WW1 Q1 Revenues, Income Plummet
May 4, 2006 at 6:25 AM (PT)
WESTWOOD ONE first quarter revenues dropped 9.9% year-to-year to $120.8 million, blamed on "adverse market conditions and a reduced demand for the Company's products and services." Net income plummeted from a gain of $13.8 million to a loss iof $3.5 million (+15 to -4 cents'basic and diluted share).
The company announced a previously authorized dividend of 10 cents/share payable MAY 30 to shareholders of record as of MAY 19. WW1's guidance for second quarter is for high single to low double digit drops in revenue and double digit declines in operating income before depreciation and amortization.