Salem Media Group, Inc. Announces Third Quarter 2015 Total Revenue Of $67.5 Million

Salem Media Group, Inc. Announces Third Quarter 2015 Total Revenue Of $67.5 Million

CAMARILLO, Calif., Nov. 9, 2015 /PRNewswire/ -- Salem Media Group, Inc. (Nasdaq: SALM) released its results for the three and nine months ended September 30, 2015.

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Third Quarter 2015 Highlights


-- Net broadcast revenue increased 1.9%
-- Recurring operating expenses decreased 1.0%
-- Acquired WBIX-AM (formerly WMKI-AM) in Boston, Massachusetts and KEXB-AM
(formerly KMKI-AM) in Dallas, Texas
-- Acquired DividendInvestor.com, the DailyBible app and a Spanish Bible
app
Certain reclassifications have been made to the prior year operating results, condensed financial statements and supplemental information contained in this press release to conform to the current year presentation. These reclassifications include changes in the composition of the company's operating segments based on changes in its business and a realignment of its operating segments following the acquisition of Eagle Publishing during 2014. The change in composition of the company's operating segments conforms to how its chief operating decision makers, defined as a collective group of senior executives, assess the performance of each operating segment and determines appropriate allocations of resources to each segment.

Third Quarter 2015 Results

For the quarter ended September 30, 2015 compared to the quarter ended September 30, 2014:

Consolidated


-- Total revenue decreased 3.0% to $67.5 million from $69.6 million;
-- Total operating expenses decreased 3.4% to $58.7 million from $60.8
million;
-- Operating expenses, excluding gains or losses on the sale or disposal of
assets, stock-based compensation expense, depreciation expense and
amortization expense decreased 1.0% to $54.7 million from $55.2 million;
-- Operating income remained consistent at $8.8 million;
-- Net income decreased to $2.1 million, or $0.08 net income per diluted
share, from $3.7 million, or $0.14 net income per diluted share, in the
prior year;
-- EBITDA (1) decreased 5.7% to $13.3 million from $14.1 million;
-- Adjusted EBITDA (1) decreased 10.9% to $12.8 million from $14.4 million;
and
-- Free cash flow (1) decreased 17.5% to $7.1 million from $8.6 million.
Broadcast


-- Net broadcast revenue increased 1.9% to $49.2 million from $48.2
million;
-- Station Operating Income ("SOI") (1) remained consistent at $13.8
million;
-- Same station net broadcast revenue increased 1.0% to $48.7 million from
$48.2 million;
-- Same station SOI remained consistent at $13.8 million; and
-- Same station SOI margin decreased to 28.4% from 28.7%.
Digital media


-- Digital media revenue decreased 1.0% to $11.4 million from $11.5
million; and
-- Digital media operating income (1) increased 5.9% to $2.6 million from
$2.5 million.
Publishing


-- Publishing revenue decreased 29.9% to $6.9 million from $9.9 million;
and
-- Publishing operating income (1) decreased to a loss of $0.1 million from
net income of $1.6 million.
Included in the results for the quarter ended September 30, 2015 are:


-- A $0.6 million ($0.4 million, net of tax, or $0.01 per share) net
decrease in the estimated fair value of the contingent earn-out
consideration associated with the Twitchy.com, Eagle entities, Bryan
Perry Newsletters and Daily Devotional acquisitions; and
-- A $0.2 million non-cash compensation charge ($0.1 million, net of tax)
related to the expensing of stock options consisting of:
-- $0.1 million non-cash compensation included in corporate expenses
and;
-- the remainder included in broadcast, Digital media and publishing
operating expenses.
Included in the results for the quarter ended September 30, 2014 are:


-- A $0.5 million ($0.3 million, net of tax, or $0.02 per share) net
increase in the estimated fair value of the contingent earn-out
consideration associated with Twitchy.com and Eagle entities; and
-- A $0.3 million non-cash compensation charge ($0.2 million, net of tax,
or $0.01 per share) related to the expensing of stock options consisting
of:
-- $0.2 million non-cash compensation included in corporate expenses;
and
-- $0.1 million non-cash compensation included in broadcast operating
expenses.
Per share numbers are calculated based on 25,907,651 diluted weighted average shares for the quarter ended September 30, 2015, and 26,265,957 diluted weighted average shares for the quarter ended September 30, 2014.

