Salem Communications Corp. reported third quarter net income of $1.5 million (6 cents per share), a 58 percent drop from $3.4 million (13 cents) from the same period a year earlier. The earnings were off largely because of a $3.6 million loss the company suffered from the early redemption of senior notes due in 2011.

Revenue for the Camarillo-based Christian radio broadcaster increased 9.3 percent to $58 million, with the company citing a 104 percent hike in non-broadcast revenues.

Shares in Salem were down 38 cents to $12.50 in early trading Monday.