Westwood One Revenues Down For 3rd Quarter
November 1, 2007 at 5:46 AM (PT)
WESTWOOD ONE has reported financial results for its third quarter ended SEPTEMBER 30th, 2007. Revenue in the third quarter of 2007 decreased $10.4 million, or 8.8%, to $108.1 million from $118.5 million in the third quarter of 2006. The decrease is principally attributable to reduced audience levels, lower demand for the Company's products and services, and increased competition. Revenue from national and local/regional advertisements decreased approximately 3.7% ($1.9 million) and 12.8% ($8.5 million), respectively, from the third quarter of 2006.
WESTWOOD ONE's Pres./CEO PETER KOSANN, stated, "We have seen recent signs that demand for our programs and services are improving, and accordingly have taken steps to stabilize our audience levels and begin making selective investments in additional programs and product offerings."
Operating income decreased $4.2 million, or 17.4%, to $19.7 million from $23.8 million in the third quarter of 2006. The decrease in revenue was partially offset by a reduction in operating costs.
For the third quarter of 2007, net income decreased $2.0 million, or 19.4%, to $8.5 million ($0.10 per basic and diluted share) from $10.5 million ($0.12 per basic and diluted share).