Cox radio issued its first quarter report this week and it shows that profits are down about 5% from last year. The company shows a net income of $12.8 million on $97.8 million in revenue, compared with
net income of $13.5 million on $100.8 million in revenue in the first
quarter of 2007. First quarter earnings were flat at 14 cents a share.
"We continue to outperform our markets, as well as the radio
industry, from a revenue perspective despite the tough environment that
all advertising-based media are facing," said Robert F. Neil, Cox Radio
president and CEO. "I'm particularly pleased that we were able to
control our expenses during the quarter and grow our free cash flow by
more than 8 percent. As the overall economic outlook remains uncertain,
we are focused on striking the right balance of cost control and
prudent investment spending for the future."
Cox owns 86 stations in 19 markets...71 FM and 15 AM.