Regent Revs Down 5% For Q4, 1.6% For '08
March 6, 2009 at 5:59 AM (PT)
REGENT COMMUNICATIONS announced TODAY financial results for the quarter and 12 months ended December 31st, 2008.
For Q4 2008, net broadcast revenues decreased 5.0% to $23.7 million from $24.9 million in 2007 and station operating expenses decreased 3.0% to $14.8 million in 2008 from $15.3 million in 2007. The Company reported a net loss of $2.1 million for the quarter, or a $0.05 per share loss, compared with a reported net loss of $103.1 million, or a $2.69 per share loss, in the same period last year.
For the full year 2008, net broadcast revenues decreased 1.6% to $96.3 million compared to $97.9 million in the same period of 2007. For the same period, station operating expenses decreased 2.7% to $61.4 million in 2008 from $63.1 million in 2007. The Company reported a net loss of $45.7 million for the full year 2008, or a $1.18 per share loss, compared with a reported loss of $102.6 million, or a $2.68 per share loss, in 2007.
"During the past year, we continued to diligently execute our strategy, while taking steps to reduce our costs and preserve our cash flows," said Pres./CEO BILL STAKELIN. "As a result of our strong station brands, growing online presence and deep relationships with local advertisers, our results for the fourth quarter significantly outperformed the industry, marking the 19th time we have done so in the past 20 quarters. In fact, for the full year 2008, REGENT same station revenue was down 1.3% compared to the industry, which was down 9.0%, indicating a 770 basis point out-performance. The current environment remains difficult due to the national recession, but our value proposition to advertisers has never been stronger. In the year ahead, we will continue to implement our business plan to further build and capitalize on our interactive platform, strengthen our presence across our clusters and maximize our financial performance."