Cox Radio Posts 1st-Quarter Loss, Expects Lower Ad Sales

Cox Radio Inc., the fourth-largest U.S. radio company, had a first-quarter loss and cut its full-year revenue estimate on expectations of lower advertising sales.

The loss was $2.14 million, or 2 cents a share. In the year-earlier period, net income was $32.9 million, or 38 cents, the Atlanta-based company said. The company was expected to lose 3 cents, the average estimate of three analysts surveyed by First Call/Thomson Financial.

Revenue rose 14% to $86.5 million from $75.9 million. Full-year revenue will rise by no more than 3%, which is less than half the company’s estimate for 10% growth, said Chief Financial Officer Neil Johnston.

Shares of Cox Radio fell $1.21, or 4.6%, to $25.10 on the New York Stock Exchange. Clear Channel Communications Inc. is the largest owner of radio stations.