Insurance and radio company (and very little of the latter) Lincoln Financial Group reported a Q2 loss of $161 million, vs. net income of $125 million a year ago. Results for the radio group, Lincoln Financial Media, were pretty much what you’d expect.
Q2 broadcast revenues were down 16.6% to $19.1 million, but operating expenses declined as well, falling 12.3% to 13.5 million. Based on the numbers reported by the company, RBR/TVBR calculates that broadcast cash flow declined 25.3% to $5.6 million.
The big factor in Q2 for the insurance company was a $170 million after-tax loss on the sale of its former UK business. So, the core business did OK, with management reporting proudly that consolidated net flows of $2.1 billion doubled from a year ago. Obviously, the insurance folks speak a different language from broadcasters when it comes to reporting results. But we can all understand that the company was helped in the quarter by being able to sell $690 million of new stock and $500 million of senior debt.
“We have responded to the external challenges by taking aggressive steps including a diverse set of capital actions, expense-save initiatives, and product and distribution enhancements to accommodate changing client preferences and the economic realities. These actions have improved our capital position, better protect the company against further capital market fluctuations and support the continued growth of our businesses as we move forward,” declared CEO Dennis Glass.