IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (NASDAQ: SALM) announced today that it entered into an agreement to transfer the ownership of its Greenville-Spartanburg stations, WGTK-FM, WRTH-FM, and WLTE-FM to Educational Media Foundation (EMF). Salem Media CEO David Santrella stated, “We have enjoyed our years in the Greenville-Spartanburg market but have made the strategic decision to divest our interests there. As we do, we are grateful to be able to place these signals in the hands of Educational Media Foundation (EMF) who share a like-minded mission with Salem through their music programming. We are also thankful to our Greenville-Spartanburg staff for their many years of service.”
ABOUT SALEM MEDIA GROUP:
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book 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 Christian and conservative media landscape. Learn more about Salem Media Group, Inc. at www.salemmedia.com, Facebook and Twitter.
CULVER CITY, Calif., Aug. 22, 2023 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment, today announced that its indie publishing sub-label, Wandering Wizard, will be showcasing its latest games, Survivor Mercs, West Hunt and Expedition Agartha, at the upcoming PAX West 2023 event in Seattle, running from September 1 through 4, 2023.
Survivor Mercs, developed by Wolperginger Games, is an Early Access roguelite action game that blends the bullet-heaven and extraction shooter genre for a challenging single-player experience where no two gameplay runs are alike. West Hunt, developed by NewGen Studio, is a one-to-six-player social deduction game set in the Old West. The game allows players to immerse themselves in the Wild West as hardworking townsfolk, sheriffs, or outlaws. Expedition Agartha, developed by Matrioshka Games, is an Early Access multiplayer First Person Looter Survival game that challenges players to explore a mysterious island in the Lost Continent of Mu and uncover the secrets of Agartha.
After the commendable reception at PAX East 2023 held in Boston earlier in March, Wandering Wizard is excited to reconnect with fans and industry professionals from the West Coast at this notable event and generate buzz around its latest games. PAX West 2023 is one of the largest gaming conventions in North America, providing an ideal opportunity for Wandering Wizard to promote its games and expand its reach.
At booth 608 on the 4th Floor of the Seattle Convention Center, Wandering Wizard will provide visitors with the opportunity to get hands-on gameplay experience with West Hunt and Expedition Agartha. Additionally, a demo presentation of Survivor Mercs will be available at the booth. The onsite team from Wandering Wizard will be available for discussion, offering insight into game development. In addition, visitors stand a chance to win Early Access codes, exclusive merchandise, both on-site and online.
Jim Tsai, Chief Executive Officer of Snail, commented: “The upcoming PAX West 2023 provides an unparalleled platform for Wandering Wizard to engage with the expansive gaming community. Our dedicated team at Wandering Wizard strives to deliver top-tier gaming experiences with a distinct emphasis on player feedback and sustained improvement. As we approach PAX West 2023, we look forward to showcasing our game offerings and enhancing our visibility.”
About Snail, Inc.
Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful, including the launch of ARK: Survival Ascended, ARK: The Animated Series and ARK 2; expectations regarding significant drivers of future growth; its ability to retain and increase its player base and develop new video games and enhance existing games; competition from companies in a number of industries, including other game developers and publishers and both large and small, public and private Internet companies; its relationships with third-party platforms such as Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, the Apple App Store, the Google Play Store, My Nintendo Store and the Amazon Appstore; expectations for future growth and performance; and assumptions underlying any of the foregoing.
Definitive agreements signed to acquire Merri-Bowl Lanes and BAM! Entertainment Center
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL), the global leader in bowling entertainment, announced today they have entered into definitive agreements to acquire Merri-Bowl Lanes and BAM! Entertainment Center in Michigan. These acquisitions mark the company’s 4th and 5th locations in the state and are expected to close in the fall of 2023.
Located in Livonia, MI, Merri-Bowl Lanes is a traditional 35,000-square-foot center featuring 40 lanes of bowling. This location is a family-fun destination, showcasing a diverse array of entertainment experiences, including league play, youth and adult tournaments, parties, and events.
BAM! Entertainment Center, located in Holland, is a one-stop entertainment destination featuring 29 lanes of bowling and a multitude of dynamic offerings, including a laser tag arena, axe throwing, a high ropes course, and an expansive arcade. This entertainment center is also home to VIP party rooms, extensive menu options, and full-service bars.
