Revenues Up 9.9% For Arbitron
October 21, 2008 at 5:30 AM (PT)
ARBITRON has announced their financial results for the third quarter ended SEPTEMBER 30th, 2008. Net income for the quarter was $17.0 million, or $0.63 per share (diluted), compared with $17.2 million, or $0.58 per share (diluted) for the third quarter of 2007.
For the third quarter of 2008, the Company reported revenue of $102.5 million, an increase of 9.9% over revenue of $93.3 million during the third quarter of 2007.
Costs and expenses for the third quarter increased by 14.5%, from $63.0 million in 2007 to $72.1 million in 2008, due primarily to planned expenditures for the commercialization of the PORTABLE PEOPLE METER ratings service. In the third quarter of 2008, share-based compensation amounted to $2.1 million, up from $1.6 million in the third quarter of 2007.
Earnings before interest and income tax expense (EBIT) for the quarter were $28.2 million, compared with EBIT of $27.1 million for the third quarter of 2007.
Chairman/Pres./CEO STEPHEN MORRIS commented, "On OCTOBER 6th, 2008, ARBITRON commercialized the PORTABLE PEOPLE METER radio ratings services in eight new markets, including in NEW YORK, LOS ANGELES, CHICAGO and SAN FRANCISCO. Our priority, as we launch these services, is to continue the help we are giving broadcasters and agencies in their transition to electronic measurement and to maintain advertiser confidence in radio as one of the most effective of all ad media."
"In the third quarter, we announced significant quality enhancements to our diary services, including a plan to add cell-phone-only households to the diary sample and to accelerate the development of electronic and online alternatives to the paper and pencil diary for all markets," MORRIS continued. "We realize that any transition brings both challenges and opportunities. Our goal is to work through the challenges and to take advantage of the opportunities for the radio industry."