Westwood One Sees Silver Lining in Slight Declines

Westwood One Inc. reported operating results for the first quarter.
Net revenues were approximately $125.8 million, down $501,000 from the same period last year. Setting aside the impact of covering the Olympics last winter, the company said, its net revenues would have increased 5%.
Operating income was $29.2 million, again slightly down from last year. It blamed the “non-recurrence of profit from the Company’s broadcast of the Winter Olympics in 2002, higher insurance and news coverage expenses and a slight increase in depreciation and amortization expense, partially offset by reductions in employee-related expenses.” EBITDA was $32.1 million, also down a tad.
President/CEO Joel Hollander said, “The company was able to achieve these financial results in spite of the effects that the war with Iraq had on our business.” He said the company continues to buy back stock, and anticipates “low to mid single-digit revenue growth” and high single-digit growth in EBITDA.