Interep Announces Fourth Quarter and Yearly 2001 Financial Results

Media sales and marketing company Interep has released its findings on financial results for the fourth quarter of 2001 and the whole year.
Radio commission revenue dropped to $19.5 million for the fourth quarter 2001, compared to $26.2 million for the fourth quarter 2000. In 2001 radio commission revenue overall was $80.4 million, though it earned $99.8 million in 2000. Interep attributes the decline to “the weak economy, a temporary recession in national advertising and the negative impact from the events of September 11th.”
Operating EBITDA, or operating income or loss before interest, taxes, depreciation and amortization that excludes certain types of revenue, also dropped for the fourth quarter 2001 to $0.8 million from $9.1 million for the same period last year. For 2001 EBITDA decreased to $5.6 million from $24.8 million for 2000.
Interep predicts that radio commission revenue for 2002 will be flat to slightly up compared to 2001. Operating EBITDA for 2002 is expected to increase to a range of $17 to $18 million.