Regent Q1 Revenues Up But Income Drops
May 7, 2007 at 6:18 AM (PT)
REGENT COMMUNICATIONS first quarter net broadcast revenues rose 28.8% to $22 million, but net income dropped from a gain of $64,000 to a loss of $1.2 million (0 to -3 cents/share). Same station revenue rose 1.5% to $16.8 million.
Pres./CEO BILL STAKELIN says, "Our significant first quarter revenue gain primarily reflects the addition of our BUFFALO cluster, which we acquired from CBS in late 2006. Representing our largest market, this opportunistic acquisition capped a year in which we upgraded our portfolio through over $160 million in transactions. As a result, we solidified our leadership position in the nation's mid-sized markets and substantially enhanced our growth profile."
The company expects same station net broadcast revenue to be up in the low single digits for the second quarter of 2007.