Clear Channel Communications released its first quarter fiscal results, with $1.6 billion in revenue, a four percent increase over Q1 of last year. Expenses grew by eight percent to $1.1 billion during the quarter. Income before discontinued operations grew 70 percent to $161.4 million. Clear Channel Radio revenue was down $29.6 million during Q1. Declines in local and national revenue were partly offset by increases in traffic, online and syndicated radio revenue. Revenue decline was also attributed to weakness in advertising overall, along with the auto, retail and services ad markets. "We continued to execute on our strategic plan during first quarter in the face of a challenging macro-economic climate," commented CEO Mark Mays. "While our results were affected by the soft advertising market, we continued to out-deliver the majority of our media industry peers. Our Outdoor results benefited from the global diversification of our footprint, as well as our ongoing efforts to expand our digital presence. We are solidly on track in rolling out our digital installation plan, which continues to strengthen our long-term growth potential. Our radio operations out-performed the majority of our markets in the quarter and we continued to invest in our content and online assets in an effort to strengthen our value proposition to both our listeners and advertisers. We believe our concerted investment strategy will position our businesses for growth over the long-term."  

Saga Communications saw its Q1 net operating revenue dip slightly to $31.5 million. Radio net revenue declined by $512,000 to approximately $27.4 million. Net income was up by 23 percent to $910,000.

First quarter revenue for Salem Communications dropped 1.3 percent to $54.5 million, though net income increased from $3 million to $5 million. The company's broadcasting division saw Q1 '08 revenue drop 3.2 percent to $48.4 million.

Beasley Broadcast Group saw its Q1 net income grow by 6.3 percent to $1.2 million, but its net revenue fell 4.6 percent to $29.4 million. Chairman/CEO George Beasley stated, "The radio industry and Beasley Broadcast Group continued to face a challenging economic climate in the first quarter of 2008. Our first-quarter revenue performance was mixed reflecting the generally soft performance of the industry, specific challenges facing our Ft. Myers and Las Vegas market clusters and our success in driving revenue growth in Miami, Philadelphia, Greenville-New Bern and Augusta, though growth in Miami was slightly less than forecasted. In addition, during the first quarter we continued to achieve revenue growth from our interactive initiatives. First quarter interactive revenues accounted for approximately 4.3 percent of the Company’s total revenue compared with a contribution of approximately 2.7 percent in the year-ago period."

Previously, CBS Corp. announced its Q1 results, with the company's overall net income increase 14 percent to $244.3 million and revenue stay flat at $3.7 billion, CBS Radio revenue dropped by nine percent in the quarter. Radio revenues declined to $363.5 million from $397.5 million in Q1 of last year.

Citadel Broadcasting saw its Q1 revenues more than double, thanks to last June's acquisition of stations from ABC Radio. Net revenue in the quarter jumped from $92.9 million to $205.8 million. Pro forma revenue fell from $213.1 million to $202.8 million, primarily due to decline in radio revenue. Income for Q1 was $8.7 million, compared to $11.3 million last year. Chairman/CEO Farid Suleman stated that "2008 is a transition year for ABC Radio. The Company is making significant changes at its major-market radio stations in order to position the group for growth in the second half of 2008 and 2009. The Company completed a major restructuring of these stations late in the first quarter, including format changes in three markets, and expects a reduction in expenses in the second quarter and throughout the remainder of 2008 and 2009. The ABC Network had a positive quarter with both an increase in revenue and reduction in expenses when compared to the prior year quarter. The Company will continue to utilize its considerable free cash flow to pay down debt during 2008."

Cox Radio surpasses Wall Street expectations in Q1, with net income of $12.8 million, though that is still a drop from last year's first quarter net income of $13.5 million. Revenue dropped 2.9 percent to $97.8 million from $100.8 million, which the company attributed to weak performances from its Atlanta, Orlando, Miami, Tampa and Richmond, VA stations.

Cumulus Media releases its first quarter results, with net revenues climbing slightly to $72.9 million from $72.4 million the year before. The increase was attributed to local advertising, which offset a dip in national ads. Cash revenues for the quarter grew from $68.8 million to $69.7 million, while station operating expenses fell by 1 percent.

Entercom Communications announced it is re-stating its Q1 income to include a court ruling connected to its ownership of Modern Rock KWOD/Sacramento. Net income is re-stated at $5.7 million instead of $5.2 million.

Radio One has released its Q1 results, with revenues down by two percent to $72.5 million from $74 million last year. The company attributed the loss to a decline in national advertising as well as the state of the economy. Income dropped by 16 percent to $18.3 million, and the company overall lost $18.3 million in the quarter. "While our radio stations outperformed their markets by almost 600 basis points, driven mainly by local advertising, the significant decline in national advertising held our overall core radio station revenue growth to 0.9 percent," stated CEO/President Alfred Liggins. "Under the current market conditions, I believe this performance demonstrates that our management changes and leadership are having a favorable impact. When combined with reduced revenues at Reach Media and Giant Magazine, consolidated net revenue declined two percent."

For the first quarter of 2008, Regent Communications saw a 3.1 percent decrease in net broadcast revenues to approximately $20.1 million. The company saw a net loss of $3 million for the quarter, an increase from 2007's Q1 net loss of roughly $1.2 million. 

Spanish Broadcasting System (SBS) announced its Q1 2008 results, with a six percent decline in revenue from $38.9 million to $36.4 million. SBS attributed the decline in part to a net revenue drop in its radio division of $3.8 million. The decline at radio was offset by an increase in the TV division of SBS. Operating income saw a loss of $2.8 million after a profit of $6 million in Q1 '07.