Cox Reports Revenues Down
November 6, 2007 at 6:06 AM (PT)
COX RADIO has released their 3rd Quarter financials, with Net revenues for the third quarter of 2007 of $111.8 million, down 0.8% from the third quarter of 2006. Local revenues decreased 0.9% and national revenues decreased 5.2%, each as compared to the third quarter of 2006. Other revenues increased 13.1% as compared to the third quarter of 2006, primarily due to a 19.7% increase in Internet revenues during the comparable period.
Pres./CEO ROBERT F. NEIL commented, "I'm pleased with the strong revenue growth our ATLANTA stations achieved this quarter, up 9% over the same period last year and substantially outpacing the ATLANTA market, which was flat for the quarter. This performance underscores the success that is possible with consistently strong ratings. Third quarter also marked the introduction of electronic ratings measurement via the PPM to the HOUSTON market. While sampling and other issues still remain related to the PPM, I'm pleased with our stations' initial ratings under this new measurement method and the potential revenue opportunity those ratings represent going forward."