Salem Communications Announces a 0.3% Increase in Third Quarter 2007 Total Revenue

CAMARILLO, Calif.--(BUSINESS WIRE)--

Salem Communications Corporation (Nasdaq:SALM), a leading U.S. radio broadcaster, Internet content provider, magazine and book publisher targeting audiences interested in content related to faith, family and conservative values, today announced results for the three month period ended September 30, 2007.

Commenting on the company's results, Edward G. Atsinger III, Chief Executive Officer of Salem, said, "The radio market continues to prove challenging for all broadcasters. While our net broadcasting revenue was down 1.2%, we did have some positive indications during the quarter. On a same station basis, advertising revenue on our Contemporary Christian music stations grew 3.1%, our block programming revenue increased 3.6% and our non-broadcast businesses grew revenue 14.9% to $6.2 million. We remain confident about the stability of our business model as we continue to invest in new media businesses that give us the ability to repurpose content and leverage the promotional abilities of our radio stations."

Third Quarter 2007 Results

For the quarter ended September 30, 2007 compared to the quarter ended September 30, 2006:

 -- Total revenue increased 0.3% to $58.1 million from $57.9 million;

 -- Operating income decreased 8.3% to $10.1 million from $11.0
    million;

 -- Net income increased 44.4% to $2.1 million, or $0.09 per diluted
    share, from $1.5 million, or $0.06 per diluted share;

 -- EBITDA increased 15.6% to $13.9 million from $12.0 million;

 -- Adjusted EBITDA decreased 5.3% to $15.1 million from $15.9
    million;

Broadcasting

 -- Net broadcasting revenue decreased 1.2% to $51.9 million from
    $52.5 million;

 -- Station operating income ("SOI") decreased 7.3% to $19.2 million
    from $20.7 million;

 -- Same station net broadcasting revenue decreased 0.7% to $50.8
    million from $51.2 million;

 -- Same station SOI decreased 6.9% to $19.3 million from $20.7
    million;

 -- Same station SOI margin decreased to 37.9% from 40.5%;

Non-broadcast Media

 -- Non-broadcast revenue increased 14.9% to $6.2 million from $5.4
    million; and

 -- Non-broadcast operating income increased 326.4% to $0.4 million
    from $0.1 million.

Included in the results for the quarter ended September 30, 2007 are:

 -- A $0.3 million loss ($0.2 million loss, net of tax, or $0.01 per
    share) on the disposal of assets;

 -- A $0.9 million non-cash compensation charge ($0.5 million, net of
    tax, or $0.02 per share) related to the expensing of stock options
    consisting primarily of:

     -- $0.7 million non-cash compensation included in corporate
        expenses; and

     -- $0.2 million non-cash compensation included in broadcasting
        operating expenses.

Included in the results for the comparable quarter ended September 30, 2006 are:

 -- A $0.2 million loss ($0.1 million loss, net of tax) on the
    disposal of assets; and

 -- A $3.6 million loss ($2.2 million loss, net of tax, or $0.09 loss
    per share) from the early redemption of $94.3 million of 9.0%
    senior subordinated notes due 2011;

 -- A $0.8 million income ($0.3 gain per diluted share) from
    discontinued operations, net of tax; and

 -- A $0.9 million non-cash compensation charge ($0.5 million, net of
    tax, or $0.02 per share) related to the expensing of stock
    options consisting primarily of:

     -- $0.6 million non-cash compensation included in corporate
        expenses; and

     -- $0.2 million non-cash compensation included in broadcasting
        operating expenses.

On February 7, 2007, we sold WKNR (850 AM) in Cleveland, Ohio. We discontinued operating this radio station under a local marketing agreement effective December 1, 2006. For the quarter ended September 30, 2007, this station did not generate any revenue or profit. For the comparable 2006 period, the station generated net broadcasting revenue of $0.7 million and generated no profit.

