Westwood One Q2 Revenues, Profits Fall
August 9, 2006 at 12:32 PM (PT)
WESTWOOD ONE second quarter revenues fell 8.9% to $129.2 million, with national revenue flat and local/regional ad revenue off 15%. Net income also fell from $21.5 to $12.2 million (23 to 14 cents/basic and diluted share).
The declines are expected to continue, with the company projecting high single to double digit decreases in revenues and low single digit increases in operating expenses, resulting in double digit declines in operating income before depreciation and amortization.
The company will also pay a cash dividend of 10 cents/share on SEPTEMBER 15 to shareholders of record as of AUGUST 21.