Citadel Q3 Revenues Up
November 3, 2005 at 11:49 AM (PT)
CITADEL BROADCASTING third quarter net revenues rose 2% to $109.6 million and operating income jumped from $6.1 to $40.8 million year-to-year, but net income dropped from $90.1 million (69 cents/share) to $20.5 million (17 cents/share), although 2004's numbers were boosted by an income tax net operating loss carryforward benefit that boosted the paper earnings; without the carryforward benefit, the company would have lost $2.1 million in third quarter 2004.
The effect of HURRICANE KATRINA was not as bad as feared, with revenues up 3% excluding NEW ORLEANS and 2% including the market. BUFFALO, MODESTO, and BATON ROUGE saw revenue increases while LANSING, RENO, and COLORADO SPRINGS were off.