Citadel Q2 Revenues Off 17.9%
August 10, 2009 at 3:35 PM (PT)
CITADEL BROADCASTING CORP. second-quarter net revenue dropped 17.9% to $188.1 million, with $8.2 million of the decline attributed to the loss of the SEAN HANNITY syndication and the end of PAUL HARVEY's programs with his passing.
Net revenue for the company's stations fell 15.6% to $156.2 million, with large-market stations generally performing better than medium and small-market stations. Net revenue for the company's Radio Network division dropped 28.4% to $33 million.
Large asset impairment charges sent the company to a consolidated operating loss of $944.1 million compared to $299.5 million last year. This year's figure included asset impairment charges of $985.7 million, with last year's figure including an asset impairment charge of $364.4 million.
The company's SEC filing once again contained the standard warning that it anticipates difficulty meeting its debt obligations in 2010 and may face acceleration of its indebtedness.