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Citadel Gives No Guidance. Doesn't Discuss Merger |
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| Holds Brief Q4 Conference Call. |
by Ed Ryan
 In what was probably the shortest conference call of all time, the Citadel brass had very little to say regarding a company that will soon feature new players at the highest level. The call lasted 14 minutes. Not only would they not discuss the sale to Cumulus, they would not discuss revenue pacings for Q1 or give any guidance for Q2.
CEO Farid Suleman made a brief statement and took no questions. Judy Ellis generally discussed inventory for about 30 seconds. And the group took one e-mailed question from an analyst. You can clearly tell these people have one foot out the radio door and the clock is not ticking for them fast enough. With very little enthusiasm, Suleman described how the Citadel network underperformed in 2010 which was offset by modest gains at Citadel radio stations. "Clearly, Suleman said, this is a tribute to the employees who stayed with the company. And, as a result, we were able to sell the company to Cumulus". Suleman's biggest understatement of the call..."this has been an eventful year for the company". Citadel emerged from bankruptcy 5 months ago and less than a month ago, reluctantly agreed to sell to Cumulus.
On the revenue side the company reported local revenue increased 2.5% in its top 10 markets, a decrease of .7% at mid-market stations and an increase of 3.9% in smaller markets. On the national side, top 10 markets increased 5%, mid-level markets increased 1.4% and smaller markets jumped 5.8%. The company received over $8 million in Q4 political revenue. And, for the year, just over $17 million.
For more information on the Citadel numbers visit www.radioink.com |
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