Premiere Sees a Sharp Increase in Earnings
Premiere Radio Networks Inc., a Sherman Oaks-based producer of radio programming, reported a sharp increase in earnings for the second quarter that ended June 30.
The company posted a profit of $756,000 for the second quarter, compared to $383,000 in the same three-month period a year earlier. Revenues climbed to $5.13 million, up 7% from $4.8 million a year earlier. Second-quarter revenues included a $490,000 gain from the sale of a company-owned radio station in the first quarter.
For the six-month period that ended June 30, the company reported a profit of $1.39 million on sales of $9.36 million, compared to earnings of $1.37 million on sales of $8.77 million a year earlier.
Steve Lehman, the company’s chief executive, said the improved results stem in part from “substantial investments in programming and research services.†He added that the company has “aggressively expanded our affiliate networks, and sales representation and research services.â€
Premiere produces 24 syndicated programs and services that are heard on more than 3,200 radio affiliates, the company said.
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