Other comprehensive loss of $1.5 million, net of tax, for each of the quarters ended September 30, 2007 and September 30, 2006 is due to the change in fair market value of the company's interest rate swaps.

Per share numbers are calculated based on 23,776,449 diluted weighted average shares for the quarter ended September 30, 2007 and 23,990,729 diluted weighted average shares for the comparable 2006 period.

Year to Date 2007 Results

For the nine month period ended September 30, 2007 compared to the nine month period ended September 30, 2006:

 -- Total revenue increased 3.7% to $174.2 million from $168.0
    million;

 -- Operating income decreased 31.2% to $32.9 million from $47.8
    million;

 -- Net income decreased 49.2% to $8.0 million, or $0.34 net income
    per diluted share, from net income of $15.7 million or $0.65 net
    income per diluted share;

 -- EBITDA decreased 20.5% to $44.5 million from $56.0 million;

 -- Adjusted EBITDA increased 3.5% to $44.7 million from $43.2 million

Broadcasting

 -- Net broadcasting revenue increased 0.8% to $156.0 million from
    $154.7 million;

 -- SOI decreased 0.9% to $57.1 million from $57.7 million;

 -- Same station net broadcasting revenue increased 1.4% to $153.1
    million from $150.9 million;

 -- Same station SOI decreased 1.3% to $57.3 million from $58.1
    million;

 -- Same station SOI margin decreased to 37.5% from 38.5%;

Non-broadcast Media

 -- Non-broadcast revenue increased 36.8% to $18.3 million from $13.3
    million; and

 -- Non-broadcast operating income increased 96.2% to $1.5 million
    from $0.8 million.

Included in the results for the nine month period ended September 30, 2007 are:

 -- A $2.3 million gain ($1.3 million gain, net of tax or $0.05 gain
    per diluted share) from the disposal of assets; and

 -- A $2.5 million non-cash compensation charge ($1.4 million, net of
     tax, or $0.06 per share) related to the expensing of stock
     options consisting of:

     -- $1.8 million non-cash compensation included in corporate
        expenses;

     -- $0.6 million non-cash compensation included in broadcasting
        operating expenses; and

     -- $0.1 million non-cash compensation included in non-broadcast
        operating expenses.

Included in the results for the comparable nine month period ended September 30, 2006 are:

 -- A $18.9 million gain ($11.5 million gain, net of tax, or $0.47 per
    diluted share) on the disposal of assets;

 -- A $3.6 million loss ($2.2 million loss, net of tax, or $0.09 loss
    per share) from the early redemption of $94.3 million of 9.0%
    senior subordinated notes due 2011;

 -- A $1.1 million income from discontinued operations, net of tax or
    $0.05 per diluted share; and

 -- A $3.5 million non-cash compensation charge ($2.2 million, net of
    tax, or $0.09 per share) related to the expensing of stock options
    consisting of:

     -- $2.9 million non-cash compensation included in corporate
        expenses; and

     -- $0.6 million non-cash compensation included in broadcasting
        operating expenses.

For the nine months ended September 30, 2007, WKNR (850 AM) in Cleveland, Ohio, which was sold on February 7, 2007, did not generate any revenue or profit. For the comparable 2006 period, the station generated net broadcasting revenue of $1.8 million and generated no profit.

Other comprehensive loss of $0.7 million, net of tax, for the nine months ended September 30, 2007 and other comprehensive income of $0.5 million, net of tax, for the nine months ended September 30, 2006 is due to the change in fair market value of the company's interest rate swaps.

Per share numbers are calculated based on 23,828,495 diluted weighted average shares for the nine months ended September 30, 2007 and 24,347,388 diluted weighted average shares for the comparable 2006 period.

Balance Sheet

As of September 30, 2007, the company had net debt of $353.2 million and was in compliance with the covenants of its credit facilities and bond indentures. The company's bank leverage ratio was 5.8 versus a compliance covenant of 6.75 and its bond leverage ratio was 5.0 versus a compliance covenant of 7.0.

