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In a release, the company noted that total revenue decreased 2.2 percent to $57.5 million from $58.8 million, operating expenses decreased 1.6 percent to $47.2 million from $47.9 million, operating income decreased 5.0 percent to $10.3 million from $10.9 million, and net income increased 20.5 percent to $3.5 million, or $0.15 net income per diluted share, from $2.9 million, or $0.12 net income per diluted share.
Additionally, company officials noted that EBITDA increased 0.4 percent to $14.8 million from $14.7 million, and adjusted EBITDA decreased 9.0 percent to $14.7 million from $16.2 million.
Results concerning broadcast and non-broadcast information were also released.
These results reflect the reclassification of the operations of our Columbus, Ohio and Milwaukee, Wisconsin radio stations to discontinued operations for all periods presented. These stations had net broadcast revenue of approximately $1.0 million and generated a profit of $0.2 million for the quarter ended June 30, 2007 and net broadcast revenue of approximately $0.5 million and generated a profit of $0.1 million for the quarter ended June 30.
Additionally, the company said these results reflect the reclassification of the operations of CCM Magazine to discontinued operations for all periods presented. The magazine had non-broadcast revenue of $0.2 million and generated a loss of $0.1 million for the quarter ended June 30, 2007 and net broadcast revenue of approximately $0.1 million and generated no profit for the quarter ended June 30.
Other comprehensive income of $2.0 million, net of tax, for the quarter ended June 30, and $1.1 million, net of tax, for the quarter ended June 30, 2007 is due to the change in fair market value of the company's interest rate swaps.
For the third quarter of 2008, Salem said it is projecting total revenue to decrease in the low-single digit range over third quarter 2007 total revenue of $56.9 million. Salem is also projecting operating expenses before gain or loss on disposal of assets to be flat as compared to the third quarter of 2007 operating expenses of $46.6 million.
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