Citadel Reports Revs Down 10.9%
November 6, 2008 at 12:11 PM (PT)
CITADEL BROADCASTING has reported its results for the third quarter of 2008. Net revenues for the third quarter of 2008 were $213.9 million as compared to $240.2 million for the third quarter of 2007, a decrease of $26.3 million, or 10.9%.
This decline is due principally to lower revenues of $20.9 million from the company's Radio Markets and $5.4 million at the Radio Network, due primarily to lower revenues from the PAUL HARVEY and REACH MEDIA shows. Operating income for the third quarter of 2008 was $45.2 million as compared to an operating loss of $427.4 million in the corresponding 2007 period.
Chairman/CEO FARID SULEMAN commented: "In the current economic environment, the Company continues to focus on the reduction of costs in all areas as well as the repayment of debt, while continuing to invest in profitable programming. As a result of the above actions, the Company was able to generate approximately $94 million of free cash flow for the nine months ended SEPTEMBER 30th, 2008, including approximately $34 million for the three months ended SEPTEMBER 30th, 2008."