Cox Radio Q4 Revenues Up
February 27, 2007 at 6:00 AM (PT)
COX RADIO fourth-quarter net revenues rose 3.8% to $113.048 million, but net income fell 4% to a loss of $88.049 million (loss of 93 cents/share). Free cash flow rose 0.5% to $25.371 million.
Pres./CEO BOB NEIL said, "We had a strong fourth quarter, growing revenues nearly 4% and station operating income 6%. I'm pleased to note that 2006 marks the 10th consecutive year of station operating income growth for our company, underscoring the solid fundamentals of our business and our consistent ability to deliver strong results. We continue to invest in our content, sales, and marketing resources to support and grow our audience shares. We also continue to expand our presence on the Internet, growing those revenues an impressive 53% this quarter over last year."
The company said that local revenues were flat and national revenues jumped 12.2%. ORLANDO, SOUTHERN CONNECTICUT, LONG ISLAND, LOUISVILLE, and GREENVILLE were credited with growth, offset by declines in MIAMI, RICHMOND, and HONOLULU. ATLANTA revenues jumped 4.8%.