Citadel Pro Forma Revenues Slip For Q2
August 7, 2008 at 5:27 AM (PT)
CITADEL second-quarter net revenues rose from $141.157 million to $229.186 million, based on the addition of the ABC RADIO stations, but on a pro forma basis, revenue fell from $250.995 million to $229.702 million, attributed to lower ad revenues in local markets and $5.5 million in losses from the PAUL HARVEY and REACH MEDIA contracts.
The company's net income fell from a gain of $3.8 million to a loss of $251.6 million (+3 to -96 cents/basic share), but the 2008 figure includes $285 million ($1.09/share) of non-cash impairment charges. 2007's income included $8.3 million of non-cash asset impairment charges, net of tax, (6 cents/basic share), $4.9 million of stock-based compensation expense (3 cents/basic share) and additional state income tax expense associated with an increase in the Company’s effective state tax rate of approximately $2.3 million (2 cents/basic share).