Salem (Religious Broadcaster) shares plummet 45%

[UpInArms]

http://www.marketwatch.com/news/story.asp?guid=%7BDEBC6899%2D5BD1%2D4E13%2D952B%2D53319F981D73%7D&siteid=mktw

SAN FRANCISCO (MarketWatch) -- Salem Communications Inc. shares tumbled after the broadcaster issued a disappointing third-quarter outlook.

The forecast overshadowed news that Salem swung to a second-quarter profit on improved revenue at its news-talk radio stations.

The Camarillo, Calif.-based religious radio broadcaster (SALM: news, chart, profile) issued a third-quarter outlook that fell short of most analysts' estimates, however, on start-up costs related to news-talk stations in Chicago, Cleveland, Dallas, Detroit, Miami and several other markets.

Shares plummeted $8.73, or 45%, to $11 in after-hours trading.

In the third quarter, Salem expects to post earnings in the range of 9 cents to 11 cents a share. Net broadcasting revenue is expected to be in the range of $50 million to $50.5 million. Analysts surveyed by Thomson First Call had been expecting the company to make 15 cents a share, on average.

Salem also said the third quarter would be hampered by the absence of $600,000 in political revenue that it recognized in the year-earlier period.

...more...

UIA says: Get religion out of politics!

[davidinalameda]

1. let's buy the company

and have it run Howard Stern 24/7

and Bevis and Butthead re-runs

[redqueen]

2. Or better yet - more liberal viewpoints!

:bounce:

And we need a cable channel, too!

[otohara]

14. AAR Would Work

or Pacifica...

[devinsgram]

4. I love your cat.

[davidinalameda]

8. thank you

he's my baby

[MADem]

3. That splashing sound you hear

...is the sound of a shark jumping over a crucifix!!

I think religious horseshit has been overplayed by the GOP, and the influence of GOP-Jesus is waning. Americans like fast results, be it from acne cream, weight loss pills, botox, or their Lord and Savior. And when life doesn't get any better with GOP Jesus in charge, people just sorta lose their enthusiasm...

Either that, or the GOP needs the money, and can no longer subsidize these clowns with BS 'sky is falling' ads about political choices and votes in the GOP controlled Senate....

[gratuitous]

5. Will CNS say they're going out of business?

Like they said about Air America? After all, it appears that Salem Communications is losing money due to a bunch of new station start-ups.

[Old and In the Way]

6. Short-selling Jesus?

Anyone else think it's funny that Jesus has been turned into a big profit maker for the Religious Right? Wonder when he's gonna rapture these people?

[okieinpain]

7. well it's obvious that jesus doesn't like them, or how else would

you explain them losing profits.

[bemildred]

9. Definitely a sign of the absence of grace. nt

[VegasWolf]

13. Pretty damned funny, short-selling Jesus!! Cheers! nt

[SoCalDem]

10. These ventures are very similar to vanity presses

They are NOT supported by advertising. If you look at the crappola that is "advertised' on religious and right wing stations, it's evident. Have you EVER known anyone who regualrly buys the junk they sell?

There are "money-men" in the wings paying for their little dog and pony shows to be aired.

It's paid propaganda.

Perhaps the money-men are seeing a slippage in the support, and know the jig is up..They are rich because they do not throw good money after bad, so maybe they are withdrawing their money:)

Maybe it's time for OUR moneyed people to start buying controlling shares of these outlets and changing them:)

[AndyTiedye]

11. The Repubs Will Pour in $$$$$$$ to Push the Groper's Gerrymander

and lots more for the '06 Congressional selections.
And the Repubs have more money than God.

I expect SALM will be making a comeback, unfortunately.

[goforit]

12. Great news!!....Now this is a poll!!