Cox Radio Sees Q2 Income Boost
August 2, 2006 at 6:13 AM (PT)
COX RADIO net revenues slipped 0.1% to $117,151,000 but net income jumped 24.6% to $25.668 million (20 to 27 cents/diluted share) for second quarter. Local revenues rose 0.6% but national fell 5.6%, with ORLANDO, MIAMI, HOUSTON, TULSA, and HONOLULU showing revenue growth while JACKSONVILLE, RICHMOND, DAYTON, and LOUISVILLE were down for the quarter.
"Our second quarter results once again highlight radio's very profitable business model, and more specifically, COX RADIO's ability to generate strong bottom line performance in a challenging and competitive environment," Pres./CEO BOB NEIL said in a press release. "This is clearly demonstrated by our 11% free cash flow growth for the quarter. I expect our performance will compare favorably to the results of other media companies."