This week, the company released numbers to provide “further visibility into its progress.”
Ahead of the upcoming release of its 2023 annual report to shareholders, Audacy released data on its operating performance this week. The report cited “significant acceleration across key financial and performance metrics.”
The company said it is seeking “further visibility into its progress” since receiving court approval for its Chapter 11 reorganization. The FCC still has to approve the plan.
Audacy said its overall revenue and the radio portion of its revenue increased 1% in January. The small digital part he increased by 7%. Revenue in the first quarter grew at a rate of 1%, and in the second quarter at an even faster pace.
However, in the fourth quarter of last year, revenue was down 8.9% year over year to $311.6 million, and cash operating expenses were down 9.1%.
Among other savings, the company said it completed sales of real estate assets worth $10 million in the fourth quarter and $14 million worth in the first quarter.
Highlighting its increasing share of both market revenue and viewership, Audacy said: “We continue to see consistently strong growth in streaming viewership, with unique listeners increasing for the 14th consecutive month ending in January. “It's a double-digit increase,” he said.
The company believes its $350 million in post-reorganization debt will give it “the strongest balance sheet among its peers.” Previous debt was $1.9 billion.
Randi Stein's latest story “Audacy prepares to emerge from Chapter 11 bankruptcy” A detailed explanation of the company's current situation.
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