“Our expansion in Michigan furthers our commitment to contributing a world-class experience across the country,” stated Thomas Shannon, Founder, President, and CEO of Bowlero Corp. “These acquisitions align with our ongoing strategic growth initiatives of buy, build and convert. We look forward to our continued growth as we welcome these additions to our portfolio.”
About Bowlero Corp
Bowlero Corp. is the global leader in bowling entertainment, media, and events. With more than 325 bowling centers across North America, Bowlero Corp. serves more than 30 million guests each year through a family of brands that includes Bowlero and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision Communications Corporation (NYSE: EVC), a leading global media and marketing technology company, today announced that the Company will bring listeners the most extensive Spanish language radio broadcast coverage of the NFL for the 2023-24 season. For the 9th consecutive season, Entravision will broadcast 51 prime NFL games in Spanish across its US owned-and-operated radio stations and in key markets through affiliate partnerships that include Latino Media Network.
Entravision will begin with the NFL Kickoff game on Thursday, September 7th, featuring a match-up between the Detroit Lions and the defending Super Bowl champions, the Kansas City Chiefs. Radio coverage continues across the expanded 18-week NFL season, including all Sunday Night Football and Monday Night Football games, and will continue through the postseason, including the AFC Championship, NFC Championship, and, for the very first time, culminating with Super Bowl LVIII in Las Vegas on February 11, 2024. Super Bowl LVIII will be played at Allegiant Stadium, home of the NFL’s Las Vegas Raiders.
Entravision’s game day broadcasts include a pre-game show, followed by the live game broadcast and post-game analysis. In addition, Sunday broadcasts start with a 30-minute signature analysis show, Pase Completo, prior to the pre-game show, featuring veteran multi-sport announcer Ricardo Celis and game analyst Tony Nuñez. The Pase Completo program will also be streamed live on Facebook Live.
“We are thrilled to extend our long-term partnership with the NFL and bring our listeners the most extensive Spanish language radio broadcast of the National Football League,” said Jeffery Liberman, President and Chief Operating Officer of Entravision Communications Corporation. “The fastest-growing fan base for the NFL is the Latino consumer which is passionately awaiting the start of the season. We have had a great partnership with the NFL, and we will continue to build upon this momentum to provide best-in-class coverage and unique cross-promotions that amplify key NFL initiatives.”
“Our partnership with Entravision is vital, as it helps bring the NFL to Spanish-speaking fans across the country, one of the fastest growing segments of our football fan base,” said Marissa Solis, NFL SVP Global Brand and Consumer Marketing. “Providing Spanish language calls of a large slate of NFL games, including Sunday Night and Monday Night Football, as well as the postseason and the Super Bowl, Entravision will ensure that our Latino fans have the access to the NFL that they deserve.”
Entravision O&O Station List
Market
Station
Call Letters
Los Angeles, CA
Viva 103.1 FM
KDLD-FM/KDLE-FM
Phoenix, AZ
La Suavecita 106.9 y 107.1 FM
KVVA-FM and KDVA-FM
Denver, CO
La Suavecita 92.1 FM
KJMN-FM
Sacramento, CA
La Suavecita 104.3 FM
KXSE-FM
Las Vegas, NV
Fuego 92.7 FM
KRRN-FM
El Paso, TX
La Suavecita 93.9 FM
KINT-FM
Monterey/Salinas, CA
La Suavecita 107.1 FM
KSES-FM
Albuquerque, NM
TUDN 1450 AM
KRZY-AM
McAllen, TX
La Suavecita 101.9 FM
KNVO-FM
Palm Springs, CA
Fuego 103.5 FM
KPST-FM
Stockton/Modesto
La Suavecita 97.1 FM
KTSE-FM
Reno, NV
La Tricolor 102.1 FM
KRNV-FM
El Centro, CA
La Suavecita 94.5 FM
KSEH-FM
Lubbock, TX
TUDN 1460 AM
KBZO-AM
Aspen, CO
La Tricolor 104.3 y 107.1 FM
KPVW-FM
Latino Media Network Affiliate Station List
Market
Station
Call Letters
New York, NY
1280 AM
WADO-AM*
Miami, FL
1140 AM
WQBA-AM
Chicago, IL
1200 AM
WRTO-AM
Dallas, TX
1270 AM
KFLC-AM
*WADO-AM is under contract to be acquired by Latino Media Network from TelevisaUnivision.
