Regent Down 13.9% In Q3
November 5, 2009 at 5:24 AM (PT)
REGENT COMMUNICATIONS has announced financial results for the quarter and nine months ended SEPTEMBER 30th, 2009. For Q3, net broadcast revenues decreased 13.9% to $21.8 million from $25.3 million during the third quarter of 2008. For the same period, station operating expenses decreased 4.8% to $14.6 million in 2009 compared to $15.3 million in 2008.
The Company reported a net loss of $0.4 million for the quarter, or $0.01 per share, compared with a reported net loss of $46.3 million, or $1.19 per share, in the same period last year. "Results for 2008 were significantly impacted by a pre-tax non-cash impairment charge of $67.5 million related to the Company's review of its indefinite-lived intangible assets and goodwill."
"During the third quarter, we continued to execute our strategic plan to expand our presence among advertisers and audiences across our local market footprint, while aggressively controlling our costs," said Pres./CEO BILL STAKELIN. "Our revenue results reflect the weak advertising market nationwide, offset in part by our consistent ability to outperform the overall radio industry and our portfolio of markets."