Citadel Q1 Revenues Slip
May 8, 2007 at 5:46 AM (PT)
CITADEL BROADCASTING CORP. first quarter net revenues slipped 1.2% to $92.9 million, blamed on format and signal changes in BIRMINGHAM and OKLAHOMA CITY plus lower revenue in PROVIDENCE, offset by increases in KNOXVILLE, MEMPHIS, and SALT LAKE CITY. Net income dropped from $9.5 to $6.8 million (9 to 6 cents/share); the 2007 figure included $7.1 million of stock-based compensation expense and the 2006 figure included about $2.5 million of similar expenses.
Chairman/CEO FARID SULEMAN said, "The Company continues to be impacted by sluggish growth in the radio industry. The Company made several changes in the last three months including changes in BIRMINGHAM and OKLAHOMA CITY to position the Company for more strategic growth in the future. The Company’s merger with ABC RADIO continues to move forward. During the first quarter, the Company returned approximately $38.1 million to our shareholders through a combination of dividend payments, totaling $0.18 per share and the repurchase of approximately 1.8 million shares."