Emmis, Cox Numbers Draw Attention

Local ad market 'continues to deteriorate,' analyst says
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It wasn't a good week for financial numbers in radio.

Cox Radio released preliminary first-quarter results. Revenue in Q1 was down 23%, below forecasts and the company's own recent estimates.

Emmis too issued preliminary radio numbers for its recent quarter, down more than 20%, worse than had been forecast and with further declines expected in April and May.

Analyst Marci Ryvicker of Wachovia Capital Markets said the two announcements indicate weakness in local radio ad markets and that, "Given the significant weakness that both (companies) are experiencing, combined with what we are hearing from our industry contacts, our broadcast estimates are currently under review." Presumably not upwards.

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