I was a one-man army SE at my last stop and I was salaried. But then damn near everyone was salaried in our little shop, including the one non-editor reporter. That couldn't have been legal, but I guess it was.
Funny thing: our editorial assistant was pissed because everyone else editorial was salaried and she was hourly, which meant she had to punch a timeclock. Now I can understand not wanting to have the freedom to set your own hours, though by necessity the EA has to have regular office hours, but I kept trying to tell her that at least she's insulated against unpaid overtime. If they wanted her to work more than 40 hours, she got paid more than 40 hours. As a salaried employee, you worked until the job was done, even if it took 60 hours or more. She never quite understood that, and eventually she moved on.