Cox Radio 3Q profit slips on declining revenue

Media and broadcast companies have been pressured by softening ad sales as the ongoing housing downturn, diminishing credit and recession worries weigh on results.

Earnings sagged to $15.9 million, or 19 cents per share, compared with $20.2 million, or 21 cents per share, a year ago.

For the period ended Sept. 30, revenue declined 6 percent to $104.9 million from $111.8 million.

Analysts polled by Thomson Reuters expected a profit of 18 cents per share on revenue of $104.2 million. Analysts' estimates typically exclude one-time items.

Local revenue slipped to $74.5 million from $77.2 million, while national revenue dropped to $20.9 million from $24.5 million.

"Our third-quarter results reflect the impact of the economic downturn across the majority of our markets, offset in part by our efforts to control costs, while continuing to make strategic investments in our programming content," Chief Executive Robert F. Neil said in a statement.