Due to the pending buyout offer from Cox Enterprises to take the company private, Cox Radio has provided an early peek at its preliminary Q1 results. You will not be surprised to learn that revenues and cash flow were down sharply.
Net revenues for the quarter declined 22.8% to $75.5 million. Meanwhile, direct operating costs were up 3.4% to $24.5 million, before adding corporate overhead. Operating cash flow dropped 63.7% to $11.4 million. EBITDA declined 62% to $10.6 million.
The bare-bones financial filing with the SEC did not include any commentary on the quarter or business trends.