About Entravision Communications Corporation
Entravision is a diversified global media, marketing and technology company serving clients throughout the United States and in more than 20 countries across Latin America, Europe, and Asia. Entravision has 54 television stations and is the largest affiliate group of the Univision and UniMás television networks, and 48 Spanish-language radio stations that feature nationally recognized, award-winning talent. Our dynamic digital portfolio includes Entravision Digital, which serves SMBs in high-density U.S. Latino markets and provides cutting-edge mobile programmatic solutions and demand-side platforms that allow advertisers to execute performance campaigns using machine-learned bidding algorithms, along with Cisneros Interactive, a leader in digital advertising solutions in the Latin American and U.S. Hispanic markets representing major technology platforms. Shares of Entravision Class A Common Stock trade on The New York Stock Exchange under the ticker symbol: EVC. Learn more about all of our media, marketing and technology offerings at entravision.com or connect with us on LinkedIn and Facebook.
About Latino Media Network
Latino Media Network is a media company serving the Latino community by helping us make sense of the world and their place in it. We will inspire, inform and celebrate Latinos through an audio focused multimedia network, owned and operated by members of our community. We will focus on content creation across a variety of culturally relevant subjects and help our community navigate the ocean of information that exists in our society. The network will create cultural pride by telling our stories, addressing our concerns and talking about opportunities for a better future.
MIAMI, Aug. 16, 2023 (GLOBE NEWSWIRE) — Motorsport Games Inc. (NASDAQ: MSGM) (“Motorsport Games” or the “Company”), a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world, will report its financial results for the first fiscal quarter of 2023 on Monday, August 21, 2023, after market close. Management will host a conference call and webcast on the same day at 5:00 p.m. ET to discuss the results.
Participants may access the live webcast on the Company’s investor relations website at https://ir.motorsportgames.com under “Events.” The call may also be accessed by dialing 1 (844) 826-3033 from the U.S., or by dialing 1 (412) 317-5185 internationally.
About Motorsport Games: Motorsport Games, a Motorsport Network company, is a leading racing game developer, publisher and esports ecosystem provider of official motorsport racing series throughout the world. Combining innovative and engaging video games with exciting esports competitions and content for racing fans and gamers, Motorsport Games strives to make the joy of racing accessible to everyone. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”), as well as the industry leading rFactor 2 and KartKraft simulations. rFactor 2 also serves as the official sim racing platform of Formula E, while also powering F1 Arcade through a partnership with Kindred Concepts. Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others. Motorsport Games is building a virtual racing ecosystem where each product drives excitement, every esports event is an adventure and every story inspires.
Website and Social Media Disclosure:
Investors and others should note that we announce material financial information to our investors using our investor relations website (ir.motorsportgames.com), SEC filings, press releases, public conference calls and webcasts. We use these channels, as well as social media and blogs, to communicate with our investors and the public about our company and our products. It is possible that the information we post on our websites, social media and blogs could be deemed to be material information. Therefore, we encourage investors, the media and others interested in our company to review the information we post on the websites, social media channels and blogs, including the following (which list we will update from time to time on our investor relations website):
CULVER CITY, Calif., Aug. 16, 2023 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail”), a leading, global independent developer and publisher of interactive digital entertainment, today announced Wolpertinger Games, a newly contracted independent studio, aims to launch the early access of Survivor Mercs on Thursday September 14th, 2023, on Steam and Steam Deck. This launch marks a major progression in the collaborative journey between Snail and Wolpertinger Games since the recent partnership announcement.
Survivor Mercs is a rogue-lite action game that blends the bullet-heaven and extraction shooter genre for a challenging single-player experience where no two gameplay runs are alike. Players assume the role of the Commander of an elite Mercs squad, battling against a formidable mega-corporation’s private robot army on procedurally generated battlefields. The game offers an engaging combination of strategy, tactics, action and adventure, coupled with the opportunity to build your squad from a diverse roster of Mercs, each with individual skill trees and weapon configurations. Furthermore, the procedurally generated maps of Survivor Mercs present different mission parameters and unique bosses, ensuring unpredictability and excitement in every operation.
Jim Tsai, Chief Executive Officer of Snail, commented, “Following our recent strategic partnership announcement with Wolpertinger Games, we are delighted to present the early access launch of Survivor Mercs. We aim to leverage our resources and expertise to assist Wolpertinger Games in publishing and promoting this high – quality indie game, ensuring players enjoy a seamless early access launch experience. As we move forward, we will continue fostering such partnerships, supporting indie studios, and delivering captivating gaming experiences to our global audience.”
Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, financial condition, results of operations, liquidity, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful, including the launch of ARK: Survival Ascended, ARK: The Animated Series and ARK 2; expectations regarding significant drivers of future growth; its ability to retain and increase its player base and develop new video games and enhance existing games; competition from companies in a number of industries, including other game developers and publishers and both large and small, public and private Internet companies; its relationships with third-party platforms such as Xbox Live and Game Pass, PlayStation Network, Steam, Epic Games Store, the Apple App Store, the Google Play Store, My Nintendo Store and the Amazon Appstore; expectations for future growth and performance; and assumptions underlying any of the foregoing.
QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Broadridge Financial Systems, JPMorgan Chase, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, IA Private Wealth, Ally Invest, Inc., Suncor, Virtual Brokers, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Day Trade Dash and others. Quotestream®, QModTM and Quotestream ConnectTM are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Mixed Q2 results. The second quarter results were mixed, with revenues lighter than expected and adj. EBITDA largely in line. Revenues were adversely affected by exchange rates but, after that adjustment, were still a little light. Total company revenues increased 9.6% to $4.7 million versus our $4.95 million estimate. Adj. EBITDA was $808,000 versus our $850,000 estimate.
Tempered revenue outlook. Management anticipates that revenue growth in the back half of the year will look similar to the growth rate in Q2. In addition to the exchange rate, revenues are expected to be adversely impacted by customers switching to cheaper exchange feed alternatives. This portion of its business carries a very low margin and, as such, adj. EBITDA is not significantly impacted.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q2 results. The company reported Q2 revenue of $9.9 million and adj. EBITDA of a loss of $4.7 million, both of which were below our forecast. We anticipated $22.5 million in revenue and positive adj. EBITDA of $4.0 million. In our view, the miss was largely a result of the timing of the company’s releases.
Looking ahead to Q4. Despite the negative adj. EBITDA in the quarter, the company remains on track to release ARK: Survival Ascended in October of this year. Survival Ascended is a re-release of the company’s flagship game with several updates, powered by Unreal Engine 5. The company is also slated to re-release all 5 ARK DLCs using Unreal Engine 5, subsequent to the release of ARK: Survival Ascended.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
With more than 60 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in adult nightclubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas-Fort Worth, Houston, Miami, Minneapolis, Denver, St. Louis, Charlotte, Pittsburgh, Raleigh, Louisville, and other markets operate under brand names such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie’s Cabaret, Scarlett’s Cabaret, Diamond Cabaret, and PT’s Showclub. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar.
Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.
Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Third Quarter Results. RCI reported revenue of $77.1 million, up 9% y-o-y and in-line with our $77.8 million estimate. Net income was $9.1 million, or EPS of $0.96 compared to $13.9 million, or $1.48, last year with 3Q23 results impacted by higher expenses and one-time costs. Adjusted EPS was $1.30 versus $1.60. Adjusted EBITDA was at $22.7 million versus $24.6 million last year. We estimated net income of $12.9 million, EPS of $1.34, and adjusted EBITDA of $24.9 million.
Tough Comps and a Tough Environment. We would note 3Q22 had one of the highest levels of operating leverage in the last five years, as the business benefitted from the COVID emergence, directly impacting y-o-y comparisons. A continued uncertain economic environment also impacted results to a degree.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Harte Hanks (NASDAQ: HHS) is a leading global customer experience company whose mission is to partner with clients to provide them with CX strategy, data-driven analytics and actionable insights combined with seamless program execution to better understand, attract, and engage their customers. Using its unparalleled resources and award-winning talent in the areas of Customer Care, Fulfillment and Logistics, and Marketing Services, Harte Hanks has a proven track record of driving results for some of the world’s premier brands including Bank of America, GlaxoSmithKline, Unilever, Pfizer, HBOMax, Volvo, Ford, FedEx, Midea, Sony, and IBM among others. Headquartered in Chelmsford, Massachusetts , Harte Hanks has over 2,500 employees in offices across the Americas, Europe and Asia Pacific .
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Solid Q2 results. The company reported Q2 revenue of $47.8 million, 3% lower than our estimate of $49.3 million. The slight miss was attributed to softer than expected revenues from Marketing Services and Fulfillment & Logistics. Adj. EBITDA in the quarter was $4.4 million, which beat our estimate of $3.9 million by 12.6%. The favorable adj. EBITDA surprise was due to stronger than expected Customer Care revenue, which boasts higher margins than its other revenue streams.
