Salem Communications Updates Fourth Quarter Guidance; Company to Present at New York Investor Conferences.Business & Entertainment Editors CAMARILLO, Calif.--(BUSINESS WIRE)--Dec. 8, 2003 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, Corporation (Nasdaq:SALM), the leading radio broadcaster focused on religious- and family-themed programming, announced today an update in its guidance for the fourth quarter of 2003. Specifically, the company is projecting net broadcast revenue of between $44.1 million and $44.6 million and station operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. of between $16.1 million and $16.6 million for the quarter ending December 31, 2003. This is a slight increase from the guidance provided on October 30, 2003, in conjunction with the company's third quarter 2003 earnings results. For the month of October 2003, Salem achieved 12% same station revenue growth, projects same station revenue growth of approximately 10% for November 2003 and same station revenue growth of approximately 10% for the fourth quarter as a whole. Edward G. Atsinger III, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , commented, "Despite continued softness experienced by the radio industry, we expect Salem to achieve same station revenue growth of approximately 10% for the fourth quarter. Salem is on course to deliver the best same station results in the radio industry for the third consecutive year. This demonstrates our ability to deliver successful growth and industry outperformance from our portfolio of start-up and developing stations. This station portfolio, we believe, continues to be the youngest in radio." In addition, the company will be presenting this week at the Credit Suisse First Boston Credit Suisse First Boston was originally the trading name of the Financière Crédit Suisse-First Boston, a London-based 50-50 investment banking joint venture formed in 1978 between the First Boston Corporation and Credit Suisse. Media Week Conference, being held December 8-11 at the Plaza Hotel The Plaza Hotel in New York City is a landmark 19-story luxury hotel with a height of 250 feet (76 m) and length of 400 feet that (122 m) occupies the west side of Grand Army Plaza, from which it derives its name, and extends along Central Park South in Manhattan. in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and the UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Warburg 30th Annual Media Week Conference, being held December 8-11 at the Grand Hyatt Hotel in New York City. Salem will present at the CSFB CSFB Credit Suisse First Boston CSFB Cyclically Shifted Filter Bank Conference on Monday, December 8, 2003, at 9:30 a.m. eastern time in the Ballroom of The Plaza Hotel. A live audio-only webcast of the CSFB Conference can be accessed through a link on the company's homepage at www.Salem.cc. Salem will also present at the UBS Warburg Conference on Monday, December 8, 2003, at 2:30 p.m. eastern time in Ballroom C of the Grand Hyatt Hotel. A live audio-only webcast will be available for the UBS Warburg Conference through a link on the company's homepage at www.Salem.cc. Salem Communications Corporation, headquartered in Camarillo, Calif., is the leading U.S. radio broadcaster focused on religious- and family-themed programming. The company owns and operates 92 radio stations, including 58 in the top 25 U.S. radio markets, which are mainly comprised of three primary formats, including Christian Teaching and Talk, Conservative News/Talk and Contemporary Christian Music Contemporary Christian Music (or CCM; also by its religious neutral term Inspirational music) is a genre of popular music which is lyrically focused on matters concerned with the Christian faith. . In addition to its radio properties, Salem owns the Salem Radio Network, which syndicates talk, news and music programming to over 1,600 affiliated radio stations; Salem Radio Representatives, a national sales organization; Salem Web Network Salem Web Network represents the largest faith-based audiences on the Internet and is headquartered in Richmond, Virginia with offices in Dallas and Nashville. Salem Web Network is owned and operated by Salem Communications Salem Corp. , the leading Internet provider of Christian content and online streaming; and Salem Publishing, a Christian magazine publisher. For more information, visit Salem Communications' web site at 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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 recently launched music formats; competition in the radio broadcast, Internet and publishing industries and 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 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. |
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