Westwood One Q3 Revs Off 18.5%, Net Loss Widens

RADIO ONLINE | , , | :am CT

Westwood One reported third quarter revenue fell 18.5% to $78.5 million from $96.3 million in 2008, mainly due to significant declines in ad revenue. Q3 operating loss declined to $60.1 million from $7.6 million, on a non-cash goodwill impairment charge of $50.4 million. The company posted a net loss of $53.5 million ($10.03 per share) as compared with a net loss of $0.01 million ($2.88 share) in the year-ago period.

"Westwood One is positioned to take advantage of an economic recovery once advertising spending in the radio industry begins to improve," said President/CEO Rod Sherwood. "Our strategic focus has been on realigning our capital structure, reducing operating expenses, and completing our operational turnaround, along with implementing revenue initiatives."

He continued, "We have invested in the strategic revenue drivers of the business by developing new programming, increasing our sales force and expanding our distribution channels." said Sherwood. "We are single-mindedly focused on our core mission of meeting our affiliates' and advertising customers' needs with quality programming and services that will help build their businesses."

Network radio revenue for Q3 was down 16% to $40.4 million from $48.1 million. Revenue for Metro Traffic was also down, falling 21% to $38 million as compared to $48.2 million.