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Citadel Broadcasting Posts Loss

Revenue in the second quarter rises to $95.4 million from $91.5 million a year ago.
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Citadel Broadcasting

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, which returned to the public markets earlier this month, reported higher revenue and cash flow for the fiscal second quarter.

The company said revenue in the second quarter rose to $95.4 million from $91.5 million a year ago, an increase of 4.3%. Citadel lost $19 million, or 20 cents a share, compared to a loss of $18.3 million, or 19 cents a share, last year.

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The radio broadcaster said the losses were primarily attributable to depreciation and amortization expenses and noncash stock compensation costs.

Earnings before interest, taxes, depreciation and amortization, excluding noncash stock compensation, was $39 million, up from $34.6 million a year ago. Free cash flow -- defined as EBITDA minus noncash stock compensation, net interest expenses, capital expenditures and cash taxes -- totaled $23.6 million, up from $16.1 million last year.

Additionally, Citadel projected revenue increases of about 4% and EBITDA growth of around 10% for the remainder of 2003.

Citadel went public Aug. 1. The company had previously been publicly traded until 2001, when it was taken private by Forstmann Little. Shares of Citadel were recently losing 35 cents at $20.55.