Second-half outlook. Management indicated that Q3 and Q4 likely will be similar to the revenue baseline of Q2 results. Notably, management highlighted that each quarter is expected to be profitable due to costs and expected improvements in the Customer Care pipeline.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q2 in line. The company reported Q2 revenue of $35.4 million, above our previously lowered forecast of $29.7 million. Adj. EBITDA of $3.1 million was largely in line with our forecast of $3.2 million. Total company revenue grew a strong 66.5% over the prior year period, despite economic headwinds.
Sell-side revenue bucks trends. The robust revenue growth in the quarter was lead by the company’s Sell-side programmatic platform. Sell-side revenue nearly doubled (+97.7%) over the prior year period to $23.6 million. We believe the strong results reflect well on the technology investments management has made to position the platform for favorable growth.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for approximately 26,800 SMBs; a robust digital advertising division, Townsquare IGNITE, a powerful combination of a) an owned and operated portfolio of more than 330 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data, and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 321 local terrestrial radio stations in 67 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com, and NJ101.5.com and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com and Loudwire.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
In-line Q2 results. The company reported quarterly revenue of $121.2 million and adj. EBITDA of $28.6 million, both of which were in line with our estimates. The company’s revenue performance, which was roughly flat yoy, was among the best in the industry, on average down 4%.
Favorable digital outlook. Q2digital revenue grew 4% from the prior year period and comprised 52% of total company revenue, more than two times the industry average. Notably, Ignite grew revenue by 11% and its operating profit margin were an impressive 35%.Importantly, we view 2023 as a year of investment for Townsquare Interactive, with revenue and margin growth expected in 2024.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.
IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (the “company”) (Nasdaq: SALM) released its results for the three and six months ended June 30, 2023.
Second Quarter 2023 Results
For the three months ended June 30, 2023 compared to the three months ended June 30, 2022:
Consolidated
Total revenue decreased 4.2% to $65.8 million from $68.7 million;
Total operating expenses increased 13.9% to $69.9 million from $61.4 million;
Operating expenses, excluding stock-based compensation expense, debt modification costs, gains and losses on the sale or disposition of assets, impairments, depreciation expense and amortization expense (1) increased 5.2% to $63.1 million from $60.0 million;
The company had an operating loss of $4.1 million as compared to operating income of $7.3 million;
The company had a net loss of $7.1 million, or $0.26 net loss per share, compared to net income of $9.1 million, or $0.33 net income per diluted share;
EBITDA (1) decreased to $(0.6) million from $14.5 million; and
Adjusted EBITDA (1) decreased 77.2% to $2.7 million from $11.7 million.
Broadcast
Net broadcast revenue decreased 5.3% to $49.7 million from $52.5 million;
Station Operating Income (“SOI”) (1) decreased 43.5% to $6.2 million from $10.9 million;
Same Station (1) net broadcast revenue decreased 5.8% to $49.4 million from $52.4 million; and
Same Station SOI (1) decreased 37.7% to $6.8 million from $10.9 million.
Digital Media
Digital media revenue increased 0.5% to $10.9 million from $10.8 million; and
Digital Media Operating Income (1) decreased 27.5% to $1.8 million from $2.5 million.
Publishing
Publishing revenue decreased 3.5% to $5.2 million from $5.4 million; and
Publishing Operating Loss (1) increased to $0.8 million from $6,000.
Included in the results for the three months ended June 30, 2023 are:
A $1.8 million ($1.4 million, net of tax, or $0.05 per share) impairment charge to the value of goodwill in Townhall;
A $1.1 million ($0.8 million, net of tax, or $0.03 per share) impairment charge to the value of broadcast licenses in Portland and San Francisco;
A $0.1 million ($0.1 million, net of tax) net loss on the disposition of assets; and
A $0.1 million non-cash compensation charge ($0.1 million, net of tax) related to the expense of stock options.
