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Cox Reports Higher Revenues, Lower Income

Cox Reports Higher Revenues, Lower Income

Cox Radio Inc. reported $4.1 million increase in revenue for third quarter 2001, but the company’s net income was down $251.3 million. The company said that an unusually high gain in the same quarter last year made the comparison to Q3 2001 difficult.
Robert Neil, Cox Radio’s chief executive officer said that the events of Sept. 11 had a significant impact on the company’s results.
Net income per common share, diluted, was just four cents this quarter compared to $2.55 for the same quarter last year. The company reported that its broadcast cash flow for the quarter was down from $40.5 million to $38.3 million.
The investment firm Robertson Stephens downgraded Cox from “buy” to “market perform” status following the company’s results report.