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WW1 Reports Record Earnings

WW1 Reports Record Earnings

It was a good fourth quarter for Westwood One Inc. The company reported operating cash flow for the fourth quarter of 2000 rose 13 percent to $54,720,000 compared with $48,504,000 for the same period last year. According to WW1, the increase was principally due to higher revenues combined with the benefits of cost controls and synergies from the acquisition of Metro Networks. Free cash flow increased 19 percent.
WW1 President and CEO Joel Hollander stated, “The company in 2000 had a record year with operating cash flow and revenues up 82 percent and 55 percent respectively. Westwood One was an early beneficiary of Internet advertising spending with nearly 30 large Internet advertisers in 1999’s fourth quarter compared to only 10 in the fourth quarter of 2000.”