In its first full quarter since emerging from Chapter 11 Citadel Broadcasting saw net revenues rise 3.7% to $188.6 million. Net income was $3.6 million, reversed from a loss of $21.3 million in Q3 of 2009.
“The combination of revenue growth at our Radio Markets segment and a reduction in operating expenses, including lower programming costs at both our Radio Network and Radio Markets segments, continues to result in significant Adjusted EBITDA improvements. For the quarter ended September 30, 2010, Adjusted EBITDA increased approximately $13.5 million, or 25.7%, and for the nine months ended September 30, 2010, Adjusted EBITDA of $183.0 million is up approximately $46.0 million, or 33.6%. In addition, our free cash flow generated during the third quarter exceeded $40 million,” said CEO Farid Suleman in a statement. Although Citadel is again a publicly traded company, its stock is not listed on any exchange and the company does not conduct quarterly Wall Street conference calls.
Revenues were up 3.7% to $161.5 million for Citadel’s radio markets, while radio network revenues decreased 3.5% to $28.3 million. The network decline was attributed to the elimination of some programs, while the company said both local and national ad sales were up for its stations – and that growth was seen in both large and medium-to-small markets.
Segment operating income for the radio markets shot up 15.5% to $67.2 million. The network operation posted segment operating income of $3.6 million, compared to a loss of a half million a year earlier. Combined segment operating income was up 22.8% to $70.9 million.
Adjusted EBITDA for the company rose 25.7% to $66.1 million.