Dial Global has filed Q3 results with the SEC for Westwood One – still the legal name of the company. However, since the merger of Westwood One with Dial Global closed on October 21st, only Westwood One revenues and overhead are included in the numbers for the quarter that ended September 30.
Q3 revenues for Westwood One declined 7.6% to $40.9 million. “The decrease in revenue resulted from decreased barter revenue of approximately $2,300,000 from NFL related programs (which we believe will be utilized in the fourth quarter instead of the third quarter due to the NFL lock-out), lower sports advertising revenue of $1,331,000 (primarily from NFL related programs) and the absence of $713,000 of licensing fees related to the 24/7 formats which were sold in July 2011 to Excelsior Radio Networks, LLC, a subsidiary of Verge [the parent of Dial Global]. These were partially offset by increased advertising revenue in our network news programming of $753,000 and talk and entertainment programs of $344,000,” the filing stated.
Adjusted EBITDA dropped dramatically from $1,058,000 to $193,000 in Q3. “The decrease in Adjusted EBITDA was primarily due to decreased revenue of $3,346,000 (of which $2,300,000 was decreased barter revenue related to NFL programs), higher station compensation of $802,000 and higher other operating costs for bad debt expense of $304,000. The decrease was partially offset by lower operating costs for broadcast rights expense of $1,739,000, lower costs for facility expense of $615,000, insurance expense of $367,000 and promotion and travel expense of $283,000,” the company reported.