Cox Radio Posts Wider 1st-Quarter Loss
Cox Radio Inc., the third-largest U.S. radio company, had a wider first-quarter loss because of acquisition-related costs.
The loss widened to $6.61 million, or 7 cents a share, from $2.14million, or 2 cents, a year earlier. Second-quarter profit is forecast to be 15 cents, below the 16-cent average estimate of nine analysts surveyed by Thomson Financial/First Call.
Cox said it had $13.9 million in costs in the first quarter to write down the value of acquisitions.
First-quarter sales fell less than 1% to $86 million from $86.5 million as companies spent less to advertise on Cox’s radio stations. The Atlanta-based company said it expects second-quarter sales of $110million. Cox earned 6 cents a share on sales of $107.9 million in the year-earlier period.
Cox shares rose $1.78 to close at $28.64 on the New York Stock Exchange.
The company owns, operates or provides sales and marketing services for 79 stations in 18 markets, including Atlanta, Houston, Miami and San Antonio.
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