Year to Date 2015 Results

For the nine months ended September 30, 2015 compared to the nine months ended September 30, 2014:

Consolidated


-- Total revenue decreased 2.0% to $196.6 million from $200.6 million;
-- Total operating expenses decreased 3.4% to $172.9 million from $178.9
million;
-- Operating expenses, excluding gains or losses on the sale or disposal of
assets, stock-based compensation expense, depreciation expense and
amortization expense decreased 1.8% to $159.5 million from $162.4
million;
-- Operating income increased 9.6% to $23.8 million from $21.7 million;
-- Net income increased to $5.9 million, or $0.23 net income per diluted
share, from $5.4 million, or $0.21 net income per diluted share, in the
prior year;
-- EBITDA (1) increased 1.8% to $37.1 million from $36.4 million;
-- Adjusted EBITDA (1) decreased 2.8% to $37.1 million from $38.2 million;
and
-- Free cash flow (1) increased 1.6% to $19.8 million from $19.5 million.
Broadcast


-- Net broadcast revenue increased 0.4% to $144.8 million from $144.1
million;
-- SOI (1) decreased 0.8% to $40.3 million from $40.6 million;
-- Same station net broadcast revenue decreased 0.6% to $143.0 million from
$143.9 million;
-- Same station SOI decreased 0.8% to $40.3 million from $40.6 million; and
-- Same station SOI margin remained consistent at 28.2%.
Digital media


-- Digital media revenue decreased 4.1% to $33.7 million from $35.1
million; and
-- Digital media operating income (1) decreased 10.5% to $7.2 million from
$8.0 million.
Publishing


-- Publishing revenue decreased 14.7% to $18.2 million from $21.3 million;
and
-- Publishing operating income (1) decreased to $0.2 million from $1.2
million.
Included in the results for the nine months ended September 30, 2015 are:


-- A $0.8 million ($0.5 million, net of tax, or $0.02 per share) net
decrease in the estimated fair value of the contingent earn-out
consideration associated with the Twitchy.com, Eagle entities, Bryan
Perry Newsletters and Daily Devotional acquisitions;
-- A $0.2 million pre-tax loss ($0.1 million, net of tax) on disposals of
assets primarily associated with the relocation of the office and studio
in our Seattle market; and
-- A $0.7 million non-cash compensation charge ($0.4 million, net of tax,
or $0.02 per share) related to the expensing of stock options consisting
of:
-- $0.4 million non-cash compensation included in corporate expenses;
-- $0.1 million non-cash compensation included in broadcast operating
expenses;
-- $0.1 million non-cash compensation included in Digital media
operating expenses; and
-- the remainder included in publishing operating expenses.
Included in the results for the nine months ended September 30, 2014 are:


-- A $0.9 million ($0.5 million, net of tax, or $0.04 per share) net
increase in the estimated fair value of the contingent earn-out
consideration associated with Twitchy.com and Eagle entities;
-- A $0.2 million loss ($0.1 million, net of tax) on disposals associated
with the write-off of a receivable from a prior station sale and the
relocation of the office and studio in our San Francisco market offset
by insurance proceeds for damages associated with one of our stations;
and
-- A $1.3 million non-cash compensation charge ($0.8 million, net of tax,
or $0.03 per share) related to the expensing of stock options consisting
of:
-- $0.8 million non-cash compensation included in corporate expenses;
-- $0.3 million non-cash compensation included in broadcast operating
expenses;
-- $0.1 million non-cash compensation included in Digital media
operating expenses; and
-- the remainder included in publishing operating expenses.
Per share numbers are calculated based on 25,886,087 diluted weighted average shares for the nine months ended September 30, 2015, and 26,032,798 diluted weighted average shares for the nine months ended September 30, 2014.

