Regent Q2 Broadcast Revenues Up
August 7, 2007 at 5:47 AM (PT)
REGENT COMMUNICATIONS reported financial results for the quarter and six months ended JUNE 30, 2007.
For the second quarter of 2007, net broadcast revenues increased 25.3% to $26.4 million from $21.1 million reported for the second quarter of 2006. For the same period, station operating expenses increased 19.5% to $16.8 million in 2007 from $14.1 million in 2006. The Company reported net income of $3.0 million for the quarter, or $0.08 per share, compared with reported net income of $2.0 million, or $0.05 per share, in the same period last year.
"We executed against our strategy on all fronts during the second quarter," said Pres./CEO BILL STAKELIN. "Our revenues once again outperformed the industry and the majority of our peers, as we focused on monetizing our leading audience shares and driving local ad sales. We also made significant progress in implementing our online strategy, as we move forward in launching a fully integrated web platform across our station group. Overall, we believe the concerted investments we are making in our content, promotion and digital infrastructure will further increase the value of our assets and enhance our ability to drive revenue and cash flow. We are well on track to exceed $100 million in revenues in 2007."