Arbitron Reports Q4 And 2009 Full Year Revs Rise
No Update On SBS Encoding Issue
February 18, 2010 at 7:15 AM (PT)
ARBITRON has announced results for the fourth quarter and year ended DECEMBER 31st, 2009. Net income for the fourth quarter 2009 was $12.6 million, or $0.47 per share (diluted), compared with $3.4 million, or $0.13 per share (diluted) for the fourth quarter of 2008.
Net income for Q4 2009 included a one-time tax benefit of $4.7 million, or $0.17 per share (diluted), related to a favorable state tax ruling received by the Company during the quarter. Net income in the quarter was also impacted by a $1.3 million pre-tax, non-cash charge, or $0.03 per share (diluted), related to a partial reversal of insurance reimbursement accruals that were recorded in 2008 and 2009.
We will work to complete the planned commercialization of our PPM ratings service ... improve key sample quality metrics ... Media Rating Council accreditation ... and our work toward resolving ... concerns of certain customers and governmental entities
Net income for the full year 2009 increased 13.4% to $42.2 million compared with $37.2 million in 2008.
Excluding the fourth quarter tax benefit, earnings per share (diluted) for the fourth quarter and full year 2009 would have been $0.30 and $1.41, respectively.
Revenue for the fourth quarter of 2009 was $101.5 million, an increase of 8.5% over revenue of $93.6 million during the fourth quarter of 2008.
Full Year 2009 Financial Highlights
For the full year ended DECEMBER 31st, 2009, revenue was $385.0 million, an increase of 4.4% over revenue of $368.8 million for the same period in 2008. While the continued PPM commercialization contributed significantly to revenue growth, the increase in PPM revenue was offset, to an extent, by the impact of the radio industry's economic and business challenges, wrote ARBITRON.
Pres./CEO WILLIAM T. KERR commented, "In 2009, we commercialized the PORTABLE PEOPLE METER ratings service in 19 new markets, for a total of 33 markets by year-end. We have also continued our significant focus on the needs of the radio customers in diary markets by working to enhance the quality and utility of our diary-based ratings services. We established ARBITRON's relevance in new markets through our efforts to leverage our PORTABLE PEOPLE METER technology and panels in our cross platform and away-from-home television services.
"Our priorities for 2010 are straightforward. We will work to complete the planned commercialization of our PPM ratings service while continuing our programs designed to improve key sample quality metrics, our efforts toward MEDIA RATING COUNCIL accreditation, and our work toward resolving responsibly the remaining concerns of certain customers and governmental entities.
"We also intend to strengthen and defend our core radio service, while, at the same time, leveraging the important assets we have in our PPM technology and panel. We will use these assets to further explore new lines of business such as our away-from-home television service and our cross platform measurement service."
Financial Call Today
ARBITRON CEO BILL KERR and EVP/CFO SEAN CREAMER fronted a Q4 and 2009 year end financial earnings call TODAY (2/18), but no update on the ongoing battle with SPANISH BROADCASTING SYSTEM's encoding issue was forthcoming.