Salem Communications Lists $3.5-Million Loss

Salem Communications Corp. in Camarillo reported a net loss of $3.5 million or 21 cents per share for the second quarter ended June 30, despite a 21.5% jump in revenues over the same period a year earlier.

The company said net revenue increased to $22.7 million from $18.7 million because of growth at radio stations and revenue related to acquired properties.

Officials said the loss included a $2.6-million charge for a onetime stock grant concurrent with the company’s initial public offering June 30. Per-share numbers were based on 16.7 million weighted average shares for the quarter ended June 30, and 16.6 million shares for the previous period.

Officials said that because the initial public offering was completed on the last day of the quarter, the balance sheet for that period does not show the broad improvement it made in Salem’s financial condition.

Salem is a radio broadcasting company providing programming on religious and family issues. The company owns 46 radio stations, including 34 that broadcast to 19 of the top 25 markets. Salem also operates Salem Radio Network, which offers syndicated talk, news and music programming to 1,200 radio stations.