Arbitron posts lower 1Q profit, higher sales

Audience research firm Arbitron Inc. said Tuesday its first-quarter profit declined, hurt by restructuring charges and higher expenses even as revenue inched higher.

The company earned $12.3 million, or 46 cents per share, down 24 percent from $16.3 million, or 58 cents per share, in the same period a year earlier.

Revenue rose 5 percent to $98.5 million from $94.1 million.

The quarter's costs grew 19 percent to $75.4 million due to planned expenses for the company's Portable People Meter, which records which radio stations their wearers hear in a system designed to rate audiences for radio stations.

Other costs included the introduction of cell-phone-only household sampling in the company's diary markets and $8.2 million for severance and other expenses. The company said in March it is cutting 10 percent of its full-time workers, or about 110 jobs.

Arbitron reiterated its 2009 guidance for earnings of $1.40 to $1.55 per share and a revenue increase of 6 percent to 10 percent from $368.8 million in 2008. Analysts polled by Thomson Reuters expect a profit of $1.49 per share.

Shares climbed 35 cents to $19.66 in Tuesday trading.