Regent Q2 Net Broadcast Revenues Drop 14%

RADIO ONLINE | , , | :am CT

Regent Communications reported a 14% second quarter dip in net broadcast revenues to $22.8 million from $26.5 million in 2008. Station operating expenses decreased 9.7% to $14.8 million from $16.4 million. The company posted net earning of $3.2 million (8 cents per share) as compared with $5.7 million (14 cents) in the same period last year.

"Our second quarter results reflect the impact of the prolonged recession and national advertising market downturn, offset in part by our consistent revenue out-performance versus the industry, operating discipline and cost-reduction efforts," said Regent President/CEO Bill Stakelin. "Despite a challenging environment, we continue to make considerable progress in building our audience shares and advancing our digital initiatives."