Cox Radio Q2 Revenues Fall
July 30, 2008 at 5:37 AM (PT)
COX RADIO second quarter net revenues fell 8.3% to $108.2 million, with local revenues off 6.1% and national down 17.5%. LONG ISLAND, BIRMINGHAM, and TULSA clusters saw growth, offset by declines in ATLANTA, ORLANDO, MIAMI, TAMPA, HOUSTON, and JACKSONVILLE. Income fell from a gain of $20.3 million to a loss of $75.4 million, with 2008's number impacted by a $147.6 million non-cash impairment charge ($96.8 million net of tax) to reduce the carrying value of intangible assets in GREENVILLE, HONOLULU, HOUSTON, JACKSONVILLE, LOUISVILLE, MIAMI, RICHMOND, SAN ANTONIO, SOUTHERN CONNECTICUT, and TULSA to their estimated fair values.
President and CEO BOB NEIL said, "During the second quarter we continued to execute our strategy in the face of a difficult advertising market and slowing economy. Our radio stations are performing well from an audience perspective, our sales teams are working aggressively to attract advertisers and we are making considerable progress in strengthening and expanding our digital media presence. Given the current environment, we are focused on more aggressively controlling our costs, but continue to make strategic investments in programming and marketing where appropriate. Further, our balance sheet remains exceptionally strong; and during the quarter, we continued to execute on our share repurchase program."