Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from Victor Miller from Bear Stearns. Please go ahead.
Your first question comes from Victor Miller from Bear Stearns.
Mr. Miller? Please go ahead.
Okay, your next question comes from Lee Westerfield from BMO Capital Markets.
Lee Westerfield - BMO Capital Markets
Okay, I guess good morning on the West Coast, gentlemen. A couple of questions, first on your Dallas operations and then secondly related to the Salem Web Network.
In Dallas, I’ve been tracking commercial time for some time and you’ve already anniversaried, if you will, many less is more agenda took a little over a year ago, your revenues are up by my analysis, actually your commercial time is down. I’m wondering how you were accomplishing that? Pricing must be substantially upwards. What are the listenership trends you’re seeing there as well?
Secondly, in terms of the Salem Web Network, recognizing that that is still in a very early stage with regard to revenue development, you are pointing to a doubling of revenue into the third quarter. I wonder if you could elaborate where the revenue base is coming from? Advertising, which sites, what your traffic trends look like.
Ed Atsinger
David Evans is here with us. David, why don’t you discuss Dallas?
David Evans
In terms of Dallas, if you compare inventory levels April, May, June 06 compared to April, May, June 05, the inventory levels, you know, from our reckoning are essentially even so the 9% revenue increase is a function of rate. That station is typically, you know, 100% sold out so, you know, the sell-out percentage really has little or no bearing on revenue growth.
So our success and our increase in revenue there, I’d say, is almost entirely driven by rate. That’s definitely a function of improved ratings at that station. We have seen some solid improvement on a full book average basis, last 12 months compared to the previous 12 months and as Ed mentioned, in the most recent Spring book, we finished second in the market females 25-54. It was a very good result and one that I think bodes quite well for how we see that station performing over the balance of the year.
In terms of Salem Web Network, I think when you look at those numbers some of that growth is organic. Some of that growth is acquisition oriented. If you examine the web sites that we’ve owned for more than a year, you’re going to see page view growth and revenue growth in the teens. The acquisitions of Christianity.com, CrossDaily.com and TownHall.com have layered additional page views on top of that, and additional revenues on top of that and it’s the acquisitions that are really driving the substantial growth from Q3 05 to Q3 06.
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