Cox Cautious About Third Quarter Outlook

Cox Radio says its growth in net revenues and station operating income were the test of the three largest radio operators in the second quarter.
President/CEO Robert Neil said that 11 of its 18 clusters met or exceeded the growth of their respective markets. Net revenue was up 1.2% to $115.2 million thanks to a 7.9% hike in national ad sales; local revenues dropped 1.6%. Net income increased $0.6 million to $18.1 million for the second quarter of 2003.
Neil stated, “While national business is strong, visibility on local business continues
to be a challenge. As a result, we remain cautious in our guidance for the third quarter and expect to deliver revenue growth in the 0% to 2% range.”
Cox owns or operates 78 stations in18 markets.