Included in the results for the three months ended June 30, 2022 are:
A $6.9 million ($5.1 million, net of tax, or $0.19 per diluted share) net gain on the disposition of assets reflects a $6.5 million pre-tax gain on the sale of land used in the company’s Denver, Colorado broadcast operations and a $0.5 million pre-tax gain on the sale of the company’s radio stations in Louisville, Kentucky that was offset by losses from various fixed asset disposals;
A $3.9 million ($2.9 million, net of tax, or $0.11 per share) impairment charge to the value of broadcast licenses in Columbus, Dallas, Greenville, Honolulu, Orlando, Portland, and Sacramento;
A $0.1 million ($0.1 million, net of tax) goodwill impairment charge; and
A $0.1 million ($0.1 million, net of tax) non-cash compensation charge related to the expense of stock options.
Per share numbers are calculated based on 27,216,787 diluted weighted average shares for the three months ended June 30, 2023, and 27,570,881 diluted weighted average shares for the three months ended June 30, 2022.
Year to Date 2023 Results
For the six months ended June 30, 2023 compared to the six months ended June 30, 2022:
Consolidated
Total revenue decreased 1.5% to $129.3 million from $131.3 million;
Total operating expenses increased 15.6% to $137.5 million from $119.0 million;
Operating expenses, excluding gains or losses on the disposition of assets, stock-based compensation expense, debt modification costs, changes in the estimated fair value of contingent earn-out consideration, impairments, depreciation expense and amortization expense (1) increased 8.2% to $125.2 million from $115.7 million;
The company had an operating loss of $8.3 million as compared to operating income of $12.3 million;
The company recognized $3.9 million in film distribution income from an unconsolidated equity investment in the six months ended June 30, 2022;
The company had a net loss of $12.2 million, or $0.45 net loss per share, compared to net income of $10.9 million, or $0.39 net income per diluted share;
EBITDA (1) decreased to $(1.2) million from $22.7 million; and
Adjusted EBITDA (1) decreased 78.1% to $4.1 million from $18.5 million.
Broadcast
Net broadcast revenue decreased 2.8% to $98.0 million from $100.9 million;
SOI (1) decreased 44.9% to $11.7 million from $21.2 million;
Same station (1) net broadcast revenue decreased 3.2% to $97.5 million from $100.8 million; and
Same station SOI (1) decreased 39.6% to $12.8 million from $21.2 million.
Digital media
Digital media revenue increased 1.3% to $21.4 million from $21.1 million; and
Digital media operating income (1) decreased 23.1% to $3.4 million from $4.4 million.
Publishing
Publishing revenue increased 6.1% to $9.9 million from $9.3 million; and
Publishing Operating Loss (1) increased 156.5% to $1.5 million from $0.6 million.
Included in the results for the six months ended June 30, 2023 are:
A $3.2 million ($2.4 million, net of tax, or $0.09 per share) impairment charge to the value of broadcast licenses in Miami, Portland and San Francisco;
A $1.8 million ($1.4 million, net of tax, or $0.05 per share) impairment charge to the value of goodwill in Townhall;
A $0.1 million loss on the early retirement of long-term debt associated with the 2024 Notes; and
A $0.2 million ($0.1 million, net of tax, or $0.01 per share) non-cash compensation charge related to the expense of stock options.
Included in the results for the six months ended June 30, 2022 are:
A $8.6 million ($6.4 million, net of tax, or $0.23 per diluted share) net gain on the disposition of assets relates primarily to the $6.5 million pre-tax gain on the sale of land used in the company’s Denver, Colorado broadcast operations, the $1.8 million pre-tax gain on sale of land used in the company’s Phoenix, Arizona broadcast operations, and $0.5 million pre-tax gain on the sale of the company’s radio stations in Louisville, Kentucky offset by various fixed asset disposals;
A $3.9 million ($2.9 million, net of tax, or $0.11 per share) impairment charge to the value of broadcast licenses in Columbus, Dallas, Greenville, Honolulu, Orlando, Portland, and Sacramento;
A $0.1 million ($0.1 million, net of tax) goodwill impairment charge;
A $0.2 million ($0.2 million, net of tax, or $0.01 per share) charge for debt modification costs; and
A $0.2 million ($0.1 million, net of tax) non-cash compensation charge related to the expense of stock options.
Per share numbers are calculated based on 27,216,787 diluted weighted average shares for the six months ended June 30, 2023, and 27,590,644 diluted weighted average shares for the six months ended June 30, 2022.
Balance Sheet
As of June 30, 2023, the company had $159.4 million outstanding on the 7.125% senior secured notes due 2028 (“2028 Notes”) and $22.6 million outstanding on the ABL facility.
