Q2 revenues were down 4.8% to $185 million for Citadel Broadcasting. Consolidated segment operating income (SOI) fell 10% to $70 million. Free cash flow, however, grew 0.7% to $81 million.
“During the second quarter of 2011, the Company’s revenues were negatively impacted by a slow down in the overall advertising environment, as well as a reduction in political advertising revenue. In spite of the decrease in revenues, the Company was able to increase its free cash flow for the first six months of 2011 as compared to the same period in 2010 by $0.6 million, or 0.7%, due primarily to lower cash payments for interest and lower radio station and network operating expenses. In addition, the Company has repaid $53.5 million in term loans during the first six months of 2011 and has over $100 million in cash on hand as of June 30th. The Company remains focused on working toward the consummation of the merger,” said Farid Suleman in a statement ahead of what is likely to be his last quarterly conference call with Wall Street analysts as CEO of Citadel.