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2005: A year best forgotten
Wall Street traders beat up on radio stocks in 2005 - - and not without justification. With only one month left to be reported, the RAB said that radio revenues were flat through November (12/28/05 RBR #251) - - a worse showing than even the most pessimistic forecasters had been looking for as the year began. Of the 28 terrestrial and satellite radio stocks reported daily by RBR, only four managed to post growth in 2005. Jefferson-Pilot, which is primarily an insurance company, rose on a deal to sell the entire company to Lincoln National. Emmis Communications rose because it spent much of the year selling off its TV assets, with a couple of deals yet to be announced. Gaylord, which is barely even in radio any more with a single AM station, rose on the strength of its hotel business. So, of the four gainers, the only one to move up on the strength of its broadcast performance was Univision - - and it rose only 0.4% for the year. RBR's Radio Index began falling in January and never looked back. By the time the year was over, our index of 15 companies whose main business is radio had fallen 21.1%. The year's worst performers were Spanish Broadcasting System, which plunged 51.6% as investors punished the radio company severely for announcing plans to enter TV as well, and Interep, a penny stock which dropped 52% in the face of a terrible year for national sales and some prominent client defections. Read 'em and weep.
2005 radio stock performance
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Radio
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12/31/04
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12/30/05
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2005
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2005
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Company
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Close
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Close
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Net Chg
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Jefferson-Pilot
|
51.96
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56.93
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4.97
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9.57%
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Gaylord
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41.53
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43.59
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2.06
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4.96%
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Emmis
|
19.19
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19.91
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0.72
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3.75%
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Univision
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29.27
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29.39
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0.12
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0.41%
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Arbitron
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39.18
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37.98
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-1.20
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-3.06%
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Clear Channel
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33.49
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31.45
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-2.04
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-6.09%
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Hearst-Argyle
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26.38
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23.85
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-2.53
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-9.59%
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Viacom, Cl. B
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36.39
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32.60
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-3.79
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-10.41%
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Viacom, Cl. A
|
37.08
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32.76
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-4.32
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-11.65%
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Sirius
|
7.62
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6.70
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-0.92
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-12.07%
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Regent
|
5.30
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4.64
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-0.66
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-12.45%
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Disney
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27.80
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23.97
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-3.83
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-13.78%
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|
Cox Radio
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16.48
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14.08
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-2.40
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-14.56%
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|
Entravision
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8.35
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7.12
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-1.23
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-14.73%
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|
Fisher
|
48.88
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41.43
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-7.45
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-15.24%
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Citadel
|
16.18
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13.44
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-2.74
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-16.93%
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|
Entercom
|
35.89
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29.67
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-6.22
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-17.33%
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Cumulus
|
15.08
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12.41
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-2.67
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-17.71%
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|
Journal
|
18.07
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13.95
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-4.12
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-22.80%
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|
Beasley
|
17.53
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13.51
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-4.02
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-22.93%
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|
XM
|
37.62
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27.28
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-10.34
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-27.49%
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|
Salem
|
24.95
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17.49
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-7.46
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-29.90%
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|
Saga
|
16.85
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10.87
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-5.98
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-35.49%
|
|
Radio One, Cl. D
|
16.12
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10.35
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-5.77
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-35.79%
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|
Radio One, Cl. A
|
16.10
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10.27
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-5.83
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-36.21%
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|
Westwood One
|
26.93
|
16.30
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-10.63
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-39.47%
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SBS
|
10.56
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5.11
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-5.45
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-51.61%
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|
Interep
|
0.75
|
0.36
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-0.39
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-52.00%
|
|
Radio Index
|
229.85
|
181.30
|
-48.55
|
-21.12%
|
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