Audacy Revenues Up 5%, Company Warned Of Possible Delisting By NYSE
August 5, 2022 at 5:33 AM (PT)
AUDACY's second quarter 2022 financial report showed revenues up 5% year-over-year to $319.4 million, with core spot revenues flat at $200.5 million and digital revenues up 19% to $69.3 million. Operating income rose from $21.7 million to $23.3 million, but Adjusted EBITDA fell from $39.9 million to $38.5 million. Overshadowing the numbers was the news that the company has been warned by the NEW YORK STOCK EXCHANGE that it might be delisted due to its stock remaining below the $1 mark for 30 business days; AUDACY has informed the NYSE that it intends to regain compliance and is "considering all available options that are in the best interests of the Company and its shareholders."
Chairman/Pres./CEO DAVID FIELD said, “After a very strong first quarter in which we grew revenues by 14% and significantly increased margin, our second quarter results were adversely impacted by declining macroeconomic conditions and ad market headwinds which reduced our top line growth to 5%. While we navigate the turbulent current market conditions, we are excited by our future growth potential across our scaled, multi-platform businesses, capitalizing on a number of important recent developments that include an enhanced national sales organization, expanded podcast and streaming audio networks, and during the second half of this year, the rollout of a new, reimagined digital platform and ad tech capabilities that will enable us to unlock pools of ad demand and supply that we can’t effectively monetize today. Our transformational development over the past couple of years has meaningfully enhanced our competitive position, strengthening our capacity to serve listeners and customers and enabling a powerful set of opportunities for revenue and EBITDA growth in the dynamically growing audio market.”
The company's release highlighted the JULY revamp of the AUDACY app, the expansion of the company's deal with BETMGM, and the ad sales and distribution deal it reached to represent CBS SPORTS podcasts.