Westwood One Revenues Up 8.1% For Q1
May 17, 2010 at 11:12 AM (PT)
WESTWOOD ONE first quarter revenues rose 8.1% to $92.8 million, the first year-to-year quarterly increase the company has seen since 2005. Earnings (on an Adjusted EBITDA basis) increased approximately $9 million, from a loss of $6.9 million to an Adjusted EBITDA profit of $2.1 million, primarily attributed to increased advertising revenue, and lower operating costs. Net loss narrowed from $15.2 million ($33.95/diluted share) to $6.9 million (34 cents/diluted share) (per-share numbers reflect the 200-for-1 reverse stock split last AUGUST 3rd).
"Revenue increased in both of our businesses," said President ROD SHERWOOD, "with Network Radio up 8.6% (to $55.6 million) and METRO TRAFFIC up 7.5% (to $37.3 million), reflecting increased advertising spending both nationally and locally. In addition to reflecting the initial signs of growth in the economy, this increase is also a result of our strategic focus on meeting the needs of our advertising and affiliate customers, and investing in areas with the most potential for revenue growth."
"The measures we took in 2009 positioned us to take advantage of a recovering economy with a re-structured balance sheet, a strengthened sales force, and strong programming to attract targeted audiences for our advertisers and affiliates," added SHERWOOD. "We are beginning to see positive results from our actions, and early pacing for the second quarter is encouraging."