SALM » Topics » Full Year 2006 Results

This excerpt taken from the SALM 8-K filed Mar 12, 2007.

Full Year 2006 Results


For the year ended December 31, 2006 compared to the year ended December 31, 2005:

·

Total revenue increased 8.6% to $227.8 million from $209.6 million;

·

Operating income increased 30.1% to $57.9 million from $44.5 million;

·

Net income increased 50.0% to $19.0 million, or $0.78 net income per diluted share, from net income of $12.7 million, or $0.49 net income per diluted share;

·

EBITDA increased 26.3% to $71.5 million from $56.6 million;

·

Adjusted EBITDA increased 0.3% to $58.4 million from $58.2 million;


Broadcasting

·

Net broadcasting revenue increased 4.8% to $208.4 from $198.9 million;

·

SOI decreased 0.1% to $77.3 million from $77.4 million;

·

Same station net broadcasting revenue increased 2.4% to $200.6 million from $195.8 million;

·

Same station SOI decreased 0.6% to $77.4 million from $77.9 million;

·

Same station SOI margin decreased to 38.6% from 39.8%;


Non-broadcast Media

·

Non-broadcast revenue increased 79.5% to $19.4 million from $10.8 million; and

·

Non-broadcast operating income increased 32.9% to $1.2 million from $0.9 million.


Included in the results for the year ended December 31, 2006 are:

·

An $18.6 million gain primarily from the disposal and exchange of assets in the Sacramento, Cleveland and Dallas markets ($11.1 million gain, net of tax, or $0.46 gain per diluted share);

·

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 $2.5 million gain ($0.10 per diluted share) from discontinued operations, net of tax related to the disposition of assets in the Baltimore, Jacksonville and Richmond markets, and

·

A $4.3 million non-cash compensation charge ($2.6 million, net of tax, or $0.11 per share) related to the expensing of stock options consisting of:

o

$3.5 million non-cash compensation included in corporate expenses; and

o

$0.8 million non-cash compensation included in broadcasting operating expenses.


Included in the results for the year ended December 31, 2005 are:

·

Litigation costs of $0.7 million ($0.4 million loss, net of tax, or $0.02 loss per share);

·

A $0.5 million loss ($0.3 million loss, net of tax, or $0.01 loss per share) on disposal of assets; and

·

A $0.4 million loss ($0.01 loss per share) from discontinued operations, net of tax.


These results reflect the reclassification of the operations of certain stations to discontinued operations for all periods presented. Combined, these stations had net broadcasting revenue of approximately $2.0 million and lost $0.2 million for the year ended December 31, 2006. These stations had net broadcasting revenue of approximately $3.5 million and lost $0.5 million for the year ended December 31, 2005.





Other comprehensive income of $0.5 million, net of tax, for the year ended December 31, 2006 is due to the change in fair market value of the company’s interest rate swaps.


Per share numbers are calculated based on 24,223,751 diluted weighted average shares for the year ended December 31, 2006, and 25,794,875 diluted weighted average shares for the comparable 2005 period.


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