Revenues increase, losses widen

Friday, April 28, 2000 | 10:52 a.m.

A midsized market radio broadcaster based in Las Vegas reported a first-quarter increase in revenues but widening losses due to a major acquisition program.

Citadel Communications Corp. and its operating subsidiary, Citadel Broadcasting Co., said net revenue increased 47.8 percent to $46.1 million in the first quarter of 2000 over the $31.2 million in revenues reported in the same quarter in 1999.

The company reported losses of $14 million, or 41 cents per share, compared with a loss of $9.2 million, or 36 cents per share, in the first quarter of 1999.

Larry Wilson, chairman and chief executive officer of Citadel, said advertising demand was strong for the quarter boosting revenues, but the net loss was due to higher non-cash depreciation and amortization expenses related to the company's acquisition of 30 radio stations in several markets.

Citadel has acquisitions pending for 20 stations in five markets from Bloomington Broadcasting, nine stations in three markets from Liggett Broadcast Inc. and one station from WBA Inc. in Worcester, Mass.

When the acquisitions are complete, the company will own 138 FM and 61 AM stations in 42 midsized markets. The company owns no Las Vegas stations.