Balance Sheet

As of September 30, 2015, the company had $274.0 million outstanding on the Term Loan B and $6.1 million outstanding under the revolver. The company was in compliance with the covenants of its credit facility. The company's bank leverage ratio was 5.61 versus a compliance covenant of 6.25.

Cash Distribution

On September 1, 2015, the company announced a quarterly distribution in the amount of $0.0650 per share on Class A and Class B common stock. The quarterly distribution of $1.7 million was paid on September 30, 2015 to all common stockholders of record as of September 16, 2015.

Acquisitions and Divestitures

The following transactions were completed since July 1, 2015:


-- On July 1, 2015, we acquired DividendInvestor.com for $1.0 million in
cash. DividendInvestor.com is a website offering stock screening tools
and dividend information for individual subscribers to obtain dividend
information and data;
-- On September 1, 2015, we completed the acquisition of the DailyBible
mobile applications, including all content, code and functionality for
$1.5 million in cash;
-- On September 3, 2015, we acquired Spanish Bible applications and related
website and Facebook properties for $0.5 million in cash;
-- On September 10, 2015, we completed the acquisition of radio station
WBIX-AM (formerly WMKI-AM) in Boston, Massachusetts, for $0.5 million in
cash;
-- On September 15, 2015, we completed the acquisition of radio station
KEXB-AM (formerly KMKI-AM) in Dallas, Texas, for $3.0 million in cash;
and
-- On October 1, 2015, we completed the acquisition of radio station
KKSP-FM in Little Rock, Arkansas, for $1.5 million in cash.
The following transactions are currently pending:


-- On August 28, 2015, we entered an Asset Purchase Agreement ("APA") to
acquire radio station WWMI-AM in Tampa, Florida, for $0.8 million in
cash;
-- On August 28, 2015, we entered an APA to acquire radio station KDDZ-AM
in Denver, Colorado, for $0.6 million in cash;
-- On August 28, 2015, we entered an APA to acquire radio station KDIZ-AM
in Minneapolis, Minnesota, for $0.4 million in cash;
-- On August 28, 2015, we entered an APA to acquire radio station KDZR-AM
in Portland, Oregon, for $0.3 million in cash; and
-- On August 28, 2015, we entered an APA to acquire radio station WSDZ-AM
in St. Louis, Missouri, for $0.3 million in cash.
Conference Call Information

Salem will host a teleconference to discuss its results on November 9, 2015 at 2:00 p.m. Pacific Time. To access the teleconference, please dial (877) 241-1527, and then ask to be joined into the Salem Media Group call or listen via the investor relations portion of the company's website, located at investor.salemmedia.com. A replay of the teleconference will be available through November 16, 2015 and can be heard by dialing (877) 344-7529, passcode 10073186 or on the investor relations portion of the company's website, located at www.salemmedia.com.

Fourth Quarter 2015 Outlook

For the fourth quarter of 2015, the company is projecting total revenue to increase 1% to 3% over fourth quarter 2014 total revenue of $65.9 million. The company is also projecting operating expenses before gains or losses on the disposal of assets, impairment losses, depreciation, amortization and stock-based compensation expense to be increase between 1% and 4% compared to the fourth quarter of 2014 operating expenses of $54.0 million.

ABOUT SALEM MEDIA GROUP:

Salem Media Group is America's leading Christian and conservative multi-media corporation, with media properties comprising radio, digital media and book, magazine and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the media landscape.

The company, through its Salem Radio Group, is the largest commercial U.S. radio broadcasting company providing Christian and conservative programming. Salem owns and operates 117 local radio stations, with 72 stations in the top 25 media markets. Salem Radio Network ("SRN") is a full-service national radio network, with nationally syndicated programs comprising Christian teaching and talk, conservative talk, news, and music. SRN is home to many industry-leading hosts including: Bill Bennett, Mike Gallagher, Hugh Hewitt, Michael Medved, Dennis Prager and Eric Metaxas.