Effective June 30, 2023, the company was not in compliance with its fixed charge coverage ratio. On August 7, 2023 the company signed a forbearance whereby the bank agreed not to exercise remedies on the default during the month of August. Additionally, the notional amount of the revolver was reduced from $30.0 million to $25.0 million with a minimum availability of $1.0 million. Finally, the interest rate associated with the revolver increased by two percentage points effective July 1, 2023 through the date of the forbearance amendment.
Acquisitions and Divestitures
The following transactions were completed since April 1, 2023:
On July 21, 2023 the company closed the sale of radio station KNTS-AM in Seattle, Washington for $0.2 million.
On July 13, 2023 the company closed the sale of radio station KLFE-AM in Seattle, Washington for $0.5 million. Radio station KLFE-AM was being programmed under a Time Brokerage Agreement (“TBA”) as of August 1, 2022.
On May 25, 2023, the company entered into a rental income purchase agreement with a related party to sell the assignment of the rents from its Greenville, South Carolina radio transmitter site for $3.5 million commencing on June 1, 2023 resulting in a pre-tax gain of $3.3 million.
Pending transactions:
On June 29, 2023 the company entered into an agreement to sell radio station KSAC-FM in Sacramento, California for $1.0 million subject to approval of the Federal Communications Commission (“FCC”). Radio station KSAC-FM will begin being programmed under a TBA on August 1, 2023. Based on its plan to sell the station, the company recorded an estimated pre-tax loss on the sale of assets of $3.3 million at June 30, 2023, reflecting the sales price as compared to the carrying value of the assets and the estimated cost to sell. The company expects to close the sale in the fourth quarter of this year.
Conference Call Information
The company will host a teleconference to discuss its results on August 8, 2023 at 4:00 p.m. Central Time. To access the teleconference, please dial (888) 770-7291, and then ask to be joined into the Salem Media Group Second Quarter 2023 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 August 22, 2023 and can be heard by dialing (800) 770-2030, passcode 2413416 or on the investor relations portion of the company’s website, located at investor.salemmedia.com.
Follow us on Twitter @SalemMediaGrp.
Third Quarter 2023 Outlook
For the third quarter of 2023, the company is projecting total revenue to decline between 3% and 5% from the third quarter 2022 total revenue of $66.9 million. Excluding the impact of the 2022 political revenue, the company would project total revenue to decline between 1% and 3%. The company is also projecting operating expenses before gains or losses on the sale or disposal of assets, stock-based compensation expense, legal settlement, changes in the estimated fair value of contingent earn-out consideration, impairments, depreciation expense and amortization expense (“Recurring Operating Expenses”) to be between a decrease of 1% and increase of 2% compared to the third quarter of 2022 Recurring Operating Expenses of $60.8 million.
A reconciliation of Recurring Operating Expenses (a non-GAAP measure) to the most directly comparable GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the potential high variability, complexity and low visibility with respect to the charges excluded from this non-GAAP financial measure, in particular, the change in the estimated fair value of earn-out consideration, impairments and gains or losses from the disposition of fixed assets. The company expects the variability of the above charges may have a significant, and potentially unpredictable, impact on its future GAAP financial results.
About Salem Media Group, Inc.
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book 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 Christian and conservative media landscape. Learn more about Salem Media Group, Inc. at www.salemmedia.com, Facebook and Twitter.
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 the company to close and integrate announced transactions, market acceptance of the company’s radio station formats, competition from new technologies, inflation and other adverse economic conditions, and other risks and uncertainties detailed from time to time in the company’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. The company undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.
(1)
Regulation G
Management uses certain non-GAAP financial measures defined below in communications with investors, analysts, rating agencies, banks and others to assist such parties in understanding the impact of various items on its financial statements. The company uses these non-GAAP financial measures to evaluate financial results, develop budgets, manage expenditures and as a measure of performance under compensation programs.
The company’s presentation of these non-GAAP financial measures should not be considered as a substitute for or superior to the most directly comparable financial measures as reported in accordance with GAAP.
Regulation G defines and prescribes the conditions under which certain non-GAAP financial information may be presented in this earnings release. The company closely monitors EBITDA, Adjusted EBITDA, Station Operating Income (“SOI”), Same Station net broadcast revenue, Same Station broadcast operating expenses, Same Station Operating Income, Digital Media Operating Income, Publishing Operating Loss, and operating expenses excluding gains or losses on the disposition of assets, stock-based compensation, changes in the estimated fair value of contingent earn-out consideration, impairments, depreciation and amortization, all of which are non-GAAP financial measures. The company believes that these non-GAAP financial measures provide useful information about its core operating results, and thus, are appropriate to enhance the overall understanding of its financial performance. These non-GAAP financial measures are intended to provide management and investors a more complete understanding of its underlying operational results, trends and performance.
