Citadel Q1 Revenues Fall 22.8%
May 8, 2009 at 2:37 PM (PT)
CITADEL BROADCASTING CORP. first-quarter net revenues, disclosed in its Form 10-Q Quarterly Report filed FRIDAY (5/8) with the SEC, fell 22.8% to $158.9 million, with local revenue off 20.7% to $104.3 million and national revenue off 10% to $54.6 million. Network operation revenue fell from $46.425 million to $28.974 million, with the drop attributed to the decline of ad revenue plus the move of SEAN HANNITY's show to PREMIERE RADIO NETWORKS. The company's net loss narrowed from $8.273 million to $5.305 million (3 to 2 cents/share)
The company also announced FRIDAY that it has discontinued holding quarterly earnings calls and will no longer issue quarterly earnings releases through at least the end of 2009.