Premiere Radio Reports Steep Rise in Earnings

Premiere Radio Networks Inc., a Sherman Oaks-based producer of radio programming, reported a sharp increase in earnings, excluding non-recurring gains, for the first quarter that ended March 31.

The company posted a profit of $401,231 for the first quarter, compared to earnings of $27,143 in the same three-month period a year earlier. Both figures represented net income excluding one-time gains on the sale of a Denver radio station this year, and the sale of five program networks in the first quarter last year.

Revenue climbed to $4.24 million in the first quarter, up 7% from $3.97 million a year earlier. Steve Lehman, chief executive of Premiere Radio, attributed the improved results to “strong demand for network advertising in the industry.”