Citadel Profits in Q3, Radio Revenue Up 3.7%
November 15, 2010 at 1:34 PM (PT)
CITADEL BROADCASTING CORP. reported a net income profit of $3.6 million for Q3 2010, compared to a Q3 loss of $21.3 million in 2009. A 3.7% revenue growth in its Radio segment spurred at 2.6% increase to $188.6 million, up from $183.8 million in Q3 '09.
The only bad news came from its Network radio division, where revenue fell approximately 3.7% to $28.3 million, attributed to the elimination of certain programs. CITADEL's adjusted EBITDA rose 25.7% in Q3 to $66.1 million. Consolidated net income was $3.6 million, compared to a consolidated net loss of $21.3 million in Q3 of 2009.
"The combination of revenue growth at our Radio Markets segment and a reduction in operating expenses, including lower programming costs at both our Radio Network and Radio Markets segments, continues to result in significant Adjusted EBITDA improvements," CITADEL CEO FARID SULEMAN said. "For the quarter ended SEPTEMBER 30th, 2010, Adjusted EBITDA increased approximately $13.5 million, or 25.7%, and for the nine months ended SEPTEMBER 30th, 2010, Adjusted EBITDA of $183.0 million is up approximately $46.0 million, or 33.6%. In addition, our free cash flow generated during the third quarter exceeded $40 million."