Audacy Q1 Net Revenues Down 5.5% to $259.6 Million
Audacy |
Audacy reported first quarter net revenues fell 5.5% to $259.6 million from $275.3 million in 2022. Digital revenues were down 2% to $56.9 million. Adjusted EBITDA decreased to $3.5 million from $26 million, while total operating expenses were $271.8 million up from $266.8 million. Operating loss was $12.2 million from an operating income of $8.5 million. The company posted as net loss of $35.9 million (25 cents per diluted share) as compared to a net loss of $11 million (8 cents) in the year-ago period.
Chairman, President and CEO David J. Field stated, “First quarter revenues were down 5.7% with local sales significantly outperforming national as challenging ad market conditions persisted. Cash operating expenses were up 3% during the quarter, but are expected to be below prior-year levels for the remainder of 2023.”
He…
