Regent Q1 Revs Fall 12.3%, Loss Widens on Charge

RADIO ONLINE | , , | :am CT

Regent Communications reported first quarter net broadcast revenues fell 12.3% to $18.3 million from $20.8 million in 2008. Station operating expenses decreased 6.4% to $13.8 million from $14.8 million. The company posted a net loss of $32.5 million (81 cents per share) compared with a net loss of $3 million (8 cents) in the same period last year. The earnings included a pre-tax non-cash impairment charge of $31.8 million.

On a same station basis, net broadcast revenue fell 13.4% to $17.4 million compared to $20.1 million. Same station operating income decreased 29.2% to $4.2 million from $6 million.

"Our first quarter performance was impacted by the ongoing national recession which resulted in an industry-wide advertising slowdown. This was partially offset in part by our consistent ability to outperform both our industry and our portfolio of markets, as well as our efforts to reduce our operating costs and adjust to ever changing market dynamics," said President/CEO Bill Stakelin.

He continued, "During the quarter, our aggressive Interactive program continued to gain additional traction with advertisers and listeners, and we further monetized our online presence. In addition, we continued to deliver large audience shares across our station clusters. Looking ahead, the environment remains challenging, but we are continuing to implement our strategy while operating as efficiently as possible."