Citadel Q3 Revs Down 14.1%, Earnings Swing to Loss

RADIO ONLINE | , , | :am CT

In a 10-Q filing, Citadel Broadcasting reported third quarter net revenues fell 14.1% to $183.8 million from $213.9 million in 2008. Radio revenues declined 9.9% to $155.8 million from $172.9 million, while radio operating income (OI) was flat at $51.4 million. The company posted a net loss of $21.3 million (8 cents per share), compared to net earnings of $28 million (10 cents) in the year-ago period.

Net revenue for Citadel Media (formerly ABC Radio Networks) fell 31.5% to $29.4 million from $42.9 million -- due mainly to the loss of the Sean Hannity and Paul Harvey network programs. These properties accounted for some $8 million of the net revenue decline.