Westwood One Revenues Up 12.1% In Q3
November 16, 2010 at 4:24 AM (PT)
WESTWOOD ONE third-quarter revenue rose 12.1% to $88 million, with Network Radio revenue up 9.3% to $44.2 million and METRO TRAFFIC up 15% to $43.7 million (radio up 16%, television up 11.9%). Network revenue increases were credited to rises for sports, news, music and entertainment programming, partially offset by declines in Talk radio.
The company recorded a net loss of $7.2 million (35 cents/diluted share), compared with a net loss of $53.6 million ($10.03/diluted share) in 2009, the latter number of which included an impairment charge of $50.5 million and a reduced tax benefit of $8 million. Per share amounts reflect the effect of the 200-for-1 reverse stock split of WESTWOOD ONE's common stock that occurred on AUGUST 3rd, 2009.
"We have achieved revenue increases in each of our businesses in the third quarter," said Pres. ROD SHERWOOD. "Our METRO TRAFFIC Radio and Television businesses experienced double-digit revenue increases, and Network Radio revenue grew by 9.3%. We outpaced growth in the market for the third quarter where local/national spot radio advertising was up 5%, and network advertising was up 4.6%, according to industry analysts. This growth reflects a stabilizing advertising market. It also reflects the results of our three-pronged strategy of providing solutions to our advertising customers, offering new programming to an expanded affiliate base, and investing in our sales force and infrastructure to grow revenue and continually improve our client service."
The company said in its release, "Although the economic outlook remains uncertain, advertisers are maintaining momentum in the marketplace and are continuing to execute their advertising spending plans in the fourth quarter. The Company is cautiously optimistic that the third quarter revenue growth trajectory in Network Radio and METRO TRAFFIC Radio will continue in the fourth quarter on a year-over-year basis, based on favorable bookings to date."