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VENTURA COUNTY BUSINESS | VENTURA COUNTY EARNINGS

Broadcast Cash Flow Jumps 15.4% at Salem

November 21, 2000

Salem Communications Corp. in Camarillo, a provider of Christian-oriented radio, Internet and printed materials, announced record results for the third quarter that ended Sept. 30.

The company said its net broadcasting revenue for the quarter increased 28.2% to $27.7 million, from $21.6 million in the same period a year earlier. Broadcast cash flow increased 15.4% to $12 million from $10.4 million in the corresponding 1999 period.

These results reflect growth at existing radio stations as well as the effect of newly acquired properties. On a same-station basis, net broadcasting revenue and broadcast cash flow increased 13% and 7%, respectively, compared with the third quarter of 1999.

The company's nonbroadcast media businesses, OnePlace.com and CCM Communications, reported a loss of $1.2 million for the quarter, compared with a loss of $1.4 million for the same period in 1999.

Overall, the company reported net income of $13.8 million for the quarter, or 59 cents per share, compared with a loss of $3.7 million or 16 cents per share in the same period last year. The net income for the quarter includes a gain on sale of assets of $25.6 million.

"Our record third-quarter results highlight the benefits of Salem's unique business model, especially given the recent softening advertising trends in the radio industry," said Edward G. Atsinger III, Salem's chief executive. "Our platform is, we believe, recession-resistant due to the extreme loyalty of our audiences and the long-term commitment of our block program customer base."

Including sales that are pending, Salem owns or operates 71 radio stations, including 51 stations in the top 25 markets.

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