President & CEO Jeff Smulyan was proud of his group for continuing its long-term trend of outperforming its markets. It produced an actual net revenue pro forma gain during its Q4 2015, but a non-cash impairment charge poked a hole in the margins.
On an as-reported basis it increase 20% to $38.8M; pro forma, it increased 0.8%, which is not as impressive but looks good compared to the way Q1 went for most radio companies.
