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WESTWOOD ONE BEATS EARNINGS ESTIMATES

Attributes Rise to Improved Ad Market

By Published on .

CHICAGO (AdAge.com) -- Westwood One beat analysts' estimates, more than doubling net income for its second quarter.

The company reported net income of $30.5 million, or 28 cents per diluted share, up from $12.1 million, or 11 cents per share, in the year-earlier period.

The radio network, which is minority owned by Viacom and managed by its Infinity Broadcasting Corp., posted record revenue of $140.8 million, a 5% rise over the $133.7 million in the second quarter of 2001.

The company attributed the earnings rise to higher advertising rates, new programming and improved use of inventory on its network radio and traffic divisions.

Citing improvements in the advertising market, Westwood One raised its full-year estimates and expects operating cash flow to be $187 million for 2002.

Westwood One provides more than 150 news, sports, music, talk and entertainment programs to 7,500 radio stations.

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