Westwood One Q2: Losses Halved, Revenue Barely Drops
August 19, 2010 at 3:10 PM (PT)
WESTWOOD ONE cut its losses essentially in half, as it lost $5.4 million in Q2, compared to a net loss of $10 million in the second quarter of '09. Revenue dipped very slightly from last year -- $83.4 million vs. '09s Q2 take of $83.7 million.
The company remains bullish on the future, as it plans to take advantage of a stronger marketplace with an expanded sales force and new programming.
"As many radio companies have reported, advertising spending during the recovery from the 2009 recession slowed down in the second quarter of 2010," Pres. ROD SHERWOOD said. "While this affected our second-quarter revenue trajectory, revenue increased for the first six months of the year, driven by a strong first quarter," when revenues increased 4% to $176.3 million.