Even though it remains in Chapter 11 bankruptcy reorganization, Citadel Broadcasting Corporation still reports quarterly financial data. For Q1, radio station revenues were up 5.5% to $138.1 million, while network radio revenues fell 3.1% to 28.1 million.
Total revenue for the company rose 3.8% to $165 million from $158.9 million for Q1 of 2009.
Operating income improved dramatically for both divisions. Radio station operating income improved nearly 30% to $46.4 million. The network division flipped from an operating loss a year ago of $4.3 million to operating income of $3.4 million. For the entire company, segment operating income improved 58% to $49.7 million.
Since it is in Chapter 11, Citadel does not conduct Wall Street conference calls. Here is some of what it said in its quarterly announcement about the improved financial results:
“Net revenue for the first quarter of 2010 was $165.0 million as compared to $158.9 million for the first quarter of 2009, an increase of $6.1 million, or 3.8%. This increase was due to a $7.2 million revenue increase, or 5.5%, at our Radio Markets segment, slightly offset by a $0.9 million revenue decrease at our Radio Network segment. The increase in revenue at our Radio Markets segment is primarily due to increases in both national and local advertising. Generally, our stations in larger metropolitan markets performed better than those stations in medium to small metropolitan markets. Our stations in Los Angeles, CA, Detroit, MI and Dallas, TX showed significant revenue growth, while revenues at our Salt Lake City, UT and Washington, D.C. stations were lower when compared to the prior year quarter. Operating income for the first quarter of 2010 was $37.1 million as compared to $14.2 million in the corresponding 2009 period, an increase of approximately $22.9 million, or 161.3%. The increase in operating income is primarily the result of higher revenue of $6.1 million, lower station and network operating expenses of approximately $13.4 million and lower depreciation and amortization of $3.4 million.”
