Cox Radio 1Q profit drops but tops analysts' estimates

Cox Radio Inc. said Wednesday its first-quarter profit slipped 5 percent as national and local ad revenue declined, but the results still managed to beat Wall Street's expectations.

Earnings dropped to $12.8 million, or 14 cents per share, compared with $13.5 million, or 14 cents per share, a year earlier.

Analysts expected net income of 12 cents per share, according to a Thomson Financial poll.

The company had fewer shares outstanding in the 2008 first quarter.

For the period ended March 31, revenue fell 3 percent to $97.8 million from $100.8 million on weak performances from stations in Atlanta, Orlando, Miami, Tampa and Richmond.

The results topped analysts' estimate of $96.9 million.

Local revenue slipped to $68.8 million from $71.9 million, while national revenue dropped to $20.6 million from $21.4 million.

Internet and other nontraditional revenue climbed 12.5 percent during the quarter.