Q3 Radio Revenue Roundup
November 9, 2012

Salem Communications saw its Q3 revenue increase 4.1 percent to $56.7 million. Net broadcast revenue was up 2.5 percent to $45.9 million from $44.8 million a year earlier. Station operating income was down 2.1 percent to $15.3 million from $15.6 million in Q3 2011.The company's overall operating expenses increased 6.7 percent to $48.2 million. 

Beasley Broadcasting has reported its Q3 financial results for 2012, with net revenue up 3.1 percent to $24.7 million. Operating income grew by 15.2 percent to $6.5 million. The $0.7 million rise in net revenue during quarter primarily reflects the acquisition of KOAS/Las Vegas which was acquired in Q3 and strength in the company's Las Vegas, Coastal Carolina and Augusta market clusters.
     Commenting on the results, Chairman/CEO George G. Beasley said, "The third quarter was an active and productive period for Beasley Broadcast Group. In addition to generating a 3.1 percent rise in net revenue which drove another period of SOI growth, we completed the strategic acquisition of KOAS-FM in Las Vegas and refinanced our senior secured credit facilities with terms that provide extended maturities and additional flexibility including the ability to return capital to shareholders. Our third quarter revenue growth principally reflects strength in our Las Vegas, Coastal Carolina, and Augusta market clusters, the cyclical benefit of political advertising and very strong year over year growth in the automotive advertising category."

Entercom Communications has announced its Q3 fiscal report, with net revenue up by two percent to $102.3 million. Station expenses fell by nine percent to $63.6 million, while station operating income grew by 25 percent to $38.7 million. David J. Field, Entercom President/CEO stated, "I am pleased to report that Entercom posted strong growth in Station Operating Income and EBITDA during the third quarter. Our focus on business model reinvention continued to reflect favorably on our operating expenses, which also benefited from the recent industry-wide settlement with BMI. The brands we reformatted in 2011 are now starting to contribute to growth and we made a number of operational moves during the quarter which will strengthen our competitive position and enhance our future growth prospects. Fourth quarter pacings look solid and we expect another quarter of solid growth in EBITDA."

Fisher Communications has reported its Q3 revenue results, with consolidated revenue up slightly to $39.9 million from $39.7 million in the third quarter last year. Net income was up to $2.2 million. The company's radio division saw its revenue dip from $5.34 million a year ago to $5.225 million in Q3 2012, a two percent decline.

Radio One has reported its third quarter results for 2012. Giving effect to the consolidation of TV One, net revenue was approximately $110 million, an increase of 5.4 percent from Q3 2011. Also giving effect to the consolidation of TV One, station operating income was approximately $40.9 million, an increase of 14.2 percent. The company reported operating income of approximately $21.5 million, compared to operating income of approximately $13.1 million for Q3 in 2011. Net loss was approximately $13.1 million in Q3 '12 compared to a net loss of $9.9 million last year.
     CEO/President Alfred C. Liggins, III stated, "Our core radio revenues continue to outperform the markets in which we operate, in Q3 by 500Bps. Political revenue was just over $2 million in the quarter, the highest level in Q3 in company history, and ramped-up strongly in October, helping to push our fourth quarter radio pacings to approximately +13 percent. TV One revenues grew by 12.5 percent and EBITDA by 32.1%. A solid upfront cycle saw both volume and CPM's grow by mid-single digits. During the third quarter we successfully launched two strong new TV series: R&B Divas and the Rickey Smiley Show; cross promotion across the radio and digital platform helped both shows perform strongly, debuting with household ratings of 1.09HH and 1.29HH, respectively. I believe we can build on that success to grow our cash flows in Q4 and 2013."

Saga Communications has announced its third quarter results for the year, with net income up 17.2 percent to $4.3 million. Free cash flow grew 2.2 percent to $6.1 million, while net operating revenue was up 1.2 percent to $32.4 million. Station operating expenses declined by 2.4 percent to $22.4 million in Q3.

Univision's third quarter overall revenue reached $628.9 million, a 7.6 percent increase over Q3 2011. However, earnings fell to $5.2 million from $290 million a year ago, due to a one-time tax benefit and other one-time charges. Univision Radio saw its revenue increase to $90.7 million from $87.7 million a year earlier.




 
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Pat Paxton
Pres. of Programming
Entercom

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