Westwood One reported that Q3 revenues were down 8.8% to 108.1 million, but that was roughly three million better than analysts had been expecting. An even bigger surprise was an 8.4% decrease in cash operating expenses. Bear Stearns analyst Christopher Ensley note that company guidance had indicated an expense increase in the low single digits and he had figured 3.5% in his modeling. So, while EBITDA was down 12.9% to 28.1 million, that was way op from the 16 million that Ensley had been expecting and the Street consensus of 15.5 million.
Here is WW1’s guidance for the remainder of 2007: "The Company expects its full year revenue to decrease low double digits and operating costs to decrease mid to high-single digits compared with 2006. Accordingly, we expect full year Adjusted EBITDA to exceed 90 million."