Stock Repurchases and Dividends

During the quarter ended September 30, 2007, the company repurchased 187,232 shares of its Class A common stock for approximately $1.8 million at an average price of $9.55 per share. As of November 6, 2007, Salem had repurchased 2,317,650 shares of Class A common stock for approximately $34.0 million at an average price of $14.67 per share, and had 23,668,788 shares of its Class A and Class B common stock outstanding.

Salem paid a special cash dividend of $0.42 per share on its Class A and Class B common stock on August 23, 2007 to shareholders of record as of August 20, 2007. The dividend payment totaled approximately $10.0 million.

Acquisitions and Divestitures

During the quarter ended September 30, 2007, Salem completed the following transaction:

 -- CMCentral.com was purchased on September 12, 2007 for $0.4
    million.

The following transactions were pending as of September 30, 2007:

  -- KKSN (910 AM) in Portland, Oregon will be acquired for
     approximately $4.5 million (this station is operated by Salem
     under a local marketing agreement that began on February 1, 2007
     with the call letters KTRO); and

  -- WTPS (1080AM) in Miami, Florida will be acquired for
     approximately $12.3 million (this station is operated by Salem
     under a local marketing agreement that began on October 18,
     2007 with the call letters WMCU).

Fourth Quarter 2007 Outlook

For the fourth quarter of 2007, Salem is projecting:

 -- Total revenue to be between $57.9 million and $58.4 million
    compared to fourth quarter 2006 total revenue of $59.8 million;

 -- Adjusted EBITDA to be between $13.0 million and $13.5 million
    compared to fourth quarter 2006 Adjusted EBITDA of $15.2 million;
    and

 -- Net income per diluted share to be between $0.04 and $0.05.

Fourth quarter 2007 outlook reflects the following:

  -- The absence of approximately $1.5 million of political revenue
     that was earned in the fourth quarter of 2006;


  -- Same station net broadcasting revenue to be between $50.2 million
     and $50.7 million compared to $52.6 million in fourth quarter
     2006;

  -- Non-broadcast revenue increasing to approximately $6.5 million
     from $6.0 million in fourth quarter 2006;

  -- Same station SOI declining to between $17.6 million and $18.1
     million from $19.8 million in fourth quarter 2006;

  -- Non-cash compensation expense of $0.8 million compared to fourth
     quarter 2006 non-cash compensation expense of $0.8 million;

  -- Continued growth from our core block programming;

  -- Ongoing softness in the radio advertising market; and

  -- The impact of recent acquisition and divestiture transactions.

Conference Call Information

Salem will host a teleconference to discuss its results today, on November 7, 2007 at 5:00 p.m. Eastern Time. To access the teleconference, please dial 973-582-2717 ten minutes prior to the start time 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 24, 2007 and can be heard by dialing 973-341-3080, pass code 9333127 or on the investor relations portion of the company's website, located at www.salem.cc.

Salem Communications Corporation (Nasdaq: SALM) is a leading U.S. radio broadcaster, Internet content provider, and magazine and book publisher targeting audiences interested in Christian and family-themed content and conservative values. In addition to its radio properties, Salem owns Salem Radio Network(R), which syndicates talk, news and music programming to approximately 2,000 affiliates; Salem Radio Representatives(TM), a national radio advertising sales force; Salem Web Network(TM), an Internet provider of Christian content and online streaming; and Salem Publishing(TM), a publisher of Christian-themed magazines. Upon the close of all announced transactions, the company will own 98 radio stations, including 59 stations in 22 of the top 25 markets. Additional information about Salem may be accessed at the company's website, www.salem.cc.

