Citadel Communications Corp. and its subsidiary, Citadel Broadcasting, on Thursday reported record second-quarter revenues and broadcast cash flow.
For the three months ended June 30, Citadel said consolidated net revenues increased 94% to $34.8 million from $17.9 million in the same period of 1997 — growth that Citadel chairman and CEO Larry Wilson said reflected the company’s long-term strategy to grow its midmarket station portfolio while enhancing the performance of its station groups.
Cash flow leap
Broadcast cash flow — station operating income excluding depreciation, amortization, and corporate general and administrative expenses — jumped 129% to $11.2 million, from $4.9 million a year ago. Citadel Broadcasting currently owns and operates radio stations in midsized markets.
On a same-station basis, 1998 second-quarter net revenue increased 15% to $20 million, compared with $17.4 million in the corresponding period of 1997. Broadcast cash flow on a same-station basis increased 29% to $6.3 million for the second quarter of 1998 from $4.9 million for the same period of 1997.
Citadel reported a net loss in 1998 from continuing operations applicable to common shares of $5.3 million, or $1.58 per share, compared to a net loss of $200,000 (8¢) in the second quarter of 1997.
Also reported was a net loss from continuing operations applicable to common shares of $5.3 million, or $132.13 per share, for the second quarter of 1998, compared to a net loss of $200,000 ($6.03) in the second quarter of 1997.
The net loss increase is primarily due to higher non-cash depreciation and amortization expenses and interest expense related to station acquisitions as well as the dividend requirements resulting from the public issuance of its common stock.