information                                                    
(in thousands)                                                              
                            Three Months Ended         Nine Months Ended    
                               September 30,             September 30,      
                         ------------------------  ------------------------ 
                             2011         2012         2011         2012    
                         -----------  -----------  -----------  ----------- 
                                             (Unaudited)                    
Capital Expenditures                                                        
Acquisition related /                                                       
 income producing        $       307  $        11  $     1,693  $     1,096 
Maintenance                    1,300        1,550        4,238        5,311 
                         -----------  -----------  -----------  ----------- 
Total capital                                                               
 expenditures            $     1,607  $     1,561  $     5,931  $     6,407 
                         ===========  ===========  ===========  =========== 
                                                                            
Reconciliation of Same                                                      
 Station Net Broadcast                                                      
 Revenue to Total Net                                                       
 Broadcast Revenue                                                          
Net broadcast revenue -                                                     
 same station            $    44,763  $    45,721  $   132,359  $   135,456 
Net broadcast revenue -                                                     
 acquisitions                      -          174          117          621 
Net broadcast revenue -                                                     
 dispositions                     32            -          308            6 
Net broadcast revenue -                                                     
 format changes                   (2)           -          145          141 
                         -----------  -----------  -----------  ----------- 
Total net broadcast                                                         
 revenue                 $    44,793  $    45,895  $   132,929  $   136,224 
                         ===========  ===========  ===========  =========== 
                                                                            
Reconciliation of Same                                                      
 Station Broadcast                                                          
 Operating Expenses to                                                      
 Total Broadcast                                                            
 Operating Expenses                                                         
Broadcast operating                                                         
 expenses - same station $    29,117  $    30,452  $    85,684  $    89,567 
Broadcast operating                                                         
 expenses revenue -                                                         
 acquisitions                      -          172          109          503 
Broadcast operating                                                         
 expenses - dispositions          81            3          108           72 
Broadcast operating                                                         
 expenses - format                                                          
 changes                           -            1          153          147 
                         -----------  -----------  -----------  ----------- 
Total broadcast                                                             
 operating expenses      $    29,198  $    30,628  $    86,054  $    90,289 
                         ===========  ===========  ===========  =========== 
                                                                            
Reconciliation of Same                                                      
 Station Operating                                                          
 Income to Total Station                                                    
 Operating Expenses                                                         
Station operating income                                                    
 - same station          $    15,646  $    15,269  $    46,675  $    45,889 
Station operating income                                                    
 - acquisitions                    -            2            8          118 
Station operating income                                                    
 - dispositions                  (49)          (3)         200          (66)
Station operating income                                                    
 - format changes                 (2)          (1)          (8)          (6)
                         -----------  -----------  -----------  ----------- 
Total station operating                                                     
 income                  $    15,595  $    15,267  $    46,875  $    45,935 
                         ===========  ===========  ===========  =========== 
                                                                            
                                                                            
                                                                            
Salem Communications Corporation                                            
Supplemental Information                                                    
(in thousands)                                                              
                            Three Months Ended         Nine Months Ended    
                              September 30,              
September 30,      
                        -------------------------  ------------------------ 
                            2011          2012         2011         2012    
                        ------------  -----------  -----------  ----------- 
                                            (Unaudited)                     
Reconciliation of SOI                                                       
 and Internet Operating                                                     
 Income and Publishing                                                      
 Operating Income to                                                        
 Operating Income                                                           
Station operating                                                           
 income                 $     15,595  $    15,267  $    46,875  $    45,935 
Internet operating                                                          
 income                        1,606        1,975        3,711        5,411 
Publishing operating                                                        
 income                          134           44          468          185 
Less:                                                                       
  Corporate expenses          (4,285)      (4,643)     (13,040)     (14,314)
  Depreciation and                                                          
   amortization               (3,732)      (3,577)     (11,233)     (10,775)
  Impairment of long-                                                       
   lived assets                    -            -            -       (5,608)
  (Gain) loss on                                                            
   disposal of assets            (32)        (587)       4,343         (563)
                        ------------  -----------  -----------  ----------- 
Operating income        $      9,286  $     8,479  $    31,124  $    20,271 
                        ============  ===========  ===========  =========== 
                                                                            
Reconciliation of                                                           
 Adjusted to EBITDA to                                                      
 EBITDA to Net Income                                                       
Adjusted EBITDA         $     13,218  $    13,002  $    38,640  $    38,283 
Less:                                                                       
  Stock-based                                                               
   compensation                 (165)        (299)        (646)        (995)
  Loss on early                                                             
   retirement of long-                                                      
   term debt                    (305)           -       (1,395)        (893)
  Discontinued                                                              
   operations, net of                                                       
   tax                          (204)         (39)        (161)         (94)
  Impairment of long-                                                       
   lived assets                    -            -            -       (5,608)
  (Gain) loss on                                                            
   disposal of assets            (32)        (587)       4,343         (563)
                        ------------  -----------  -----------  ----------- 
EBITDA                        12,512       12,077       40,781       30,130 
Plus:                                                                       
  Interest income                 57           24          154           83 
Less:                                                                       
  Depreciation and                                                          
   amortization               (3,732)      (3,577)     (11,233)     (10,775)
  Interest expense            (6,826)      (6,127)     (21,125)     (18,787)
  Provision for                                                             
   (benefit) from                                                           
   income taxes                 (526)         971       (3,405)       1,768 
                        ------------  -----------  -----------  ----------- 
Net income              $      1,485  $     3,368  $     5,172  $     2,419 
                        ============  ===========  ===========  =========== 
                                                                            
Reconciliation of                                                           
 Adjusted EBITDA to                                                         
 Free Cash Flow                                                             
Adjusted EBITDA         $     13,218  $    13,002  $    38,640  $    38,283 
Less:                                                                       
  Cash interest                 (440)        (480)     (13,937)     (12,417)
  Cash taxes                     (30)         (45)        (250)        (251)
  Capital expenditures        (1,607)      (1,561)      (5,931)      (6,407)
                        ------------  -----------  -----------  ----------- 
Free Cash Flow          $     11,141  $    10,916  $    18,522  $    19,208 
                        ============  ===========  ===========  =========== 
                                                                            
                         Outstanding                                        
                              at       Applicable                           
                          September     Interest                            
Selected Debt Data         30, 2012       Rate                              
                        ------------  -----------                           
9 5/8% senior                                                               
 subordinated notes     $    217,500         9.63%                          
Revolving credit                                                            
 facility                     29,369         3.29%                          
Subordinated debt              8,750         4.25%                          
Subordinated debt due                                                       
 to related parties           15,000         5.00%                          

  
Company Contact:
Evan D. Masyr
Salem Communications
(805) 384-4512
evanm@salem.cc 
 
 
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