Weaker advertising revenue and an impairment charge to reduce the carrying value of FCC licenses and goodwill dragged Cox Radio Inc. into the red for 2008.
The Atlanta-based radio station owner and operator had a net loss of $404 million and a loss per share of $4.80, compared with net income of $1.9 million and earnings of 2 cents a share in 2007.
The results for 2008 include a non-cash $749.3 million charge for write-downs of impaired Federal Communications Commission licenses and goodwill.
Annual revenue plunged 18.3 percent to $146.2 million. Revenue dropped in the majority of Cox Radio’s markets relative due to continued weakness in the general economy and particularly the advertising market. Local revenue decreased 7.2 percent, national revenue dropped 11.7 percent and other revenue dipped 3 percent. Markets with lower revenue included Atlanta; Orland o, Fla.; Miami; Tampa, Fla.; San Antonio; southern Connecticut; Jacksonville, Fla.; and Richmond, Va.
Cox Radio (NYSE: CXR) owns, operates or provides sales or marketing services for 86 stations (71 FM and 15 AM) in 19 markets. In San Antonio, the company owns KCYY Y-100 FM, 99.5 KISS FM, KKYX AM, KONO 101.1 FM, Power 106.7 FM and MAGIC 105.3 FM.
via Cox Radio posts $404 million loss – San Antonio Business Journal:.
