Ahead of releasing its 2023 annual report to shareholders soon, Audacy released data this week about its business situation. It cited “significant sequential acceleration across key financial metrics and performance indicators.”
The company said it seeks to provide “additional visibility on its progress” since receiving court approval of its Chapter 11 reorganization. The FCC must still approve the plan.
Audacy said overall revenue, as well as the radio portion of that revenue, were up 1% in January. The smaller digital portion was up 7%. First quarter revenues were pacing up 1% and second quarter were pacing more.
But revenues in the fourth quarter of last year were down 8.9% from the prior year, to $311.6 million, while cash operating expenses declined 9.1%.
Among other savings it said it completed real estate asset sales worth $10 million in the fourth quarter and $14 million during the first quarter.
Audacy did highlight gains in its share of both market revenue and ratings, and it said it “continues to deliver consistent, strong increases in streaming audiences, with 14 consecutive months of double-digit unique listener growth through January.”
It believes that the $350 million of debt it will carry after reorganization will give it “the strongest balance sheet among its industry peers.” The previous debt was $1.9 billion.
Randy Stine’s recent story “Audacy Prepares to Emerge From Chapter 11 Bankruptcy” has more about the company’s current situation.
