Interep Q4 Revenues Fall, FY2005 Up
April 3, 2006 at 6:05 AM (PT)
INTEREP commission revenue fell 7.2% to $1.6 million for fourth quarter 2005, blamed on the loss of CUMULUS and RADIO ONE as clients and 2004 election revenur. Net loss widened from $1.9 to $4.1 million (17 to 37 cents/share), attributed to contract termination differences. Full year commission revebues rose 2.1% to $80.1 million and net loss narroewd from $7.5 to $3.5 million (70 to 31 cents/share).
Chairman/CEO RALPH GUILD said in a press release that "we are pleased to report that despite the loss of CUMULUS and RADIO ONE in 2005, our commission revenue for the year increased over 2004. This is a very positive statement on the performance of our sales team on behalf of our client radio stations, as well as our success in signing on new clients at improved revenue rates per contract, and the significant growth in new business development produced by the INTEREP MARKETING GROUP.
"As we projected in our last earnings release, however, the fourth quarter proved more challenging since it was the first quarter that fully reflected the contract terminations discussed above. We will continue to try to offset these losses though increased sales for on- going stations, continued new station acquisitions and further streamlining of our operations."