Regent Q1 Down 3.1%
May 5, 2008 at 5:35 AM (PT)
REGENT COMMUNICATIONS announced today financial results for the quarter ended MARCH 31st, 2008. Net broadcast revenues decreased 3.1% to approximately $20.8 million from $21.5 million reported for the first quarter of 2007. Net loss for the first quarter of 2008 was approximately $3.0 million, or $0.08 per share, compared with reported net loss of approximately $1.2 million or $0.03 per share, in the same period last year.
Pres./CEO BILL STAKELIN commented, "During the first quarter, we continued to execute on our operating plan in the face of a challenging advertising market. We continued to drive large local audiences across our clusters and gained traction in strengthening and expanding our integrated online platform. Our revenue decrease, which was in line with our guidance and substantially less than the industry decline, primarily reflects the impact of the economic downturn on selected markets and weakness in certain advertising categories. However, we continued to control our costs and we posted cash flow gains ahead of expectations. In the months ahead, we will continue to focus on building on our leadership position in the nation's mid-sized markets by growing our audiences and monetizing our footprint through our cross-platform strategy."