Exhibit 99.1

 

LOGO    NEWS

 

FOR IMMEDIATE RELEASE

COX RADIO REPORTS FOURTH QUARTER AND FULL YEAR 2008 FINANCIAL RESULTS

ATLANTA, March 4, 2009

— Cox Radio, Inc. (NYSE: CXR) today reported financial results for the three-month and twelve-month periods ended December 31, 2008.

Financial highlights (in thousands, except per share data and percentages) are as follows:

 

     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
     2008     2007           2008     2007        

Net revenues

   $ 99,345     $ 114,332     (13.1 )%   $ 410,239     $ 444,852     (7.8 )%

Station operating income (1)

     29,550       46,427     (36.4 )%     146,234       178,922     (18.3 )%

Station operating income margin (2)

     29.7 %     40.6 %   —         35.6 %     40.2 %   —    

Operating (loss) income

   $ (574,489 )   $ (77,806 )   *     $ (627,967 )   $ 25,587     *  

Net (loss) income

     (357,325 )     (52,116 )   *       (404,002 )     1,867     *  

Net (loss) income per common share - diluted

   $ (4.45 )   $ (0.57 )   *     $ (4.80 )   $ 0.02     *  

Free cash flow (3)

     16,710       27,661     (39.6 )%     93,124       103,658     (10.2 )%

 

  * Results are not statistically meaningful.
  (1) Station operating income is not a measure of performance calculated in accordance with accounting principles generally accepted in the United States (GAAP). Please see the attached table for a reconciliation to operating income, the most directly comparable GAAP financial measure.
  (2) Station operating income margin is station operating income as a percentage of net revenues.
  (3) Free cash flow is not a measure of performance calculated in accordance with GAAP. Please see the attached table for a reconciliation to net income, the most directly comparable GAAP financial measure.

Operating Results – Fourth Quarter 2008

Net revenues for the fourth quarter of 2008 were $99.3 million, down 13.1% from the fourth quarter of 2007. Due to the current economic downturn, many of our advertisers have reduced spending on advertising. Local revenues decreased 14.4%, national revenues decreased 10.3% and other revenues, which include Internet and other non-traditional revenues, decreased 9.4%, each as compared to the fourth quarter of 2007. Overall, revenues have declined in the majority of our markets relative to the prior year due to continued weakness in the general economy and, more specifically, the advertising market.

Cost of services is comprised of expenses incurred by our technical, news and programming departments. Cost of services increased $1.2 million, or 4.9% compared to the fourth quarter of 2007. This increase was primarily the result of additional costs associated with programming talent in our Atlanta and Tampa markets. Increased programming costs were partially offset by a


The following information was filed by Cox Radio Inc on Wednesday, March 4, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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