Salem Communications (SALM) increases its guidance

Salem Communications (ticker: SALM) increased its revenue guidance for 1Q05, forecasting net broadcasting revenue growth and same station net revenue growth of 10%

1Q04 Actual results:

• Net broadcasting revenue growth: $43.2 million
• Same-station net broadcasting revenue growth: $42.6 million

1Q05 Forecast based on new guidance:

• Net broadcasting revenue growth: $47.52 million
• Same-station net broadcasting revenue growth: $46.86 million

Previous guidance (from 4Q04 earnings release):

• Revenue: $46.7M - $47.2M
• EPS: $0.06 - $0.08
• Station operating income: $16.0M - $16.5M

Quick comment:  SALM's increased guidance comes a few days after Beasley Broadcast Group (BBGI) increased its 1Q05 guidance.  The consensus EPS estimate for SALM is currently $0.08 but will probably increase based on the revised revenue guidance.