CHRISTIAN BROADCAST FIRM SLIPS; SALEM SHARES SLIDE AFTER REPORTED LOSS.Byline: Chris Sieroty Staff Writer Shares of Salem Communications Salem Communications (NASDAQ: SALM) is a media company specializing in religious and conservative talk radio which operates in the United States, with 99 U.S. commercial radio stations (pending acquisitions) that are primarily concentrated in the nation's biggest markets, Corp. fell 26 percent Thursday, the first trading day In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. after the Camarillo-based religious broadcaster reported a surprising loss. Shares fell $6.75 to $19.50 in Nasdaq trading of 2.5 million shares, compared with the three-month daily average of 91,000 shares. The company, which operates 49 stations nationwide, announced late Wednesday a net loss of $3.7 million, or 16 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , for the third-quarter of 1999, compared with net income of $184,000, or 1 cent per share, for the same period a year ago. Dirk Gastaldo, Salem's chief financial officer, said $3.6 million of the loss was attributed to the early retirement of debt, and $138,000 was from company operations. Salem also invested $1.5 million in the third quarter in its Web site OnePlace.com, he said. The company is attempting to position OnePlace.com as the premier online Christian broadcast and e-commerce Web site. The religious broadcaster also bought two FM stations in Louisville, Ky., for $5 million, KCTK-AM (960/1360) in Phoenix for an undisclosed amount, and reached a local market agreement with KCBQ-AM in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. . Gastaldo said none of the radio transactions attributed to the company's third-quarter loss. In Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, , Salem operates Glendale-based stations KIEV-AM (870), KLTX-AM (1390) and KKLA-FM (99.5), along with KDAR-FM (98.3), covering Ventura and Santa Barbara Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. counties. The company also operates the Salem Radio Network, a national radio network offering programming to 1,200 affiliated radio stations. |
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