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INTEREP REPORTS FIRST QUARTER RADIO REVENUE DOWN

Published on .

(May 2, 2001) -- Leading radio ad sales company Interep reported a decrease in its first-quarter revenue from radio commissions.

Revenue totaled $16.6 million for the quarter, down 16.6% from $19.9 million in the year earlier period. Interep attributed the decline -- lower than the 20% it predicted for the quarter at the end of last year -- to weak national radio advertising, heightened by the dot-com demise.

Interep's total revenue fell 19% to $16.7 million for the quarter, down from $20.7 million in first quarter 2000.

The company predicted a less severe decline in the second quarter, due to two or three technology and package-goods accounts set for the period. Interep estimated that second quarter bookings will be down 12% to 15%.

Net loss for the quarter more than doubled, to $6.3 million from $2.9 million last year.

Major national categories that were down in the first quarter included domestic automobiles and dot-coms, although retail, clothing, home video and restaurants increased. -- Cara Beardi

Copyright May 2001, Crain Communications Inc.

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