Citadel Q2 Net Revenue Gains 5.3%, Radio Unit Up

RADIO ONLINE | Monday, August 16, 2010 | 2:35pm CT

Citadel Broadcasting posted a 5.3% rise in net revenue for the second quarter to increased 5.3% as compared to the prior year. Operating income was $56 million compared to $194.4 million from $188 million in 2009. EBITDA was $72.5 million, up 24.1% to $58.4 million. Net revenue from the company's radio unit rose to $164.4 million from $156.1 million.

CEO Farid Suleman commented, "The company's continued focus on profitable programming and the improvement in the overall economic environment in the radio industry has resulted in increases to revenues in the first half of the year. The higher revenues were primarily driven by an improvement of approximately 5.4% at our Radio Markets segment. In addition, the Company has been able to simultaneously reduce operating expenses."