Citadel Revenues Down 12.7% In Q4
March 16, 2009 at 12:43 PM (PT)
CITADEL BROADCASTING has reported financial results for the quarter and year ended DECEMBER 31, 2008.
Net revenue for the fourth quarter of 2008 was $214.2 million as compared to $245.5 million for the fourth quarter of 2007, a decrease of $31.3 million, or 12.7%. This decline was reported to be "due primarily to an industry wide decline in radio advertising."
Operating loss for the fourth quarter of 2008 was $787.3 million as compared to $1,043.9 million in the corresponding 2007 period. The fourth quarter of 2008 reflected an asset impairment and disposal charge of $836.5 million, while the fourth quarter of 2007 reflected an asset impairment and disposal charge of $1,103.1 million. Excluding the impairment charges, the decrease in operating income of $10.1 million is primarily the result of the decrease in revenue of $31.3 million partially offset by lower operating expenses due to cost reductions of approximately $20.1 million, or 11.5%, as compared to the prior year quarter and a decrease in depreciation and amortization.