ABC Deal Boosts Citadel Q2 Revenue
August 9, 2007 at 6:49 AM (PT)
CITADEL BROADCASTING second-quarter revenue rose from $112.5 to $141.2 million, fueled by the addition of the ABC RADIO properties acquired in the quarter, but revenue on a same-station basis fell 2.3% to $112.5 million, blamed on lower revenue in PROVIDENCE, TUCSON, and MODESTO and format changes in BIRMINGHAM.
Net income rose from a loss of $74.8 million to a gain of $3.8 million (loss of 67 to gain of 3 cents/basic share), with 2006's figure including a non-cash asset impairment charge of $92 million and 2007's figure including a non-cash writedown pf 6 cents/share, 3 cents'share of stock-based compensation expense, and 2 cents/share of tax expense.
CEO FARID SULEMAN said, "The completion of the merger with ABC RADIO was a major accomplishment for the quarter and the Company is excited about the addition of these large market radio stations, the ABC RADIO NETWORK and the significant on-air talent and management experience that is part of the ABC RADIO business. For the balance of 2007, the Company is focused on the integration of the ABC RADIO and NETWORK business with our existing operations and the sale of certain radio stations which is expected to reduce the Company's outstanding indebtedness."