Cox Radio Q1 Revenues Up, Profit Off
May 9, 2007 at 8:26 AM (PT)
Revenues are up but profit is down for first quarter at COX RADIO, as revenues rose 3.2% to $100.753 million but net income fell 3.2% to $13.533 million (14 cents/diluted share). Local revenues were up 4.2% and national revenue was off 1.7% while "other" revenues rose 9.1% (fueled by a 32.8% inrease in Internet revenues). ATLANTA (up 13.8%), ORLANDO, MIAMI, BIRMINGHAM, LONG ISLAND, and RICHMOND showed growth for the quarter, while HOUSTON, JACKSONVILLE, and DAYTON slipped.
Pres./CEO BOB NEIL said, "I'm pleased with the way we have begun 2007. Our revenue growth of 3.2% exceeded the markets in which we operate and compares favorably with the results of other public radio companies that have reported thus far. Our station operating income this quarter included $1.6 million of incremental pension expense as we have expanded these benefits to cover all eligible employees. Excluding these incremental costs, station operating income would have been up 3.5% for the quarter. This performance underscores the success of key strategic decisions we have made over the last year as well as our clear focus on driving ratings and monetizing our audience share gains."