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Cox Radio Q4 Revenues Fall 2.1%
February 22, 2006 at 6:38 AM (PT)
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COX RADIO fourth quarter net revenues fell 2.1% to $108.873 million, blamed on the loss of political advertising year-to-year, and net income fell 70.1% to $5.457 million (5 cents/share), the result of a non-cash goodwill impairment charge related to a writedown in the BIRMINGHAM cluster, but Pres./CEO BOB NEIL noted that the drop was better than the industry average.
Local revenues fell 0.7% and national was off 10.4%, with MIAMI, ORLANDO, and TAMPA performing well and ATLANTA, JACKSONVILLE, LONG ISLAND, RICHMOND, BIRMINGHAM, DAYTON, and LOUISVILLE showing drops.

