Weekly profile.

WEEKLY PROFILE

SALEM COMMUNICATONS CORP.

Symbol: SALM

Exchange: NASDAQ

Close: $21.05

1-WK % Chg: -5.3%

Business Overview

Salem Communications Corp., formed in 1986, provides programming
targeted at audiences interested in religious and family theme
radio programming via the ownership and operation of radio stations
in large metropolitan markets. The company owns and operates 89
radio stations, including 57 stations in 22 markets. It also owns
the Salem Radio Network, a developer, producer and syndicator of
religious and family issues oriented talk, news and music
programming, but not of general broadcast programming, with over
1,500 affiliated radio stations. In addition, it owns complementary
Internet and publishing businesses. For the year ended
December 31, 2002, it derived 23.8% and 12.6% of gross revenue
from the sale of nationally syndicated and local block program
time. The company's Salem Radio Network is headquartered in
Dallas, Texas.

Income Statement                          2003     2002

Revenue (millions)                      $170.0   $164.3
Operating Income (millions)                282     26.9
Net Income (millions)                     13.2       14
EPS                                      $0.56    $0.59

Summary

Headquarters: Camarillo
Market Cap: $494.4 million
Dividend Yield: NA *
P/E Ratio: 421

* Company does not pay a dividend.

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