Westwood One reported record operating cash flow for its second quarter, despite a slight drop in net revenue for the quarter.
Westwood One's EBITDA (earnings before interest, taxes, depreciation and amortization) for the second quarter of 2001 hit a record $45.1 million, rising 5% over the $43.1 million it reported for the comparable period last year. Net income for the second quarter of 2001 rose 14% to $12,132,000 compared to $10,644. Net revenues for the second quarter fell 2% to $133.7 million against $136.5 million for the same quarter in 2000. The radio programming arm of Infinity Broadcasting attributed that decrease to the slowdown in ad spending by dot-coms, and the general lag in the overall ad market.
Joel Hollander, president and chief executive officer of Westwood One, said new advertising sources for the formats accounted for the overall positive results in the quarter.
The company expects full year 2001 EBITDA to be in the range of $178-180 million. - Richard Tedesco