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Cox Radio Reports Net Revenues of $93.1 Million
ATLANTA -- Net revenues for the first quarter of 2004 at Cox Radio Inc. were $93.1 million, up 2% from first quarter of 2003. National revenues increased 3%, while local revenues were flat, as compared to the first quarter of 2003. Stations in Atlanta, Orlando, Tampa, Richmond and Greenville-Spartanburg delivered strong growth during the first quarter of 2004, while stations in Miami, Houston, Jacksonville, Fla., and Long Island, N.Y. were down for the quarter.Cox Radio is the third largest radio company in the United States based on revenuesStation operating expenses decreased $400,000 to $59.1 million compared to first quarter of 2003 primarily as a result of additional expenses incurred during the first quarter of 2003 related to competitive situations in Atlanta, Miami and Birmingham, Ala., and the reformat of WFOX-FM in Atlanta. Additionally, a portion of the promotional expenses related to the 2004 spring-rating period were delayed until April due to the later start of that rating period this year.Station operating income increased $1.9 million to $34 million, an increase of 6% from the first quarter of 2003, for the reasons above. Station operating income margin increased to 36.5% from 35.1% in the first quarter of 2003. Operating income for the first quarter of 2004 was $26.5 million, an increase of $1.6 million compared to the first quarter of 2003, for the reasons discussed above.Net income increased $1.7 million to $11.1 million for the first quarter of 2004, while capital expenditures totaled $2.1 million."As we move into the second quarter, the tone of business continues to improve and pacings are consistently positive," says Robert F. Neil, president and chief executive officer. "While we are still seeing some disparity between markets, it appears that the overall advertising environment is strengthening. This should bode well for radio. As a result, we expect second quarter as well as full year revenue growth to be in the mid-single digits. We feel the stage is set for a good year. We'll continue to remain focused on delivering value to our shareholders by operating our radio stations for the long term."Cox Radio owns, operates or provides sales and marketing services for 78 stations (67 FM and 11 AM) clustered in 18 markets."