Regent Revs Down 12.3% In Q1
May 8, 2009 at 5:33 AM (PT)
REGENT COMMUNICATIONS has reported financial results for the quarter ended MARCH 31st, 2009.
Net broadcast revenues decreased 12.3% to approximately $18.3 million from $20.8 million reported for the first quarter of 2008. Station operating expenses decreased 6.4% in the first quarter of 2009 compared to the first quarter of 2008. Net loss for the first quarter of 2009 was approximately $32.5 million, or $0.81 per share, compared with reported net loss of approximately $3.0 million or $0.08 per share, in the same period last year.
"Our first-quarter performance was impacted by the ongoing national recession which resulted in an industry-wide advertising slowdown. This was partially offset in part by our consistent ability to outperform both our industry and our portfolio of markets, as well as our efforts to reduce our operating costs and adjust to ever changing market dynamics," said Pres./CEO BILL STAKELIN. "During the quarter, our aggressive Interactive program continued to gain additional traction with advertisers and listeners, and we further monetized our online presence. In addition, we continued to deliver large audience shares across our station clusters. Looking ahead, the environment remains challenging, but we are continuing to implement our strategy while operating as efficiently as possible. We have maintained strong relationships with our local advertisers and we are well-positioned to benefit as the economy begins to recover."