Cox Radio Q3 Revenues Fall But Net Income Up
November 8, 2006 at 6:01 AM (PT)
COX RADIO third-quarter net revenues fell 0.5% to $112.66 million, with net income up 11.6% to $23.95 million (25 cents/diluted share). Free cash flow rose 5.2% to $29.92 million. Local sales fell 1.8% and national revenue increased 0.3%. ORLANDO, TAMPA and SOUTHERN CONNECTICUT showed growth in the quarter, offset by declines in LONG ISLAND, RICHMOND, DAYTON and LOUISVILLE.
Pres./CEO BOB NEIL said, "I'm pleased with our bottom-line performance this quarter, growing free cash flow 5% and net income 12%. While it's no secret that the revenue environment has remained challenging for all traditional media recently, we have continued to invest in our content, sales, and marketing resources to support and grow our audience shares. We have also continued to expand our digital footprint and monetize our presence on the Internet, growing those revenues 47% this quarter."