Salem Media Group Inc. (SALM) shares gained 10.78% in after-hours on Friday, June 18, 2021, and closed the weekly trading at $2.57 per share. Earlier in the morning session, SALM’s stock lost 0.85% to close Friday’s session at $2.32 per share. SALM shares have risen 43.21% over the last 12 months, and they have moved down by 10.77% in the past week. Over the past three months, the stock has lost 21.36%, while over the past six months, it has declined 118.87%.
Let’s have a look at its recent developments.
Partnership with Dinesh D’Souza
On June 17, 2021, Salem Media Group, Inc partnered with noted film director Dinesh D’Souza on a new documentary, to silence the views they disagree with on the right has led to the new documentary, produced by D’Souza and Salem Media Group. The film, tentatively titled “Silenced” is set to release in mid of 2022.
New Marketing Venture
On June 15, 2021, the sales division of Salem Media Group, which is also known as Salem Media Representativesformed the Salem Influencer Network to focus on connecting brands with the fans of leading Christian social media influencers.
The new entry to Salem Podcast Network
On June 2, 2021, Salem Media Group, Inc added Trish Regan to the podcast lineup of the Salem Podcast Network (SPN), beginning June 15th. SPN has grown into the top 15 of all podcast networks in the USA, with over 2.5 million average weekly downloads within only short 6 months of its existence.
Participation in Noble Capital Markets C-Suite Interview Series
On May 26, 2021, Salem Media Group announced that it participated in Noble Capital Markets’ C-Suite Interview Series, presented by Channelchek. Executive Vice President and Chief Financial Officer Evan Masyr talked with Noble Capital Markets Senior Research Analyst Michael Kupinski for this exclusive interview.
Recent Financial results
On May 7, 2021, Salem Media Group announced its financial results for the three months ended March 31, 2021.
Q1 2021 financial highlights
- Salem Media Group earned a revenue of 4 million in Q1 2021 compared to $58.3 million in Q1 2020.
- For Q1 2021, total operating expenses were $55.0 million compared to $76.3 million in Q1 2020.
- In Q1 2021, Operating income was $4.4 million compared to an operating loss of $18.0 million in Q1 2020.
- The company had a net income of $0.3 million, or $0.01 net income per diluted share in Q1 2021 compared to a net loss of $55.2 million, or $2.07 net loss per share in Q1 2020.
- EBITDA was $7.5 million in Q1 2021 compared to a loss of $14.3 million in the prior-year same quarter.
Conclusion
The partnership announcement with Dinesh D’Souza was the reason behind its positive performance in the after-market on Friday and it can continue its positive momentum on Monday as well.