Citadel Broadcasting Reports 2010 Second Quarter Results
August 16, 2010 at 8:26 AM (PT)
CITADEL BROADCASTING CORPORATION TODAY (8/16) reported financial results for the quarter and six months ended June 30, 2010.
* Net revenue for the quarter ended JUNE 30, 2010 increased by 3.3% as compared to the prior year quarter
* Net revenue for the radio stations (Radio Markets segment) for the three months ended JUNE 30, 2010 increased 5.3% as compared to the prior year quarter
* Operating income for the second quarter of 2010 was $56.0 million compared to an operating loss of $944.1 million for the same period in 2009, which reflected asset impairment charges of $985.7 million. Excluding the asset impairment charges, operating income in the second quarter of 2010 increased by $14.4 million or 34.6%
* EBITDA was $72.5 million for the second quarter of 2010 compared to $58.4 million for the second quarter of 2009, a $14.1 million increase, or 24.1%.
Commented CEO FARID SULEMAN, "The Company’s continued focus on profitable programming and the improvement in the overall economic environment in the radio industry has resulted in increases to revenues in the first half of the year. The higher revenues were primarily driven by an improvement of approximately 5.4% at our Radio Markets segment. In addition, the Company has been able to simultaneously reduce operating expenses, resulting in an EBITDA growth of over 24% for the first half of 2010."