Citadel Revenue Increases

Citadel Broadcasting said it had record revenues in the second quarter. Net revenues were $112.5 million, up 2.4%, compared to the same period last year.
Chairman/CEO Farid Suleman noted the record revenues and station operating income were achieved despite the “continued difficult environment in the radio industry” and said Citadel is seeking to help shareholders through stock repurchases and dividends.
The company also posted a net loss for the quarter, reflecting a “non-cash asset impairment of $149.8 million … to reduce goodwill and intangible assets.”
Net revenues for the year to date are $206.5 million, also a record for the company, up 2.3%.
The company also noted its pending merger with ABC Radio, after which it expects to be the third-largest radio group in the United States.