Salem Increases Quarterly Cash Distribution
The Salem Communications Board of Directors has increased its quarterly cash distribution from $0.035 per share to $0.05 per share. Salem CEO Ed Atsinger says, "The decision of our board to increase our cash distribution will be welcome news to shareholders and other stakeholders. The 2013 distribution represents less than 20 percent of our expected free cash flow for the year. This meaningful increase is due to the growth in free cash flow that we expect in 2013 as a result of our stable business performance and substantial reduction in interest expense from our recently completed refinancing."
The cash distribution will be paid on April 1, 2013, to all Class A and Class B common stockholders of record as of March 25, 2013. Salem also announced it has scheduled its Annual Meeting of Stockholders on Wednesday, May 22, 2013, at 9:30 a.m. (Pacific Time) to be held at Salem's headquarters in Camarillo, California.