Lincoln National Q2 Revenues Fall
July 30, 2008 at 8:21 AM (PT)
LINCOLN NATIONAL CORP. (owner of radio operator LINCOLN FINANCIAL MEDIA) overall second quarter revenues fell from $2.671 billion to $2.582 billion and net income fell from $376 million to $125 million ($1.37 to 48 cents/diluted share), a 67% drop. The 2008 numbers include net realized losses on investments of $81 million, after tax, or 31 cents/diluted share, and a $139 million after tax impairment of the media assets (54 cents/diluted share). The company recorded an impairment to goodwill and other intangible assets of $139 million, after tax, associated with its media holdings, a result of weak overall market conditions and future growth estimates for revenues in the radio industry.
The company did not break out its radio revenue figures, although the "communications revenues" category showed a loss of 20.5% to $22.9 million.