Westwood One

(WON)

, a provider of content for radio and television programs, said its earnings dropped 43.3% in the second quarter.

The company earned $12.17 million, or 14 cents a share, in the quarter, compared with $21.46 million, or 23 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 11 cents a share in the most recent quarter.

Second-quarter revenue fell 8.9% to $129.16 million as against analysts' expectation of $127.95 million.

Looking ahead, the company sees high single to double digit declines in revenues in third quarter. The company sees low single digit increases in operating expenses for the third quarter, which will lead to double digit declines in operating income before depreciation and amortization. Analysts project third-quarter earnings of 17 cents a share and sales of $130.49 million.

Capital expenditures for the second quarter was around $1.1 million, compared with around $800,000 for the comparable quarter of 2005. The increase in capital expenditures is primarily due to initiatives to enhance its digital products and data.

Shares rose 30 cents to $6.77.

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