UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

SCHEDULE 13G

 

 

Under the Securities Exchange Act of 1934

(Amendment No. 6)*

 

 

 

Salem Communications Corporation


(Name of Issuer)

 

Class A Common Stock, $0.01 par value per share


(Title of Class of Securities)

 

 

794093 10 4


(CUSIP Number)

 

December 31, 2005


(Date of Event Which Requires Filing of this Statement)

 

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

 

¨ Rule 13d-1(b)

 

¨ Rule 13d-1(c)

 

x Rule 13d-1(d)

 

*   The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

 

The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).


CUSIP NO. 794093 10 4   Amendment No. 6 to Schedule 13G   Page 2 of 7 Pages

 

  1.  

Name of Reporting Persons.

I.R.S. Identification Nos. of above persons (entities only)

 

Stuart W. Epperson, Sr.,* individually and (i) Stuart W. Epperson, Trustee, Kathryn Epperson Fonville Trust U/A DTD 3/31/99 (“Kathryn Trust”), (ii) Stuart W. Epperson, Trustee, Stuart W. Epperson, Jr. Trust U/A DTD 3/31/99 (“Stuart Trust”), (iii) Stuart W. Epperson, Trustee, Kristine J. Epperson McBride Trust U/A DTD 3/31/99 (“Kristine Trust”), (iv) Stuart W. Epperson, Trustee, Karen Epperson Deneui Trust U/A DTD 3/31/99 (“Karen Trust”), and (v) Stuart Epperson, Trustee, Epperson Family 2003 Trust** (“Family Trust”).

   
  2.  

Check the Appropriate Box if a Member of a Group*

(a)  ¨

(b)  ¨

   
  3.  

SEC Use Only

 

   
  4.  

Citizenship or Place of Organization

 

United States of America

   

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

  5.    Sole Voting Power

 

                242,230


  6.    Shared Voting Power

 

                2,884,656


  7.    Sole Dispositive Power

 

                1,265,870


  8.    Shared Dispositive Power

 

                2,884,656

  9.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

4,150,526

   
10.  

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*

 

¨

   
11.  

Percent of Class Represented by Amount in Row 9

 

20.8%

   
12.  

Type of Reporting Person*

 

IN, OO (Trustee)

   

* Stuart W. Epperson, Sr., is Trustee for each of the Kathryn Trust, Stuart Trust, Kristine Trust and the Karen Trust (collectively, the “Children Trusts”) for all purposes other than voting matters. Kathryn Epperson Fonville, Stuart W. Epperson, Jr., Kristine J. Epperson McBride and Karen Epperson Deneui must act by a majority vote (i.e., 3 of the 4 individuals must vote in favor of a particular matter) to vote the shares contained in the Children Trusts.
** Stuart W. Epperson, Sr. and Nancy A. Epperson share voting and dispositive power as Trustees of the Family Trust. On December 30, 2005, Stuart W. Epperson, Sr. and Nancy A. Epperson (together, the “Eppersons”) jointly gifted 1,240 shares of Common Stock (defined below) from the Family Trust to a custodial account for each of their 13 grandchildren, for a total gift of 16,120 shares. The Eppersons have not retained any voting or dispositive power over such gifted shares.


CUSIP NO. 794093 10 4   Amendment No. 6 to Schedule 13G   Page 3 of 7 Pages

 

  1.  

Names of Reporting Persons.

I.R.S. Identification Nos. of above persons (entities only).

 

Nancy A. Epperson***

   
  2.  

Check the Appropriate Box if a Member of a Group (See Instructions)

(a)  ¨

(b)  ¨

   
  3.  

SEC Use Only

 

   
  4.  

Citizenship or Place of Organization

 

United States of America

   

NUMBER OF

SHARES

BENEFICIALLY

OWNED BY

EACH

REPORTING

PERSON

WITH

 

  5.    Sole Voting Power

 

                0


  6.    Shared Voting Power

 

                2,884,656


  7.    Sole Dispositive Power

 

                0


  8.    Shared Dispositive Power

 

                2,884,656

  9.  

Aggregate Amount Beneficially Owned by Each Reporting Person

 

2,884,656

   
10.  

Check Box if the Aggregate Amount in Row (9) Excludes Certain Shares*

 

¨

   
11.  

