Radio Facts: Regent Communications posted a smaller net loss for its fourth quarter and year, but revenues fell more than 12 percent from 2008.
The radio station chain filed for Chapter 11 bankruptcy in early March. Regent said in a news release that it has filed its plan for reorganization with the U.S. Bankruptcy Court in Delaware, and a hearing is scheduled for April 9.
Regent posted a fourth-quarter net loss of $14. 2 million, or 35 cents per share, compared to a net loss of $75.4 million, or $1.93 per share, in fourth-quarter 2008. Broadcast revenues, net of agency commissions were $21.3 million versus $23.8 million in the year-ago quarter.
Same station operating income, which the company believes is a better indication of performance, was $7.3 million for the quarter, compared to $8.9 million in fourth-quarter 2008.
For the full year, Regent reported a net loss of $44 million, or $1.08 per share, compared to a net loss of $119 million, or $3.06 per share. Net broadcast revenues fell to $84.1 million from $96.3 million.
The results for 2008 were impacted by a tax valuation allowance of about $73.3 million, the company said. Results for 2009 included a non-cash impairment charge of $44.6 million, compared to a non-cash impairment charge of $67.5 million in 2008.
Cincinnati-based Regent Communications (Pink Sheets: RGCIQ) owns 62 radio stations in 13 markets.