Salem New Media is a powerful source of Christian and conservative themed news, analysis, and commentary. Salem's Christian sites include: Christianity.com®, BibleStudyTools.com, GodTube.com, GodVine.com, WorshipHouseMedia.com and OnePlace.com. Considered by many to be a consolidation of the conservative news and opinion sector's most influential brands, Salem's conservative sites include RedState.com, Townhall.com®, HotAir.com, Twitchy.com, BearingArms.com and HumanEvents.com.

Salem's Regnery Publishing unit, with a 65-year history, remains the nation's leading publisher of conservative books. Having published many of the seminal works of the early conservative movement, Regnery today continues as the dominant publisher in the conservative space, with leading authors including: Ann Coulter, Dinesh D'Souza, Newt Gingrich, David Limbaugh, Ed Klein and Mark Steyn. Salem's book publishing business also includes Xulon Press(TM), a leading provider of self-publishing services for Christian and conservative authors.

Salem Publishing(TM) publishes Christian and conservative magazines including Homecoming®, YouthWorker Journal(TM), The Singing News, and Preaching.

Salem's Eagle Financial Publications provides market analysis and specific investment advice for individual investors from financial commentators Mark Skousen, Nicholas Vardy, Chris Versace, Doug Fabian and Bryan Perry, as well as a stock screening website for dividend investors (DividendInvestor.com). The business unit's other financial websites include EagleDailyInvestor.com and ETFU.com.

Eagle Wellness provides insightful health advice and is a trusted source of high quality nutritional supplements from some of the country's leading health experts. Leigh Erin Connealy MD, at NewportNaturalHealth.com, is the medical director of one of the largest medical practices in the country where she practices integrative medicine. Ski Chilton PhD, at GeneSmart.com, is a scientist and full professor at Wake Forest Medical School. He is a leading authority on the impact of diet and nutrition on health.

Company Contact:

Evan D. Masyr

Executive Vice President & Chief Financial Officer

(805) 384-4512
evan@SalemMedia.com

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.

(1) Regulation G

Station operating income, Digital media operating income, publishing operating income, EBITDA, Adjusted EBITDA, and free cash flow are financial measures not prepared in accordance with generally accepted accounting principles ("GAAP"). Station operating income is defined as net broadcast revenue minus broadcast operating expenses. Digital media operating income is defined as Digital media revenue minus Digital media operating expenses. Publishing operating income is defined as publishing revenue minus publishing operating expenses. EBITDA is defined as net income before interest, taxes, depreciation, amortization and change in fair value of interest rate swaps. Adjusted EBITDA is defined as EBITDA before gains or losses on the sale or disposal of assets, changes in estimated fair value of contingent earn-out consideration, net miscellaneous income and expenses and non-cash compensation expense. Free cash flow is defined as Adjusted EBITDA less cash paid for capital expenditures, less cash paid for income taxes, less cash paid for interest. 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, Digital media operating income, publishing operating income, EBITDA, Adjusted EBITDA, and free cash flow are generally recognized by the broadcast and media industry as important measures of performance. These measures are used by investors and analysts who report on the industry to provide meaningful comparisons between entities. They 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. Salem's definitions of station operating income, Digital media operating income, publishing operating income, EBITDA, Adjusted EBITDA, and free cash flow are not necessarily comparable to similarly titled measures reported by other companies.



Salem Media Group, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share, per share and margin data)


Three Months Ended Nine Months Ended
------------------ -----------------

September 30, September 30,
------------- -------------

2014 2015 2014 2015
---- ---- ---- ----

(Unaudited)

Net broadcast revenue $48,246 $49,186 $144,144 $144,785

Net digital media revenue 11,503 11,393 35,134 33,683

Net publishing revenue 9,859 6,912 21,311 18,172
----- ----- ------ ------

Total revenue 69,608 67,491 200,589 196,640
------ ------ ------- -------

Operating expenses:

Broadcast operating expenses 34,402 35,407 103,563 104,511

Digital media operating expenses 9,018 8,761 27,138 26,528

Publishing operating expenses 8,252 6,966 20,067 17,932

Unallocated operating expenses 3,880 3,697 12,920 11,206

Change in the estimated fair
value of contingent earn-out
consideration 545 (603) 914 (792)

