Q3 Net Revs Down 1.6% For Regent
November 6, 2008 at 5:51 AM (PT)
REGENT COMMUNICATIONS has released financial results for the quarter and nine months ended SEPTEMBER 30th, 2008.
For the third quarter of 2008, net broadcast revenues decreased 1.6% to $25.3 million from $25.7 million during the third quarter of 2007. For the same period, 2008 station operating expenses decreased 5.5% to $15.3 million from $16.2 million in 2007. The Company reported a net loss of $46.3 million for the quarter, or $1.19 per share, compared with a reported net loss of $1.3 million, or $0.03 per share, in the same period last year.
For the first nine months of 2008, net broadcast revenues of $72.6 million were slightly down compared to the same period of 2007. For the same period, station operating expenses decreased 2.6% to $46.5 million in 2008 from $47.8 million in 2007. The Company reported a net loss of $43.6 million for the first nine months of 2008, or $1.12 per share, compared with reported net income of approximately $0.6 million, or $0.01 per share, in 2007.
"During the third quarter, we outperformed our industry by a wide margin despite a very difficult period for the economy and advertising business," said Pres./CEO BILL STAKELIN. "We also generated healthy increases in our cash flow, as we intensified our cost management without sacrificing key investment in our content, sales and interactive initiatives. We are benefiting from our focus on building and supporting market-leading station brands and consistently generating results for our advertising partners at the local level. Looking ahead, visibility is limited, but our audience share is strong, our sales teams are working aggressively to attract advertising dollars and we are committed to operating as efficiently as possible."