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 broadcasting revenues minus broadcasting 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 loss on early redemption of long-term debt, discontinued operations (net of tax), 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 broadcasting 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 broadcasting. 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,
                       2006         2007         2006         2007
                   ------------ ------------ ------------ ------------
                                       (unaudited)

Net broadcasting
 revenue           $    52,509  $    51,888  $   154,664  $   155,978
Non-broadcast
 revenue                 5,402        6,208       13,338       18,250
                   ------------ ------------ ------------ ------------
Total revenue           57,911       58,096      168,002      174,228
Operating
 expenses:
  Broadcasting
   operating
   expenses             31,821       32,719       97,013       98,831
  Non-broadcast
   operating
   expenses              5,311        5,820       12,570       16,743
  Corporate
   expenses              5,637        5,425       18,333       16,735
  Depreciation and
   amortization          3,957        3,721       11,118       11,321
  (Gain) loss on
   disposal of
   assets                  167          309      (18,872)      (2,326)
                   ------------ ------------ ------------ ------------
Total operating
 expenses               46,893       47,994      120,162      141,304
                   ------------ ------------ ------------ ------------
Operating income        11,018       10,102       47,840       32,924
Other income
 (expense):
  Interest income           68           52          114          160
  Interest expense      (6,490)      (6,375)     (19,857)     (19,137)
  Loss on early
   redemption of
   long-term debt       (3,625)           -       (3,625)           -
  Other income
   (expense), net         (120)          83         (466)         230
                   ------------ ------------ ------------ ------------
Income from
 continuing
 operations before
 income taxes              851        3,862       24,006       14,177
Provision for
 income taxes              200        1,764        9,378        6,190
                   ------------ ------------ ------------ ------------
Income from
 continuing
 operations                651        2,098       14,628        7,987
Discontinued
 operations, net
 of tax                    802            -        1,106            -
                   ------------ ------------ ------------ ------------
Net income         $     1,453  $     2,098  $    15,734  $     7,987
                   ============ ============ ============ ============
Other
 comprehensive
 income (loss),
 net of tax             (1,468)      (1,498)         462         (674)
                   ------------ ------------ ------------ ------------
Comprehensive
 income (loss)     $       (15) $       600  $    16,196  $     7,313
                   ============ ============ ============ ============

Basic income per
 share before
 discontinued
 operations        $      0.03  $      0.09  $      0.60  $      0.34
Discontinued
 operations, net
 of tax            $      0.03  $         -  $      0.05  $         -
Basic income per
 share after
 discontinued
 operations        $      0.06  $      0.09  $      0.65  $      0.34

Diluted income per
 share before
 discontinued
 operations        $      0.03  $      0.09  $      0.60  $      0.34
Discontinued
 operations, net
 of tax            $      0.03  $         -  $      0.05  $         -
Diluted income per
 share after
 discontinued
 operations        $      0.06  $      0.09  $      0.65  $      0.34

Basic weighted
 average shares
 outstanding        23,983,085   23,772,647   24,338,649   23,823,757
                   ============ ============ ============ ============
Diluted weighted
 average shares
 outstanding        23,990,729   23,776,449   24,347,388   23,828,495
                   ============ ============ ============ ============


Other Data:
Station operating
 income            $    20,688  $    19,169  $    57,651  $    57,147
Station operating
 margin                   39.4%        36.9%        37.3%        36.6%
Salem Communications Corporation
Condensed Consolidated Balance Sheets
(in thousands)


                                                  December  September
                                                     31,        30,
                                                    2006        2007
                                                 --------- -----------
                                                           (unaudited)
Assets
Cash                                              $    710    $    673
Trade accounts receivable, net                      31,984      31,359
Deferred income taxes                                5,020       5,125
Other current assets                                 2,881       3,002
Property, plant and equipment, net                 128,713     130,894
Intangible assets, net                             508,410     502,624
Bond issue costs                                       593         481
Bank loan fees                                       2,996       2,237
Fair value of interest rate swaps                    1,290         451
Other assets                                         3,667       4,545
                                                 --------- -----------
Total assets                                      $686,264    $681,391
                                                 ========= ===========