Percent of Class Represented by Amount in Row (9)

 

14.6%

   
12.  

Type of Reporting Person (See Instructions)

 

IN, OO (Trustee)

   

*** See footnote ** from prior page.


CUSIP NO. 794093 10 4   Amendment No. 6 to Schedule 13G   Page 4 of 7 Pages
Item 1(a).   

Name of Issuer

 

Salem Communications Corporation

Item 1(b).   

Address of Issuer’s Principal Executive Offices

 

4880 Santa Rosa Road

Camarillo, California 93012

Item 2(a).    Name of Person Filing
     (A)    Stuart W. Epperson, Sr.
     (B)    Nancy A. Epperson
Item 2(b).    Address of Principal Business Office or, if None, Residence
    

(A) and (B):

4880 Santa Rosa Road

Camarillo, California 93012

         
Item 2(c).    Citizenship
     (A)    United States of America
     (B)    United States of America
Item 2(d).   

Title of Class of Securities

 

This Amendment No. 6 to the Statement on Schedule 13G (this “Statement”) relates to the Issuer’s Class A Common Stock, $0.01 par value per share (“Common Stock”).

Item 2(e).   

CUSIP Number

 

794093 10 4

Item 3.    Not Applicable          
Item 4.    Ownership
     (a)    Amount Beneficially Owned:          
          (A)    4,150,526          
    

Stuart W. Epperson, Sr., is deemed to beneficially own: (i) 242,230 shares subject to options currently exercisable or exercisable within 60 days, (ii) 2,884,656 shares, for which he shares voting and dispositive power with his wife, Nancy A. Epperson, and (iii) 1,023,640 shares held in the Children Trusts for which he has sole dispositive power and no voting power.

          (B)    2,884,656          
    

Nancy A. Epperson is deemed to beneficially own 2,884,656 shares, for which she shares voting and dispositive power with her husband, Stuart W. Epperson, Sr.


CUSIP NO. 794093 10 4   Amendment No. 6 to Schedule 13G   Page 5 of 7 Pages
     (b)    Percent of Class:          
          (A)    20.8%          
          (B)    14.6%          
    

The percentages in (A) and (B) have been calculated based on 19,771,199 shares of Common Stock issued and outstanding as of November 1, 2005, as reported in the Issuer’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005, filed with the Securities and Exchange Commission on November 9, 2005 (File No. 000-26497).

     (c)    Number of shares as to which such person has:          
          (i)    sole power to vote or to direct the vote:          
              

(A)    242,230

(B)    0

         
          (ii)    shared power to vote or to direct the vote:          
              

(A)    2,884,656

(B)    2,884,656

         
          (iii)    sole power to dispose or to direct the disposition of:          
              

(A)    1,265,870

(B)    0

         
          (iv)    shared power to dispose or to direct the disposition of:          
              

(A)    2,884,656

(B)    2,884,656

         
Item 5.    Ownership of Five Percent or Less of a Class
     Not applicable.
Item 6.    Ownership of More Than Five Percent on Behalf of Another Person
     Not applicable.
Item 7.    Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person
     Not applicable.
Item 8.    Identification and Classification of Members of the Group
     Not applicable.
Item 9.    Notice of Dissolution of Group
     Not applicable.
Item 10.    Certification
     Not applicable.


CUSIP NO. 794093 10 4   Amendment No. 6 to Schedule 13G   Page 6 of 7 Pages

 

Exhibit No.

  

Description


1    Joint Filing Agreement, incorporated by reference to Amendment No. 2 to the Schedule 13D (File No. 5-58135) filed with the Securities and Exchange Commission on February 14, 2003 by Stuart W. Epperson, Sr. and Nancy A. Epperson.


CUSIP NO. 794093 10 4   Amendment No. 6 to Schedule 13G   Page 7 of 7 Pages

 

SIGNATURE

 

After reasonable inquiry and to the best of the undersigned’s knowledge and belief, each of the undersigned certifies that the information set forth in this Amendment No. 6 to Schedule 13G is true, complete and correct.

 

Dated as of February 14, 2006

 

/s/    STUART W. EPPERSON, SR.


Stuart W. Epperson, Sr.
 

/s/    NANCY A. EPPERSON


Nancy A. Epperson