Cox Revs Down For Q4 And 2008
March 4, 2009 at 5:40 AM (PT)
COX RADIO has reported financial results for the three-month and 12-month periods ended DECEMBER 31st, 2008.
Net revenues for the fourth quarter of 2008 were $99.3 million, down 13.1% from the fourth quarter of 2007. COX wrote, "Due to the current economic downturn, many of our advertisers have reduced spending on advertising. Local revenues decreased 14.4%, national revenues decreased 10.3% and other revenues, which include Internet and other non-traditional revenues, decreased 9.4%, each as compared to the fourth quarter of 2007. Overall, revenues have declined in the majority of our markets relative to the prior year due to continued weakness in the general economy and, more specifically, the advertising market."
Net revenues for 2008 decreased $34.6 million, a 7.8% decrease compared to 2007. Local revenues decreased 7.2%, national revenues decreased 11.7% and other revenues decreased 3.0%, each as compared to 2007, "due to overall weakness in the economy and the advertising market," wrote COX. "Our stations in LONG ISLAND, BIRMINGHAM and TULSA delivered revenue growth during 2008. Those increases were more than offset by results of our stations in ATLANTA, ORLANDO, MIAMI, TAMPA, SAN ANTONIO, SOUTHERN CONNECTICUT, JACKSONVILLE and RICHMOND, where revenues were down for 2008."