7-26-2012
It wasn't too long ago the industry was hopeful a big political year would start a revenue resurgence for radio. It appears, buoyed by the Olympics and Political spending, TV is getting more of a lift than radio. We'll soon get a good feel for the first half of 2012 as earnings season is now upon us. Journal reports today, Beasley tomorrow, followed by Clear Channel, Radio One and Entercom next week. Early indications have the month of June looking like a downer.
Wells Fargo analyst Marci Ryvicker says from her conversations with operators they saw "deep deceleration toward the end of June, bringing their revenue down year over year." In a recent research report, Ryvicker added, "we heard very divergent pacings from radio groups - but almost all would agree that June felt a slowdown. The stocks appear cheap and we think there is room for shareholder returns but the macro is an overhang."
It will be interesting to hear what Radio One CEO Alfred Liggins has to say when he reports one week from today. When he last reported to Wall Street, Liggins said May revenue was pacing "off the charts." But in June he told all Radio One employees there would be no raises for the year. Radio One changed several formats in 2011 and Liggins, who took over the Radio division when Barry Mayo left, is expecting those formats to produce this year. Radio One reports second quarter results, Thursday August 2nd at 10AM.
In addition to the Journal conference call today at 10AM, here are when other public companies will be hosting earnings conference calls.
Beasley reports Friday, August 27th at 11AM
Clear Channel reports Wednesday, August 1st at 4:30PM
Entercom reports Friday August 3rd at 10AM
Salem reports Monday, August 6th at 5PM
Saga reports Tuesday, August 7th at 2PM
Emmis has already reported. Revenue was up slightly for the company.
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