reported fourth-quarter earnings this morning that beat Wall Street's slightly lowered estimates by 3 cents, and the company attributed operating cash flow gains in the latest period to increasing revenue.
For the fourth quarter ended Dec. 31, Westwood One earned $17.8 million, or 16 cents a share, up from $14.4 million, or 12 cents a share, in the year-ago period. Three analysts surveyed by
First Call/Thomson Financial
expected the company, which is based in New York, to earn 13 cents a share.
Westwood One said its operating cash flow reached $54.7 million, up 13% from $48.5 million in the same quarter last year. The company cited higher revenue and benefits from its
division as factors in its growth.
The company, which supplies radio and television stations with information services and programming, also posted fourth-quarter revenue of $156.1 million, up from $154.5 million in the same quarter last year.
In January, Westwood One agreed to distribute
hugely popular "Total Request Live" to radio fans beginning March 1. MTV is a division of
Shares of Westwood One gained 65 cents, or 3.3%, to $20.12 in recent
New York Stock Exchange