Cox Revenues Up For Both Q4 And 2007
March 5, 2008 at 5:40 AM (PT)
COX RADIO narrowed its quarterly loss as it benefited from strong local revenue growth in its largest market, ATLANTA. The company's fourth-quarter net loss narrowed to $52.1 million, or 57 cents per share, from a loss of $88 million, or 93 cents per share, a year earlier. Revenue rose 1.1% to $114.3 million.
The results for the latest fouth quarter included a $117.1 million non-cash impairment charge to reduce the carrying value of certain intangible assets.
Pres./CEO BOB NEIL commented, "2007 marked another year of solid operating performance from our stations. Our growth in net revenues of 1% once again outpaced the markets in which we operate and the industry as a whole. I'm especially pleased with our stations in ATLANTA, BIRMINGHAM and GREENVILLE, which led our company this year in revenue growth, generating substantial increases over 2006 and dramatically outperforming their respective markets in revenue growth." NEIL continued, "While the outlook for the overall economy remains uncertain, our focus remains balanced between operating our business as efficiently as possible and making the investments necessary to sustain and improve our powerful local brands."