Lincoln Financial Group saw its stock soar Wednesday, after announcing insurance results that were better than Wall Street expected. Even so, the company reported a $579 million Q1 loss, based on a $600 million write-down for impairment in its annuity business. Meanwhile, it was a down quarter for Lincoln Financial Media.
The broadcasting group consists solely of radio stations these days, after the company sold off its TV group in 2007. Lincoln Financial Media saw Q1 revenues drop 31.8% to $14.8 million. Operating expenses, meanwhile, declined 16.8% to $12.9 million. Thus, by our calculation, broadcast cash flow was $1.9 million in Q1 2009, compared to $6.2 million in Q1 2008.
Radio is an extremely small part of Lincoln Financial Group. Total company income from operations in Q1 was $171 million, or 66 cents per diluted share, versus $322 million, or $1.23 per share, a year ago.