Cox Radio Inc. reported Monday that first-quarter income fell 91% to $2.8 million, reflecting an extraordinary gain in the year-earlier quarter, while revenues rocketed 78.6% to $52.1 million.
The revenue gain was largely attributable to the acquisition of NewCity Communications in the second quarter of 1997. Still, on a same-station basis, net revenues managed a respectable 11.7% gain to total $32.0 million for the quarter.
The same basis also saw all-important cash flow — earnings before interest, taxes, depreciation and amortization — rise 31% to $11.9 million.
Cox Radio, in which privately held Cox Enterprises maintains a 75% stake after spinning the unit off as a publicly traded company, is among the country’s top-10 radio broadcasters, with ownership or pending ownership or management in place for 58 stations in 13 markets.