Despite ‘Challenging’ Year, Interep Commission Revenue for Year Ended Flat

Interep National Radio Sales said its commission revenue increased a fraction of a percentage point, to $87.8 million, in 2003.
“This increase occurred despite an unusual coincidence of a national advertising slowdown due to the Iraqi war during the first half of 2003, the cancellation by Citadel Broadcasting Co. of its representation contract and the general softness in national radio advertising during the fourth quarter,” it stated.
Total commission revenue decreased 1.6% in the last quarter. Chairman/CEO Ralph Guild said he was “proud” of the company’s performance in “a challenging year.”
Company shareholders saw a loss per share for the year of $3.77, compared to a loss of $1.88 for 2002.