Second Quarter Highlights
- Net revenues increased 3% to $125.0 million, compared to $121.6 million in the second quarter of 2016
- Operating income was $16.4 million, compared to $27.6 million in the second quarter of 2016
- Net income per diluted share was $0.15, compared to net income per diluted share of $0.26 in the second quarter of 2016
- Same station net revenues increased by 1% excluding political
- Adjusted EBITDA decreased 13% to $26.7 million
“We continue to make great progress in our planning for our transformational merger with CBS Radio that will make us the #1 provider of original, local audio content in the U.S. and create the scale to compete with other media for a larger share of ad spending. As we meet with clients, agencies, and strategic partners, we are more confident than ever about the value-creating opportunities ahead. Second quarter revenues increased 3% as reported, and up 1% on a same-station basis ex-political. Expenses were up more than usual due to our acquisition in Charlotte, some significant one time only expenses and additional costs related to building the organization in anticipation of the merger. We expect expense growth to recede in the 3rd quarter and look for meaningful margin expansion post-closing.”
Today, the Company announced that, as permitted under its merger agreement with CBS Radio, it would pay a special one-time dividend of $0.20 per share on August 30th to shareholders of record on August 15th. This dividend will be in addition to the Company’s regular quarterly dividend of $0.075 per share, which will be paid on September 15th to shareholders of record on August 15th.
Second quarter results include $5.8 million in merger and acquisition costs related to the Company’s pending acquisition of CBS Radio, which were primarily for legal and consulting services.