Regent Q3 Revenues Up, October "Disappointing"
November 4, 2005 at 2:47 PM (PT)
REGENT COMMUNICATIONS third quarter revenues rose 2.1% to $22.9 million, with net income dropping from $8.1 to $1.4 million (18 to 3 cents/share). The 2005 quarter includes a $1.2 million charge for former CRO/Chairman TERRY JACOBS' retirement package. The charge also affected free cash flow, which dropped 10.5% to $4.9 million but would have shown a 3.1% increase excluging JACOBS' payout.
REGENT's BILL STAKELIN called OCTOBER "disappointing" but expects revenue growth for NOVEMBER and DECEMBER and says the company is "confident in our ability to outpace radio industry growth for full-year 2005."