Citadel Q4 Revenues Drop, Income Up
February 23, 2006 at 7:52 AM (PT)
CITADEL fourth quarter net revenues fell 1.4% to $108.3 million, blamed on the loss of political ads and the impact of KATRINA on the NEW ORLEANS cluster. The company reported revenue increases in ALLENTOWN, MODESTO, and TUCSON. Net income rose from $13.8 to $15.8 million (11 to 14 cents/share, 10 to 13 cents/fully diluted share).
The company is awaiting approval of its deal to merge with ABC RADIO's 22 stations and ABC RADIO NETWORKS.