Radio Revenue Up at NextMedia

NextMedia Group reported an increase of 25% in net revenue to $23.5 million and cut its net loss by $14.9 million for the first quarter. Radio division net revenue increased 3.9% to $16 million.
“Additionally, while many companies with outdoor advertising assets continue to struggle to increase operating performance, NextMedia’s outdoor advertising division posted a 16.7% increase in net revenue and a 44.4% increase in cash flow for the first quarter,” a spokeswoman said.
Executive Chairman Carl Hirsch and President/CEO Steven Dinetz stated, “As the year progresses, we are most optimistic that our radio and outdoor divisions will post continued revenue, margin and EBITDA growth.”
EBITDA increased 80% to $6.3 million; net loss decreased by $14.9 million to $5.1 million.
“The primary cause of the decrease in net loss was a $12.6 million reduction in deferred tax expense. The 2002 period reflected a large deferred tax expense as a result of the adoption of Statement of Financial Accounting Standards No. 142.”
The group owns 60 stations in 15 markets and 5,600 bulletin and poster displays. It also owns advertising displays in retail locations.