Cox Cautious About Third Quarter Outlook

Cox Cautious About Third Quarter Outlook
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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.