Cox Radio Revenue, Income Sag For Q3
November 5, 2008 at 6:02 AM (PT)
COX RADIO third-quarter net revenues fell 6.2% to $104.864 million, with net income falling 21.4% to $15.871 million (21 to 19 cents/diluted share). Local revenues fell 3.5%, national revenues dropped 14.4%, and other revenue (including Internet) slipped 6.9%. The company said that revenue growth in HOUSTON, LONG ISLAND, BIRMINGHAM, TULSA and LOUISVILLE was offset by declines in ATLANTA, ORLANDO, MIAMI, SOUTHERN CONNECTICUT and JACKSONVILLE.
Pres./CEO BOB NEIL said, "Our third-quarter results reflect the impact of the economic downturn across the majority of our markets, offset in part by our efforts to control costs, while continuing to make strategic investments in our programming content. Through our stations and our expanding digital platform, we strive to consistently deliver significant audiences, attractive demographics and, ultimately, results for our advertisers. Despite the weak advertising climate, we remain committed to prudently executing on our operating strategy, carefully managing our expenses and maintaining a strong balance sheet."