Regent Q2 Revs Up, Expenses Flat
August 7, 2008 at 5:36 AM (PT)
REGENT COMMUNICATIONS, INC. announced TODAY financial results for the quarter and six months ended JUNE 30th, 2008.
For the second quarter of 2008, net broadcast revenues increased 2.9% to $26.5 million from $25.7 million during the second quarter of 2007. For the same period, station operating expenses of $16.4 million remained flat in 2008 compared to 2007. The Company reported net income of $5.7 million for the quarter, or $0.15 per share, compared with reported net income of $3.0 million, or $0.08 per share, in the same period last year. Results for 2008 and 2007 were impacted by realized and unrealized gains and losses on derivatives.
For the first six months of 2008, net broadcast revenues of $47.3 million were slightly up compared to the same period of 2007. For the same period, station operating expenses decreased 1.1% to $31.2 million in 2008 from $31.6 million in 2007. The Company reported net income of $2.7 million for the first six months of 2008, or $0.07 per share, compared with reported net income of $1.8 million, or $0.05 per share, in 2007.
"In the second quarter, we continued to find ways to outperform the industry and our portfolio of markets due to the excellent execution of our aggressive local operating strategy," said Pres./CEO BILL STAKELIN. "The concerted investments we have made in our stations and digital footprint have enhanced our ability to consistently deliver valuable audiences to our local advertisers. Further, our sales teams are now fully versed in cross-marketing our integrated platform and they are working diligently to continue to increase our share of ad dollars. Looking ahead, we continue to face headwinds from a slowing economy and soft advertising market, but we are controlling our costs and implementing our strategic plan."