Arbitron Q1 Revenue $65+ Million

Arbitron Q1 Revenue $65+ Million
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Arbitron Q1 Revenue $65+ Million

For the first quarter of the year, Arbitron reported revenue of $65.9 million, an increase of 9.5% over revenue of $60.2 million during the first quarter of 2001. Earnings before interest and taxes for the quarter were $27.6 million, compared with EBIT of $27.3 million during the same period last year. Net income for the quarter was $14.2 million, compared with $16.3 million for the first quarter of 2001.
Cost and expenses were higher than last year because of planned increased spending related to the RADAR service, the Portable People Meter initiative, royalties, data collection, and research and development. Net income compared to 2001 declined as a result of interest expense related to the debt incurred in connection with the reverse spin-off from Ceridian on March 30, 2001.
In announcing the results, Stephen Morris, president and chief executive officer of Arbitron said, "Our core business remains solid and continues to grow, even with the challenging economic environment. In the first quarter, we generated near double-digit percentage revenue growth, in part due to revenue from our recent RADAR acquisition. Our net earnings for the quarter were in line with our expectations and we remain on track in terms of our expectations for 2002."