• by Erik Sass  @eriksass1, July 31, 2008

In line with the rest of the radio industry, Cox Radio posted weak results for the second quarter on Wednesday, with total revenues sliding 8.3% to $108 million, as station operating income tumbled 13.6% to $41.3 million. The troubled economy is blamed for the overall declines.

The turmoil produced a 6.1% drop in local revenues and a 17.5% drop in national revenues. Other revenues (classified by the Radio Advertising Bureau as "non-spot") fell 4%.

The company also suffered a $109.1 million operating loss in the second quarter, in large part because of a $147.6 million non-cash impairment charge resulting from a decrease in the value of intangible assets.

Bob Neil, president and CEO of Cox Radio, said that "given the current environment, we are focused on more aggressively controlling our costs, but continue to make strategic investments in programming and marketing where appropriate."

But he quickly added that in comparison with other traditional media such as newspapers, the company is "doing pretty well in a difficult environment." He evinced hope that the radio industry will pull out of the current revenue slump and return to positive growth sometime in the next year.