0001050606-12-000006.txt : 20120308 0001050606-12-000006.hdr.sgml : 20120308 20120308160527 ACCESSION NUMBER: 0001050606-12-000006 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20120308 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20120308 DATE AS OF CHANGE: 20120308 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SALEM COMMUNICATIONS CORP /DE/ CENTRAL INDEX KEY: 0001050606 STANDARD INDUSTRIAL CLASSIFICATION: RADIO BROADCASTING STATIONS [4832] IRS NUMBER: 770121400 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-26497 FILM NUMBER: 12677351 BUSINESS ADDRESS: STREET 1: 4880 SANTA ROSA RD CITY: CAMARILLO STATE: CA ZIP: 93012 BUSINESS PHONE: 8059870400 MAIL ADDRESS: STREET 1: 4880 SANTA ROSA RD CITY: CAMARILLO STATE: CA ZIP: 93012 8-K 1 form8kdividendfinal.htm SALEM COMMUNICATIONS CORPORATION 8-K Converted by EDGARwiz


UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 WASHINGTON, D.C. 20549


FORM 8-K


CURRENT REPORT

 PURSUANT TO SECTION 13 OR 15(D) OF THE

 SECURITIES EXCHANGE ACT OF 1934


Date of Report (Date of earliest event reported): March 8, 2012


SALEM COMMUNICATIONS CORPORATION

 (Exact Name of Registrant as Specified in its Charter)


[form8kdividendfinal001.jpg]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Delaware

 

000-26497

 

77-0121400

(State or Other Jurisdiction

 

(Commission

 

(IRS Employer

of Incorporation)

 

File Number)

 

Identification No.)


 

 

 

 

 

 

 

 

 

4880 Santa Rosa Road, Camarillo, California

 

93012

(Address of Principal Executive Offices)

 

(Zip Code)


Registrant’s telephone number, including area code: (805) 987-0400


Not Applicable

 (Former Name or Former Address, if Changed Since Last Report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


[   ]Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


[   ]Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


[   ]Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


[   ]Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




TABLE OF CONTENTS


ITEM 8.01

Other Events


ITEM 9.01(d)

Financial Statements and Exhibits


SIGNATURE


EXHIBIT INDEX


EXHIBIT 99.1




 ITEM 8.01

Other Events.


Salem Communications Corporation (the “Corporation”) announced that its Board of Directors declared a recurring, quarterly, cash dividend of $0.035 per share on its Class A and Class B common stock to be paid in March, June, September and December of each year.  The initial quarterly cash dividend will be paid on March 30, 2012 to all common stockholders of record as of March 23, 2012.  As of March 1, 2012, there were 18,735,555 shares of the Corporation’s Class A common stock outstanding and 5,553,696 shares of the Corporation’s Class B common stock outstanding.  Based on the number of shares currently outstanding, the Corporation expects to pay a total annual dividend of $3.4 million.   



 ITEM 9.01      Financial Statements and Exhibits.


(d)  Exhibits.  The following exhibit is furnished with this report on Form 8-K:


 

 

 

Exhibit No.

 

Description

99.1

 

Press release, dated March 8, 2012, of Salem Communications Corporation announcing a quarterly dividend payment

 



   SIGNATURE


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.



 

 

 

 

 

 

 

 

SALEM COMMUNICATIONS CORPORATION




 




 

 Date: March 8, 2012

 

By:/s/EVAN D. MASYR

 

 

 

Evan D. Masyr

 

 

 

Senior Vice President and Chief Financial Officer

 





EXHIBIT INDEX

 

 

 

Exhibit No.

 

Description

99.1

 

Press release, dated March 8, 2012, of Salem Communications Corporation announcing a quarterly dividend payment




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EXHIBIT 99.1


[pressreleasedividendfinal001.jpg]


SALEM COMMUNICATIONS ANNOUNCES INITIATION OF QUARTERLY DIVIDEND PAYMENT


Represents Annual Dividend Yield of Approximately 5%


CAMARILLO, CA March 8, 2012 – Salem Communications Corporation (Nasdaq: SALM), a leading U.S. radio broadcaster, Internet content provider, and magazine and book publisher targeting audiences interested in Christian and conservative opinion content, today announced that its Board of Directors has authorized and declared a quarterly dividend in the amount of $0.035 per share of its Class A and Class B common stock.


The initial quarterly cash dividend of $0.035 per share will be paid on March 30, 2012 to all common stockholders of record as of March 23, 2012.  Salem Communications anticipates paying the quarterly dividends in March, June, September and December of each year.  Based on the number of shares currently outstanding, the company expects to pay a total annual dividend of $3.4 million.


Edward G. Atsinger III, Chief Executive Officer of Salem Communications, said, “We are pleased to be in a position where we can begin to return a portion of our free cash flow to our shareholders on a regular basis while continuing to systematically reduce our debt.  This recurring dividend demonstrates our confidence in our resilient business model and our ability to maintain strong free cash flow.”


The company intends to begin payments of regular quarterly dividends; however, the actual declaration of such future dividends and the establishment of the per share amount, record dates, and payment dates for such future dividends are subject to final determination by the company's Board of Directors, and will be dependent upon future earnings, cash flows, financial requirements, and other factors.


Salem Communications Corporation is the largest commercial U.S. radio broadcasting company that provides programming targeted at audiences interested in Christian and conservative opinion radio content, as measured by the number of stations and audience coverage.  Upon completion of all announced transactions, the company will own and/or operate a national portfolio of 96 radio stations in 37 markets, including 60 stations in 22 of the top 25 markets.  We also program the Family Talk™ Christian-themed talk format on SiriusXM Channel 131.


Salem also owns Salem Radio Network, a national radio network that syndicates talk, news and music programming to approximately 2,000 affiliated radio stations and Salem Media Representatives, a national media advertising sales firm with offices across the country.


In addition to its radio broadcast business, Salem owns an Internet and a publishing division. Salem Web Network is a provider of online Christian and conservative-themed content and streaming and includes websites such as Christian faith focused Christianity.com, Questions and Answers about Jesus Christ at Jesus.org, Christian living focused Crosswalk.com®, online Bible



at BibleStudyTools.com, Christian videos at GodTube.com,  a leading website providing church media at WorshipHouseMedia.com and Christian radio ministries online at OnePlace.com. Additionally Salem owns conservative news leader Townhall.com® and conservative political blog HotAir.com, providing conservative commentary, news and blogging. Salem Publishing™ circulates Christian and conservative magazines such as Homecoming® The Magazine, YouthWorker Journal™, The Singing News, FaithTalk Magazine, Preaching and Townhall Magazine™. Xulon Press™ is a provider of self publishing services targeting the Christian audience.



Company Contact:

Evan D. Masyr

Salem Communications

(805) 384-4512

evanm@salem.cc


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 Salem to close and integrate announced transactions, market acceptance of Salem’s radio station formats, competition from new technologies, adverse economic conditions, and other risks and uncertainties detailed from time to time in Salem'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. Salem undertakes no obligation to update or revise any forward-looking statements to reflect new information, changed circumstances or unanticipated events.



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