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Cox: Another Group With a Flat Q3

Cox: Another Group With a Flat Q3

Saying he was pleased with the results in a “very difficult environment,” Cox Radio head Robert Neil said his group’s station operating income was up 2% in the last quarter compared to the same period last year. Cox is the nation’s No. 3 radio group measured by revenue.
Net revenues were $112.3 million, flat with the third quarter of 2002. Mirroring results reported by other groups, national revenue was better than local; Cox national revenues increased 10% in the quarter, while local decreased 4%.
“While the advertising environment looks to remain challenging for the remainder of the year, economic indicators point to a recovery in 2004, with initial signs of strength already being seen for the first quarter,” Neil stated. “We are optimistic for the future.” But Neil said he expects net revenues to be flat to down slightly in the fourth quarter.
For the year, Cox net revenues increased 2% to $319.1 million.