Depreciation and amortization 4,671 4,466 14,104 13,342

(Gain) loss on the sale or
disposal of assets (7) (3) 214 156


Total operating expenses 60,761 58,691 178,920 172,883
------ ------ ------- -------

Net operating income 8,847 8,800 21,669 23,757

Other income (expense):

Interest income 2 3 43 6

Interest expense (4,139) (3,900) (11,986) (11,578)

Change in the fair value of
interest rate swaps 1,046 (1,510) (1,423) (2,486)

Loss on early retirement of long-
term debt (18) - (26) (41)

Net miscellaneous income and
expense 572 1 652 8


Income from operations before income
taxes 6,310 3,394 8,929 9,666
----- ----- ----- -----

Provision for income taxes 2,567 1,317 3,492 3,771
----- ----- ----- -----

Net income $3,743 $2,077 $5,437 $5,895
====== ====== ====== ======


Basic income per share $0.14 $0.08 $0.21 $0.23

Diluted income per share $0.14 $0.08 $0.21 $0.23


Distributions per share $0.06 $0.07 $0.18 $0.20


Basic weighted average shares outstanding 25,536,397 25,459,962 25,258,025 25,411,862
========== ========== ========== ==========

Diluted weighted average shares
outstanding 26,265,957 25,907,651 26,032,789 25,886,087
========== ========== ========== ==========


Other data:

Station operating income $13,844 $13,779 $40,581 $40,274

Station operating margin 28.7% 28.0% 28.2% 27.8%






Salem Media Group, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

December 31, 2014 September 30, 2015
----------------- ------------------

(Unaudited)


Assets

Cash $33 $186

Trade accounts receivable, net 34,781 36,855

Deferred income taxes 8,153 8,153

Other current assets 11,398 12,021

Property and equipment, net 99,227 103,645

Intangibles assets, net 423,638 428,550

Fair value of interest rate swap 475 -

Deferred financing costs 3,166 2,669

Other assets 2,288 2,813
----- -----

Total assets $583,159 $594,892
======== ========


Liabilities and Stockholders' Equity

Current liabilities $39,750 $47,413

Long-term debt and capital lease obligations 275,607 272,183

Fair value of interest rate swap - 2,011

Deferred income taxes 49,109 52,598

Other liabilities 14,699 14,669

Stockholders' equity 203,994 206,018
------- -------

Total liabilities and stockholders' equity $583,159 $594,892
======== ========






Salem Media Group, Inc.

Supplemental Information

(in thousands)

Three Months Ended Nine Months Ended
------------------ -----------------

September 30, September 30,
------------- -------------

2014 2015 2014 2015
---- ---- ---- ----

(Unaudited)

Reconciliation of Same Station
Net Broadcast Revenue to Total
Net Broadcast Revenue

Net broadcast revenue
- same station $48,246 $48,705 $143,926 $143,036

Net broadcast revenue -
acquisitions - 481 218 1,749
--- --- --- -----

Total net broadcast
revenue $48,246 $49,186 $144,144 $144,785
======= ======= ======== ========


Reconciliation of Same Station
Net Broadcast Operating
Expenses to Total Net
Broadcast Operating Expenses

Net broadcast
operating expenses -
same station $34,402 $34,861 $103,277 $102,729

Net broadcast operating
expenses - acquisitions - 546 286 1,782
--- --- --- -----

Total net broadcast
operating expenses $34,402 $35,407 $103,563 $104,511
======= ======= ======== ========


Reconciliation of Same Station
Net Broadcast Operating Income
(Loss) to Total Net Broadcast
Operating Income

Net broadcast
operating income -
same station $13,844 $13,844 $40,649 $40,307

Net broadcast operating income
(loss) - acquisitions - (65) (68) (33)
--- --- --- ---

Total net broadcast
operating income $13,844 $13,779 $40,581 $40,274
======= ======= ======= =======






Salem Media Group, Inc.

