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Old 11-06-2006, 02:45 PM   #1
Jon
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Exclamation Radio Q3 Reports: Citadel, Salem, others

Radio Q3 Reports: Citadel, Salem November 6, 2006
Citadel Broadcasting's third quarter net revenue increased by 2.6 percent up to $112.5 million. Operating income dropped slightly from $40.8 million to $40.3 million, with net income down as well, from $20.5 million to $18.4 million.
Salem Communications saw its radio ad revenue weaken in the third quarter, but was offset in the big picture by the company's Internet and publishing divisions. Overall revenue grew by 9.3 percent to $57 million. Broadcasting net revenue still was up by 4.3 percent to $52.5 million from $50.3 million.
Beasley Broadcast Group also has announced its Q3 numbers, with revenue falling by 3.1 percent to $31.1 million, while net income dipped by 37.1 percent to $2.4 million. The company reported the the decline in revenues came from lower revenue from its Philadelphia and Miami clusters, though stations in Las Vegas and Augusta, GA were more successful.
CBS announced its overall third quarter fiscal results, with CBS Radio seeing its revenues fall by six percent to $508.1 million. During Q3, CBS Radio saw a number a changes, including the layoff of over 100 employees in July. Severance packages and compensation contributed to a 10 percent drop in operating income, to $201.7 million. The company also plans to sell more stations in Fresno, CA and Greensboro, NC. The overall net income at CBS was up one percent from Q3 2005.
Clear Channel has released its third quarter fiscal numbers, with a 9.5 percent decline in its profits, though revenues were up. Profits dropped from $205.5 million last year to $185.9 million, while revenue rose by seven percent to $1.79 billion. CC Radio's revenue increased by five percent thanks to higher national advertising, specifically in automobiles, retail and entertainment categories. "Less Is More" continues to grow, as the company noted that more of its :30 and :15 spots were sold in the quarter as compared to 2005. Operating expenses grew by five percent to $1.16 billion.
Entercom saw its third quarter net revenues fall by one percent to $114.3 million, while net income dropped from approximately $22.1 million to $16.2 million.
Entravision released its Q3 numbers, and also announced it may have to re-state its second quarter numbers, due to a possible accounting error. For the third quarter, the company's losses narrowed from $12.8 million to $108,000, while radio revenue grew by four percent to $27.5 million. Entravision may have overstated its Q2 earnings by $6.5 million and is investigating the matter.
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