Olympics Help Boost Westwood’s Q1

The Games were good for Westwood One, managed by Viacom subsidiary Infinity Broadcasting. The company enjoyed record revenue, operating cash flow, free cash flow and net income in the first quarter of this year.
Net revenues for the first quarter were $126 million compared with $121.5 million a year ago, a 4 % increase that was attributed to its exclusive radio broadcast of the Winter Olympics.
Operating cash flow was $32.1 million, an increase of 10 %, thanks to a “reduction in affiliate compensation and personnel costs and tight cost controls” as well as profits from the Olympics.
President/CEO Joel Hollander said the company was able to generate record results in a tough advertising climate “by focusing on developing new business and controlling overhead costs while simultaneously continuing to invest in new and innovative programming.”