Westwood One Has Upbeat Outlook

Program provider Westwood One, managed by Infinity, is expecting more single-digit revenue growth this year, with double-digits in operating cash flow and free cash flow per share. For the year just ended, net revenue was up 7%, operating cash flow was up 15% and free cash flow per share was up 17%.
Its operating cash flow for the year was $190.4 million, with the increase attributed to higher revenue, cost controls and reductions in affiliate and personnel costs.
Net revenues were $550.8 million, thanks to higher ad rates, as well as “better inventory management at the network and traffic divisions, the exclusive radio broadcast of the Winter Olympics from Salt Lake City in the first quarter and new programming launches.”
Net income was a record $109.1 million, up 153%.
The company has been using available cash to repurchase stock. In 2002 it repurchased about 7.4 million shares and warrants for approximately $239.4 million.
President/CEO Joel Hollander said in a statement, “I am particularly pleased that we achieved these record results in what was a difficult advertising climate for most of the year.”