Cox Reports Q2 Profit Down
August 1, 2007 at 6:07 AM (PT)
COX RADIO said on WEDNESDAY quarterly profit fell due to weaker national radio advertising and higher marketing costs. The company said second-quarter net income fell to $20.3 million, or 21 cents per share, from $25.7 million, or 27 cents per share a year ago.
Revenue rose marginally to $118.8 million from $117.2 million.
Pres./CEO ROBERT F. NEIL commented, "Our revenues for the second quarter increased 1%, in-line with the markets in which we operate, driven primarily by local revenues, which were up 1%, and Internet revenues, which were up 21% for the quarter. I'm especially pleased with the progress we're making in our largest markets, ATLANTA, MIAMI and ORLANDO, each of which showed solid revenue growth through the first six months."