ABC Radio assets officially became a part of Citadel Broadcasting, and adding their Q2 2007 results into the pot brought the company's net revenue total to 141.2M. Take it out for a pro forma snapshot, and the total 31.3M to 109.9M, which is a 2.3% decrease from Q2 2006's 112.5M performance. The company blamed the decrease on reversals in several markets, including Birmingham AL, where it is undergoing format changes, along with weak conditions in Providence RI and an unexpected down streak in western markets, including Tucson AZ and Modesto CA. The quarter included a non-cash impairment of 13.6M, which is a write-down of the carrying value of the 11 stations it has to sell due to the ABC acquisition.
Chairman/CEO Farid Suleman said, "The completion of the merger with ABC Radio was a major accomplishment for the quarter and the Company is excited about the addition of these large market radio stations, the ABC Radio Network and the significant on-air talent and management experience that is part of the ABC Radio business. For the balance of 2007, the Company is focused on the integration of the ABC Radio and Network business with our existing operations and the sale of certain radio stations which is expected to reduce the Company's outstanding indebtedness."
