Net revenues for the three months ended June 30 decreased $0.5 million(0.8%) to $69.2 million compared to $69.7 million for the three months ended June 30, 2010. This decline was primarily attributable to a reduction in political advertising in the second quarter of 2011. Station operating expenses for the three months ended June 30, 2011 decreased $1.2 million, or 3.1%, to $39.2 million, compared to $40.4 million for the three months ended June 30, 2010. This decrease is primarily due to a reduction in fixed sales expenses resulting from the restructuring of a major vendor contract in December 2010.
Lew Dickey, Chairman & CEO, stated, ?Q2 presented a challenging environment for our markets. Our cash revenues declined 0.4%, but our team did an excellent job of defending cash flow. Our Adjusted EBITDA has grown by 7.1% year-to-date, excluding one-time transaction costs. As we move into Q3, we are pleased to have announced our August 1st closing of CMP and expect to close on our acquisition of Citadel Broadcasting in September. Our team is looking forward to executing our integration and operating plans for this exciting new platform of 570 stations and a radio network serving more than 4,000 station affiliates.?
