Citadel Q1 Revenues Up
May 4, 2006 at 6:22 AM (PT)
CITADEL first quarter revenue rose 2.2% to $94 million, credited to increases in BOISE, LAFAYETTE, LA and TUCSON offset by drops in COLORADO SPRINGS, KNOXVILLE, and NASHVILLE as well as the effects of KATRINA on the NEW ORLEANS market.
Net income fell from $11.9 to $9.5 million (10 to 9 cents/basic share, 8 cents'diluted share), but the 2006 quarter includes increased non-cash stock compensation expense of $2.5 million (as opposed to 2005's $400,000).
Chairman/CEO FARID SULEMAN said that his company "reported record revenues and station operating income for the quarter in spite of a continued tough environment in the radio industry and the decline in revenue from our NEW ORLEANS stations." On the CITADEL confrernce call, SULEMAN told analysts that the company will spin off about $150 million worth of stations after closing the deal to take over ABC RADIO.