Charges Lead To Wider Citadel Q3 Net Loss
November 9, 2007 at 10:51 AM (PT)
CITADEL BROADCASTING posted a wider net loss for third quarter, with asset impairment and disposal charges largely responsible for the deeper loss, which went from $18.4 million to $447.8 million (15 cents to $1.71/basic share). Without the charges, net income dropped a more modest $1.3 million, to $20.2 million (8 cents/basic share).
Net revenue increased from $112.52 million to $240.21 million, which includes the addition of the ABC RADIO stations in JUNE; on a pro forma basis including ABC's revenue for 2006, revenue dropped from $249.2 million last year, a 3.6% decline blamed on a $10.2 million slip in radio station revenues offset by a $1.5 million gain by ABC RADIO NETWORKS.