Profit Drops at Westwood One

The company says revenue rises 1.6% for the second quarter.
Author:
Publish date:

Westwood One

(WON)

, a provider of programming and information services to radio and TV stations, said revenue for the second quarter ticked up from a year ago, while the company's earnings were slightly lower than in 2004.

Revenue rose 1.6% to $141.8 million compared with $139.6 million for the second quarter a year ago. Net income for the second quarter was $23.1 million, or 25 cents a share, down from $25.1 million, or 26 cents a share, last year.

Free cash flow for the second quarter was $27.5 million, vs. $28.7 million for the year-ago period.

Analysts surveyed by Thomson First Call were looking for a profit of 27 cents and revenue of $143.6 million in the second quarter.

Looking forward, New York-based Westwood One said it expects revenue to grow by a "low- to mid-single-digits" percent for the second half of 2005.