Cox Radio’s Revenue Rises, but Profit Drops

Cox Radio Inc., the nation’s No.3 radio broadcaster, reported higher revenue but sharply lower income for the third-quarter, due to an unusual gain in the year-earlier period.

Like the rest of the broadcast industry, Cox Radio said its results were hurt by the Sept. 11 attacks, which hurt advertising revenue as news was broadcast around the clock without commercial interruptions.

The Atlanta company said net income for the third quarter was $3.6 million, or 4 cents a diluted share, compared with $254.9 million, or $2.55 a share, a year earlier. Net income for the year-ago period included a gain of $244.6 million, or $2.45 a share, on the exchange of two stations in Los Angeles.

Revenue increased 4.3% to $99.2 million.

Cox Radio shares were up $1.77, or 7.9%, at $24.15 on the NYSE.