Dial Global Reports Q3 Loss, Volunarily De-Lists From NASDAQ
November 16, 2012

Dial Global has released its third quarter fiscal results, while also announcing the company will voluntarily de-list itself from the NASDAQ stock exchange. Following its acquisition of Westwood One, revenue grew from over $25 million in Q3 2011 to $58.2 million in this year's third quarter. However, the company reported in its 10-Q filing that it took a $69.4 million operating loss, as operating costs soared to $88 million from just $12.75 million a year earlier. Total net loss expanded from $5.2 million in Q3 of last year to $71.1 million.

In the 10-Q filing, Dial Global notes, "We believe our 2012 results were adversely impacted by, among other things, late cancelations in ad buys (which we believe was a by-product of the election and renewed economic uncertainty), competitive factors, such as a greater diversity of digital ad platforms (into which ad budgets have flowed) and increased competition from our major competitors, and advertisers' response to controversial statements by a certain nationally syndicated talk radio personality in March 2012." That would most likely be a reference to Rush Limbaugh, who faced boycotts and backlash earlier this year.

Additionally, Dial Global released a statement announcing that it had notified NASDAQ that it will voluntarily de-list itself from the global market. In its statement, the company says, "The decision to voluntarily delist from NASDAQ was taken following a review by the Company's Board of Directors, which determined that a delisting would be in the best interests of the Company. In reaching this conclusion, the Company's Board of Directors considered numerous factors, including, among other things, the compliance costs and obligations that result from the maintenance of the Company's listing on NASDAQ, the relatively limited historical volume of trading in the Company's common stock, the applicable federal securities laws and the applicable NASDAQ rules."

Dial Global will file a form with the SEC later this month to commence the delisting process. It is expected that the delisting will take effect on or about December 6. Following delisting, the Company's common stock will no longer trade on NASDAQ under the symbol "DIAL."




 
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Jon Zellner
SVPP, iHeartMedia

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