Liabilities and Stockholders' Equity
Current liabilities                               $ 27,295    $ 26,945
Long-term debt and capital lease obligations       358,978     350,457
Deferred income taxes                               53,935      61,611
Other liabilities                                    8,340       8,660
Stockholders' equity                               237,716     233,718
                                                 --------- -----------
Total liabilities and stockholders' equity        $686,264    $681,391
                                                 ========= ===========
Salem Communications Corporation
Supplemental Information
(in thousands)

                                Three Months Ended  Nine Months Ended
                                  September 30,       September 30,
                                   2006     2007     2006      2007
                                --------- -------- --------- ---------
                                             (unaudited)
Capital expenditures
Acquisition related / income
 producing                       $ 4,002  $ 1,632  $ 11,796  $  5,403
Maintenance                          869    1,539     4,333     6,556
                                --------- -------- --------- ---------

Total capital expenditures       $ 4,871  $ 3,171  $ 16,129  $ 11,959
                                ========= ======== ========= =========


Tax information
Cash tax expense                 $   123  $    78  $    199  $    293
Deferred tax expense                  77    1,686     9,179     5,897
                                --------- -------- --------- ---------

Provision for income taxes       $   200  $ 1,764  $  9,378  $  6,190
                                ========= ======== ========= =========

Tax benefit of non-book
 amortization                    $ 3,358  $ 3,828  $ 10,620  $ 11,940
                                ========= ======== ========= =========


Reconciliation of Same Station
 Net Broadcasting Revenue to
 Total Net Broadcasting Revenue
Net broadcasting revenue - same
 station                         $51,156  $50,794  $150,941  $153,094
Net broadcasting revenue -
 acquisitions                          -      171       172       794
Net broadcasting revenue -
 dispositions                        868       82     2,295       148
Net broadcasting revenue -
 format changes                      485      841     1,256     1,942
                                --------- -------- --------- ---------

Total net broadcasting revenue   $52,509  $51,888  $154,664  $155,978
                                ========= ======== ========= =========


Reconciliation of Same Station
 Broadcasting Operating
 Expenses to Total Broadcasting
 Operating Expenses
Broadcasting operating expenses
 - same station                  $30,455  $31,530  $ 92,834  $ 95,746
Broadcasting operating expenses
 - acquisitions                        -      258       176       915
Broadcasting operating expenses
 - dispositions                      759      107     2,270       213
Broadcasting operating expenses
 - format changes                    607      824     1,733     1,957
                                --------- -------- --------- ---------

Total broadcasting operating
 expenses                        $31,821  $32,719  $ 97,013  $ 98,831
                                ========= ======== ========= =========


Reconciliation of Same Station
 Station Operating Income to
 Total Station Operating Income
Station operating income - same
 station                         $20,701  $19,264  $ 58,107  $ 57,348
Station operating income -
 acquisitions                          -      (87)       (4)     (121)
Station operating income -
 dispositions                        109      (25)       25       (65)
Station operating income -
 format changes                     (122)      17      (477)      (15)
                                --------- -------- --------- ---------

Total station operating income   $20,688  $19,169  $ 57,651  $ 57,147
                                ========= ======== ========= =========
Salem Communications Corporation
Supplemental Information
(in thousands)

                               Three Months Ended    Nine Months Ended
                                  September 30,        September 30,
                                 2006       2007      2006      2007
                             ------------ --------- --------- --------
                                            (unaudited)
Reconciliation of Station
 Operating Income and Non-
 Broadcast Operating Income
 to Operating Income
Station operating income          $20,688   $19,169   $57,651  $57,147
Non-broadcast operating
 income                                91       388       768    1,507
Less:
  Corporate expenses              (5,637)   (5,425)  (18,333) (16,735)
  Depreciation and
   amortization                   (3,957)   (3,721)  (11,118) (11,321)
  Gain (loss) on disposal of
   assets                           (167)     (309)    18,872    2,326
                             ------------ --------- --------- --------

Operating income                  $11,018   $10,102   $47,840  $32,924
                             ============ ========= ========= ========


