Citadel Revs Down 9.9% In Q4
March 2, 2010 at 2:05 PM (PT)
CITADEL BROADCASTING CORPORATION has reported certain results for Q4 and year ended DECEMBER 31st, 2009. Net revenue for Q4 of 2009 was $192.9 million as compared to $214.2 million for the fourth quarter of 2008, a decrease of $21.3 million, or 9.9%.
CITADEL explains "This decline was due in part to the discontinuance of certain network programs as well as the absence of political revenues in the fourth quarter of 2009. Excluding the discontinued programs, net revenues would have declined by approximately 7.4%. Our Radio Markets segment (radio stations) net revenue was $161.2 million in the fourth quarter of 2009 compared to $169.8 million in the same period in 2008, a decrease of approximately $8.6 million or 5.1% principally due to a decline in political revenue. Generally, our stations in larger metropolitan markets performed better than those stations in medium to small metropolitan markets."
Operating income for the fourth quarter of 2009 was $50.5 million as compared to an operating loss of $787.3 million in the corresponding 2008 period. quarter.
Chairman/CEO FARID SULEMAN commented, "The current economic environment for our industry combined with the Company’s bankruptcy filing made for a difficult fourth quarter. However, our focus on expense reductions enabled the Company to generate segment operating income of over $65 million or a decline of less than 3% when compared to the fourth quarter of 2008. In spite of the bankruptcy filing, the Company has continued to make all of the interest payments required under its senior debt and had approximately $57.4 million in cash as of DECEMBER 31st, 2009. The Company did not need to secure debtor in possession financing."
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