INTEREP REPORTS LOSSES NARROW

CEO Says Ad Climate Improving as Revenue Increases

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CHICAGO (AdAge.com) -- Interep National Radio Sales reported narrower losses in the first quarter and increased revenue guidance for the year in what may be an early indication of an advertising rebound.

The leading radio sales rep firm reported a net loss of $3.8 million for the first quarter, or 41 cents per share, an improvement over the loss of $6.3 million, or 74 cents per share, in the same period last year.

The company's total revenue increased 19% to $19.9 million from $16.7 million in last year's first quarter, which is historically the company's weakest period due to seasonality.

Commissions up
Revenue from radio

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Net Loss of $19.9 Million; Revenue From Commissions Down 19%
commissions -- the company's core business -- increased 1.2% to $16.8 million in the first quarter from $16.6 million last year, leading the company to increase 2002 guidance to $82 million to $83 million in radio revenue for the year.

"We are seeing a steady increase in activity for the first half of the year. We now expect revenue to continue to improve due to our focus on new-business development and the rebound in national advertising," Interep Chairman-CEO Ralph Guild said in a statement.

Interep, an independent national spot radio rep firm, is the exclusive sales arm for more than 2,000 radio stations nationwide, including radio stations owned by seven of the 10 largest radio groups by revenue.

Last year, the company spent $1.5 million to launch a sales and marketing effort to bring more advertisers to the medium.

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