Reconciliation of Adjusted
 EBITDA to EBITDA to Net
 Income
Adjusted EBITDA                   $15,948   $15,096   $43,166  $44,664
Less:
  Stock-based compensation          (926)     (881)   (3,546)  (2,515)
  Discontinued operations,
   net of tax                         802         -     1,106        -
  Gain (loss) on disposal of
   assets                           (167)     (309)    18,872    2,326
  Loss on early redemption
   of long-term debt              (3,625)         -   (3,625)        -
                             ------------ --------- --------- --------

EBITDA                             12,032    13,906    55,973   44,475
Plus:
  Interest income                      68        52       114      160
Less:
  Depreciation and
   amortization                   (3,957)   (3,721)  (11,118) (11,321)
  Interest expense                (6,490)   (6,375)  (19,857) (19,137)
  Provision for income taxes        (200)   (1,764)   (9,378)  (6,190)
                             ------------ --------- --------- --------

Net income                         $1,453    $2,098   $15,734   $7,987
                             ============ ========= ========= ========

                                          Applicable
                              Outstanding  Interest
                                  at         Rate
                               9/30/2007
                             ------------ ---------
Selected Debt and Swap Data
  7 3/4% senior subordinated
   notes                         $100,000     7.75%
  Senior bank term loan B
   debt (1)                        72,750     7.13%
  Senior bank term loan C
   debt (swap matures
   7/1/2012) (2)                   30,000     6.74%
  Senior bank term loan C
   debt (swap matures
   7/1/2012) (2)                   30,000     6.45%
  Senior bank term loan C
   debt (swap matures
   7/1/2012) (2)                   30,000     6.28%
  Senior bank term C debt
   (at variable rates) (1)         73,350     7.42%
  Senior bank revolving debt
   (at variable rates) (1)         12,000     7.12%
  Swingline credit facility
   (3)                              2,387     7.50%

(1) Subject to rolling LIBOR plus a spread currently at 1.75% and
 incorporated into the rate set forth above.

(2) Under its swap agreements, the Company pays a fixed rate plus a
 spread based on the Company's leverage, as defined in its credit
 agreement. As of September 30, 2007, that spread was 1.75% and is
 incorporated into the applicable interest rates set forth above.

(3) Subject to prime interest rate less 0.25%.
Salem Communications Corporation
Supplemental Information
(in millions)

                                        Projected
                                      Three Months    Three Months
                                          Ending          Ended
                                      December 31,
                                           2007
                                       Low    High  December 31, 2006
                                      ------ ------ ------------------
                                       (unaudited)
Reconciliation of Station Operating
 Income to Operating Income
Station operating income              $17.7  $18.2
Plus:
  Non-broadcast revenue                 6.5    6.5
Less:
  Non-broadcast operating expenses     (5.8)  (5.8)
  Corporate expenses                   (5.4)  (5.4)
  Stock-based compensation (corporate
   expense portion)                    (0.6)  (0.6)
  Depreciation and amortization        (3.9)  (3.9)
                                      ------ ------

Operating income                      $ 8.5  $ 9.0
                                      ====== ======


Reconciliation of Same Station Net
 Broadcasting Revenue to
  Total Net Broadcasting Revenue
Net broadcasting revenue - same
 station                              $50.2  $50.7              $52.6
Net broadcasting revenue -
 acquisitions / dispositions / format
 changes                                1.2    1.2                1.1
                                      ------ ------ ------------------

Total net broadcasting revenue        $51.4  $51.9              $53.7
                                      ====== ====== ==================


Reconciliation of Same Station
 Station Operating Income to
  Total Station Operating Income
Station operating income - same
 station                              $17.6  $18.1              $19.8
Station operating income -
 acquisitions / dispositions / format
 changes                                0.1    0.1               (0.2)
                                      ------ ------ ------------------

Total station operating income        $17.7  $18.2              $19.6
                                      ====== ====== ==================

Source: Salem Communications Corporation