Bulk Transporter  Oct 28  Comment 
Almatec, a premier manufacturer of air-operated double-diaphragm (AODD) pumps specializing in plastic pumps with solid housings, is pleased to announce the availability of the new CXR Series AODD Pump, which is an extension of Almatec’s CX...
Cloud Computing  Mar 19  Comment 
CoActiv Medical, the PACS, RIS and cloud-based digital archiving innovator, announces a distribution agreement with Capital X-Ray (CXR) (Tallassee, AL), the largest independent x-ray dealer in the Southeast. Under the new...
StreetInsider.com  Dec 30  Comment 
Visit StreetInsider.com at http://www.streetinsider.com/Corporate+News/Acacia+Research+%28ACTG%29+Subsidiary+Settles+With+Cox+Radio/5210759.html for the full story.
Reuters  May 11  Comment 
* Cox Enterprises says will not raise offer for Cox Radio
MarketWatch  Apr 29  Comment 
Cox Enterprises said Wednesday that it has raised its offer for all the outstanding shares of subsidiary Cox Radio to $4.80 a share from the previous offer of $3.80 a share. The new bid represents a 45% premium over Cox Radio's March 20 closing...
Reuters  Mar 25  Comment 
* Says its $69.1 mln offer benefits shareholders * If deal fails, will continue as majority shareholder
Reuters  Mar 23  Comment 
Cox Enterprises Inc said it launched a tender offer to acquire the 22 percent equity stake that it does not already own in Cox Radio Inc for about $69.1 million in cash.
Wall Street Journal  Mar 23  Comment 




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Cox Radio Cox Radio is a radio broadcasting company that owns 86 radio stations covering 19 markets. Many of the company's stations are located in growing metropolitan areas in the Sun Belt region of the country. This includes Atlanta, Birmingham, Houston, Jacksonville, Miami, Orlando, San Antonio and Tampa.

Business Financials

Cox Radio's streamlined management and cluster advertising philosophy allow them to remain profitable during a turbulent time in Radio Broadcasting. They are an indirect majority-owned subsidiary of Cox Enterprises, Inc. based in Atlanta, GA. U.S. Cox Enterprises currently own 67% of the common stock of CXR, and holds roughly 95% of the voting power. Over the past year Cox Radio's revenue increased 1% compared to the industry's which fell 2% in 2007. In local add revenue Cox was up 2% even though their peers suffered a decline of 2%. In 2007 Cox Radio earned $114 million versus $113 million in 2006. Cox Radio is currently threatened by the general downturn in radio advertising and the fall of radio listeners, due to the IPod Effect, failure to keep up with market research and target audience data of internet. The company uses acquisitions, dispositions, and exchanges to manage its portfolio of radio stations.

Selected Consolidated Financial Data (amounts in millions, except per Share data)

Statements of income Data 2007 2006 2005 2004 2003
Net Revenues $ 444.9 $ 440.5 $ 437.9 $ 438.2 $ 425.9
Cost of Services 94.1 86.4 86.3 98.2 95.6
Selling, General and Administrative 176.4 171.4 169.8 162.6 162.2
Corporate General and Administrative 20.3 19.9 19.4 17.7 16.3
Depreciation and Amortization 11.2 11.2 11.2 11.8 11.8
(Gain) Loss on Loan Guarantee - - (0.1) 3.1 -
Impairment of Intangible Assets 117.1 176.3 14.4 _ .3
Other (losses on sales of assets and radio stations) .2 .8 .1 1.1 .6
Operating Income (loss) 25.6 (25.5) 136.8 143.7 139.1
Interest Expense 21.1 25.3 27.4 30.4 33.6
Net Income (loss) 1.9 (24.4) 61.3 68.0 66.6
Net Income (loss) per common share basic 0.02 (0.25) 0.61 0.68 0.66
Cash and Cash Equivalents $ 2.0 $ 4.4 $ 3.5 $ 3.2 $ 4.2
Total Assets 1,997.4 2,117.9 2,266.1 2,281.9 2,278.8
Total Debt 336.6 378.0 414.9 468.3 528.5

[1]

Revenue

Quarterly Results in Millions

FY (12/07) FY (12/06) FY (12/05)
1st Quarter 100.8 97.6 98.6
2nd Quarter 118.0 117.2 117.3
3rd Quarter 111.8 112.7 113.2
4th Quarter 114.3 113.0 108.9
Total 444.9 440.5 437.9


Earnings Per Share - Quarterly Results

FY(12/07) FY(12/06) Fy(12/05)
1st Quarter $0.14 $0.14 $0.14
2nd Quarter $0.21 $0.27 $0.20
3rd Quarter $0.22 $0.25 $0.21
4th Quarter -$0.57 -$0.93 -$0.06
Total $0.00 -$0.27 $0.61

[2]


Trends and Forces

The Ipod

The IPod Effect has done major damage to the advertising market of Radio Broadcasting. The number of listeners tuning into radio has slid continuously as the Ipod rises to replace it. By shrinking the audience pool advertising can reach less people and is being replaced with advertisers moving funding to advertise in other mediums.

Concentrated Focus on the Atlanta Market

Stations located in Atlanta represents 25,24, and 23 of total revenues for the years of 2007, 2006, and 2005 respectively. This leaves Cox Radio open to lose of audience share and advertising revenue to other stations, satellite radio, and Internet. As competition increases the price of advertising will decrease resulting in less income for Cox Radio. [3]

Seasonality

Within the Radio industry, advertising revenue tends to fluctuate. Cox radio's first quarter revenues are usually the lowest.


Streamlined Mangement

This can be both a positive an a negative. By having a small management team and concentrated offices Cox Radio has slimmed down their expenses as far as Real Estate and


Cox Radio has a Price to Cash Flow ratio more than 25% grater then the industry average. [4] This is considered an important financial barometer. Their Operating cash flow


  1. http://www.sec.gov/Archives/edgar/data/1018522/000119312508049788/d10k.htm#toc
  2. http://moneycentral.msn.com/investor/invsub/results/hilite.asp?Symbol=CXR
  3. http://www.sec.gov/Archives/edgar/data/1018522/000119312508049788/d10k.htm
  4. http://moneycentral.msn.com/investor/alerts/glossary.asp?TermID=52
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