Westwood One Has Record Q3; Plans More Stock Repurchases

Westwood One said its Q3 set records for net income, earnings per share and cash flow.
Net revenues were $133.8 million, an increase of 8% over the same period last year. It credited higher ad rates and better inventory management. Operating cash was up 16%, while free cash flow was up 17%.
Joel Hollander said, “I am particularly pleased that our operating results for the nine-month period surpassed that of any other period in the company’s history, including the first nine months of 2000, when we benefited from the substantial advertising spending by dot-com companies.”
The company’s CFO, meanwhile, said Westwood One would continue to “aggressively” repurchase stock. For 2003, Westwood expects mid-single digit revenue growth and double-digit growth in operating cash flow and earnings per share.