Supplemental Information

(in thousands)

Three Months Ended Nine Months Ended
------------------ -----------------

September 30, September 30,
------------- -------------

2014 2015 2014 2015
---- ---- ---- ----

(Unaudited)

Reconciliation of SOI and Digital Media Operating Income and Publishing Operating Income (Loss) to Net Income

Station operating
income: $13,844 $13,779 $40,581 $40,274

Digital media operating
income 2,485 2,632 7,996 7,155

Publishing operating income
(loss) 1,607 (54) 1,244 240

Less:

Unallocated corporate
expenses (3,880) (3,697) (12,920) (11,206)

Change in the estimated fair
value of contingent earn-
out consideration (545) 603 (914) 792

Depreciation and
amortization (4,671) (4,466) (14,104) (13,342)

(Gain) loss on the sale or
disposal of assets 7 3 (214) (156)
--- --- ---- ----

Net operating
income $8,847 $8,800 $21,669 $23,757
------ ------ ------- -------

Plus:

Interest income 2 3 43 6

Less:

Interest expense (4,139) (3,900) (11,986) (11,578)

Change in the fair value of
interest rate swap 1,046 (1,510) (1,423) (2,486)

Loss on early retirement of
long-term debt (18) - (26) (41)

Net miscellaneous income and
expenses 572 1 652 8

Provision for income taxes (2,567) (1,317) (3,492) (3,771)
------ ------ ------ ------

Net income $3,743 $2,077 $5,437 $5,895
====== ====== ====== ======


Reconciliation of Adjusted EBITDA to EBITDA to Net Income

Adjusted EBITDA $14,400 $12,830 $38,177 $37,120

Less:

Stock-based compensation (344) (170) (1,276) (657)

Loss on early retirement of
long-term debt (18) - (26) (41)

Change in the estimated fair
value of contingent earn-
out consideration (545) 603 (914) 792

Net miscellaneous income and
expenses 572 1 652 8

(Gain) loss on the sale or
disposal of assets 7 3 (214) (156)
--- --- ---- ----

EBITDA 14,072 13,267 36,399 37,066
------ ------ ------ ------

Plus:

Interest income 2 3 43 6

Less:

Depreciation and
amortization (4,671) (4,466) (14,104) (13,342)

Interest expense (4,139) (3,900) (11,986) (11,578)

Change in the fair value of
interest rate swap 1,046 (1,510) (1,423) (2,486)

Provision for income taxes (2,567) (1,317) (3,492) (3,771)
------ ------ ------ ------

Net income $3,743 $2,077 $5,437 $5,895
====== ====== ====== ======




Salem Media Group, Inc.

Supplemental Information

(in thousands)

Three Months Ended Nine Months Ended
------------------ -----------------

September 30, September 30,
------------- -------------

2014 2015 2014 2015
---- ---- ---- ----

(Unaudited)

Reconciliation of Adjusted EBITDA to Free Cash Flow

Adjusted EBITDA $14,400 $12,830 $38,177 $37,120

Less:

Cash paid for
interest (4,122) (3,604) (10,804) (10,675)

Cash paid for taxes (16) (11) (254) (327)

Cash paid for capital
expenditures, net
(1) (1,651) (2,110) (7,631) (6,317)
------ ------ ------ ------

Free Cash Flow $8,611 $7,105 $19,488 $19,801
====== ====== ======= =======


(1) Net cash paid for capital
expenditures reflects actual cash
payments net of cash reimbursements
received under tenant improvement
allowances and net of property and
equipment acquired in trade
transactions.




Selected Debt Data Outstanding at September 30, Applicable
2015 Interest
Rate

Term Loan B (1) $124,000 4.50%

Term Loan B (2) $150,000 5.52%

Revolver $6,055 3.73%


(1) Subject to rolling LIBOR
but no less than 1.00%
plus a spread of 3.50%.

(2) Under its swap agreement,
the company pays a fixed
rate of 1.645% plus a
spread of 3.50%. The swap
is subject to a LIBOR
floor of 0.0625% versus
the Term Loan B debt floor
of 1.00%. The swap
matures on March 28, 2019.


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SOURCE Salem Media Group

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Salem Media Group

Web Site: http://www.salemmedia.com


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