Several broadcast groups released second quarter results this week - and guess what? Revenues and cash flow were down in each case.
Clear Channel said pro forma revenues were down 1.5% for the quarter to $2.2 billion, with a 13.3% drop in earnings before interest, taxes, depreciation and amortization (EBITDA). Young Broadcasting reported a 12% pro forma drop in revenue to $100.2 million. Operating cash flow also dropped 12% to 42.6 million.
Meanwhile, LIN Television reported a 6% drop in revenue to $73 million with a 16% drop in broadcast cash flow to $35.7 million. Granite said revenues were down 19% for the quarter to $30.5 million, while broadcast cash flow plummeted 64% to $4.7 million. - Steve McClellan