Citadel Q2 Revenues Rise
August 7, 2006 at 6:12 AM (PT)
CITADEL BROADCASTING CORP.second quarter net revenues rose 2.4% to $112.5 million, lifting operating income 2.7% to $52.4 million. The company registered a net loss of $74.8 million (76 cents/basic share), down from last year's gain of $21.5 million (18 cents/share), but the loss this year included a non-cash impairment charge of $92 million (82 cents/share) and non-cash stock-based compensation expenses of $3.9 million (4 cents'share).
The company credited the revenue rise to increases in MODESTO, BIRMINGHAM, LAFAYETTE, LA, and BOISE, offset by losses in NEW ORLEANS, NASHVILLE, BUFFALO, and WILKES BARRE-SCRANTON.
CITADEL's board of directors also declared a quarterly dividend of 18 cents per share, payable OCTOBER 20 to shareholders of record as of OCTOBER 5.