Regent Q1 Revenue, Income Fall
May 5, 2006 at 9:20 AM (PT)
REGENT COMMUNICATIONS first quarter revenue dropped 1% to $18.493 million, with net income off from $386,000. to $64,000. (1 cent/share to zero).
Pres./CEO BILL STAKELIN said that "our first quarter revenues paced in line with the industry and slightly ahead of our internal expectations. We faced difficult comparisons given our revenue increase of 7% in the comparable period in 2005. We are continuing to work through a challenging environment by executing our multi-pronged strategy. First, we are supporting our strong ratings by investing in quality content, while effectively marketing our stations to target audiences in our local markets. Second, we have joined with our industry peers in prudently investing in new digital distribution channels that will significantly strengthen our overall value proposition to both our listeners and our advertisers. And, third, we are continuing to review our portfolio, as well as potential acquisition opportunities, with the goal of maximizing the value of our assets, as well as our ability to drive future cash flows."