Regent's Q2 Is Down 14%
August 5, 2009 at 5:32 AM (PT)
REGENT COMMUNICATIONS announced today financial results for the quarter and six months ended JUNE 30th, 2009.
For Q2, net broadcast revenues decreased 14.0% to $22.8 million from $26.5 million during the second quarter of 2008. For the same period, station operating expenses decreased 9.7% to $14.8 million in 2009 compared to $16.4 million in 2008. The Company reported net income of $3.2 million for the quarter, or $0.08 per share, compared with reported net income of $5.7 million, or $0.14 per share, in the same period last year. Results for 2009 and 2008 were impacted by realized and unrealized gains and losses on derivatives.
"Our second quarter results reflect the impact of the prolonged recession and national advertising market downturn, offset in part by our consistent revenue out-performance versus the industry, operating discipline and cost-reduction efforts," said Pres./CEO BILL STAKELIN. "Despite a challenging environment, we continue to make considerable progress in building our audience shares and advancing our digital initiatives. We have maintained strong relationships with our advertising partners and our value proposition has never been stronger. We remain committed to implementing our strategy to strengthen our competitive position while carefully managing our costs. We believe we are well-positioned to benefit as the economy begins to recover."