• by Erik Sass  @eriksass1, August 4, 2009

For the radio business, good news is a rare commodity. Two more radio groups have released their second-quarter results, and as expected, they were not good, despite significant progress in reducing expenses.

Entercom Communications reported an 18% decline in revenues compared to the same period last year, from $123.8 million to $101.3 million. Beasley Broadcast Group said revenues fell 24%, from $31 million to $23.6 million.

Both radio broadcasters pointed to successful initiatives, with Entercom President and CEO David Field noting: "We have trimmed our debt by well over $100 million, significantly reduced operating expenses, grown our broadcasting, streaming and Web site audience ratings, and added new products and programs to increase our value to our customers."

Beasley Chairman and CEO George Beasley touted modest growth of 4.9% in off-air revenues and a 21% reduction in cost and expenses.

Still, these measures could not offset the overall revenue decline: Station operating income fell 30% at Entercom, from $50 million to $34.8 million, and 28% at Beasley, from $9.3 million to $6.7 million.

Both broadcasters were cautious in their forecasts for the immediate future. In his remarks, Beasley was hopeful the company was well-positioned "to benefit as radio advertising demand rebounds," but conceded that "unfavorable market conditions persist."

Entercom's Field said that in the second quarter "business conditions remained weak, but stabilized and strengthened slightly off of their lows." He also evinced hope that the radio ad market would rebound in the second half of the year.