The company defines Station Operating Income (“SOI”) as net broadcast revenue minus broadcast operating expenses. The company defines Digital Media Operating Income as net Digital Media Revenue minus Digital Media Operating Expenses. The company defines Publishing Operating Loss as net Publishing Revenue minus Publishing Operating Expenses. The company defines EBITDA as net income before interest, taxes, depreciation, and amortization. The company defines Adjusted EBITDA as EBITDA before gains or losses on the disposition of assets, before debt modification costs, before changes in the estimated fair value of contingent earn-out consideration, before impairments, before net miscellaneous income and expenses, before (gain) loss on early retirement of long-term debt and before non-cash compensation expense. SOI, Digital Media Operating Income, Publishing Operating Loss, EBITDA and Adjusted EBITDA are commonly used by the broadcast and media industry as important measures of performance and are used by investors and analysts who report on the industry to provide meaningful comparisons between broadcasters. SOI, Digital Media Operating Income, Publishing Operating Loss, EBITDA and Adjusted EBITDA are not measures 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 its results of operations and financial condition presented in accordance with GAAP. The company’s definitions of SOI, Digital Media Operating Income, Publishing Operating Loss, EBITDA and Adjusted EBITDA are not necessarily comparable to similarly titled measures reported by other companies.
The company defines Same Station net broadcast revenue as broadcast revenue from its radio stations and networks that the company owns or operates in the same format on the first and last day of each quarter, as well as the corresponding quarter of the prior year. The company defines Same Station broadcast operating expenses as broadcast operating expenses from its radio stations and networks that the company owns or operates in the same format on the first and last day of each quarter, as well as the corresponding quarter of the prior year. The company defines Same Station SOI as Same Station net broadcast revenue less Same Station broadcast operating expenses. Same Station operating results include those stations that the company owns or operates in the same format on the first and last day of each quarter, as well as the corresponding quarter of the prior year. Same Station operating results for a full calendar year are calculated as the sum of the Same Station operating results for each of the four quarters of that year. The company uses Same Station operating results, a non-GAAP financial measure, both in presenting its results to stockholders and the investment community, and in its internal evaluations and management of the business. The company believes that Same Station operating results provide a meaningful comparison of period over period performance of its core broadcast operations as this measure excludes the impact of new stations, the impact of stations the company no longer owns or operates, and the impact of stations operating under a new programming format. The company’s presentation of Same Station operating results is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP. The company’s definition of Same Station operating results is not necessarily comparable to similarly titled measures reported by other companies.
For all non-GAAP financial measures, investors should consider the limitations associated with these metrics, including the potential lack of comparability of these measures from one company to another.
The Supplemental Information tables that follow the condensed consolidated financial statements provide reconciliations of the non-GAAP financial measures that the company uses in this earnings release to the most directly comparable measures calculated in accordance with GAAP. The company uses non-GAAP financial measures to evaluate financial performance, develop budgets, manage expenditures, and determine employee compensation. The company’s presentation of this additional information is not to be considered as a substitute for or superior to the directly comparable measures as reported in accordance with GAAP.
The company defines EBITDA (1) as net income before interest, taxes, depreciation, and amortization. The table below presents a reconciliation of EBITDA (1) to Net Income (Loss), the most directly comparable GAAP measure. EBITDA (1) is a non-GAAP financial performance measure that is not to be considered a substitute for or superior to the directly comparable measures reported in accordance with GAAP. The company defines Adjusted EBITDA (1) as EBITDA (1) before gains or losses on the disposition of assets,before debt modification costs, before changes in the estimated fair value of contingent earn-out consideration, before impairments, before net miscellaneous income and expenses, before (gain) loss on early retirement of long-term debt, and before non-cash compensation expense. The table below presents a reconciliation of Adjusted EBITDA (1) to Net Income (Loss), the most directly comparable GAAP measure. Adjusted EBITDA (1) is a non-GAAP financial performance measure that is not to be considered a substitute for or superior to the directly comparable measures reported in accordance with GAAP.
