Citadel Broadcasting Corporation Reports 2010
Second Quarter Operating Results
l Net revenue for the quarter ended June 30, 2010 increased by 3.3% as compared to the prior year quarter
l Net revenue for the radio stations (Radio Markets segment) for the three months ended June 30, 2010
increased 5.3% as compared to the prior year quarter
l Operating income for the second quarter of 2010 was $56.0 million compared to an operating loss of $944.1
million for the same period in 2009, which reflected asset impairment charges of $985.7 million. Excluding the
asset impairment charges, operating income in the second quarter of 2010 increased by $14.4 million or
34.6%
l EBITDA was $72.5 million for the second quarter of 2010 compared to $58.4 million for the second quarter
of 2009, a $14.1 million increase, or 24.1%.
August 16, 2010 10:24 AM Eastern Daylight Time
LAS VEGAS--(EON: Enhanced Online News)--Citadel Broadcasting Corporation (the “Company”) today
reported certain results for the quarter and six months ended June 30, 2010.
Farid Suleman, Chief Executive Officer of Citadel Broadcasting Corporation, commented: “The Company’s
continued focus on profitable programming and the improvement in the overall economic environment in the radio
industry has resulted in increases to revenues in the first half of the year. The higher revenues were primarily driven
by an improvement of approximately 5.4% at our Radio Markets segment. In addition, the Company has been able
to simultaneously reduce operating expenses, resulting in an EBITDA growth of over 24% for the first half of 2010.”
The discussion and analysis below of the Company’s results for the quarter and six months ended June 30, 2010
combines the results of the Company in 2010 prior to the emergence of bankruptcy through May 31, 2010 (the
“Predecessor”), with the results of the Company post emergence from bankruptcy, from June 1, 2010 through June
30, 2010 (the “Successor”). This presentation is not in accordance with accounting princ