Wednesday, December 15, 2010

Radio Stock Update 3

They keep saying radio stocks are ready to rebound, and overall...it just hasn't happened. Of the dozen radio stocks I've been tracking three went private, 6 were threatened with de-listing, and one was downgraded to the OTCBB which is almost as bad as being downgraded to the OTB. None exceed their late 90s IPOs. Saga has been the real winner over the last 2 years, but most of the others still struggle with Radio One only getting it's de-listing letter a month ago. For them it's 2008 all over again.

A couple years ago I picked out a dozen publicly traded  terrestrial radio stocks and I've been periodically checking up on them and being very glad I didn't buy any. This year I added Sinclair and SBS to round out the dozen to make up for the two that were de-listed. Bonneville, Peak, Greater Media and Buckley are all private and not traded so after the big ten the groups get pretty small.Hopefully the data is still meaningful.  I'm also deliberately avoiding conglomerates with focuses outside radio.

Clear Channel Communications CCU/NYSE
IPO 7/6/1994 - 29.9
Peak - 11/5/07 - 38.4
07/24/08 -WENT PRIVATE

Cumulus Media CMLS/NASDAQ
IPO - 11/16/2001 - 6.99
Peak - 4/23/2004 -22.25
10/15/08 - 1.77
03/02/09 - 1.82
12/22/10 - 2.27
Currently -  3.70

Saga Communications SGA/NYSE
IPO - 10/15/1993 - 5.4
Peak - 5/3/2002 -23.20
10/15/08 - 4.9
03/02/09 - 4.28
12/22/09 - 12.75
Currently -  24.40

Entravision Communications EVC/NYSE
IPO - 8/11//2000 - 18.1
Peak - 8/18/2000 - 20.0
10/15/08 - 1.3
03/02/09 - 0.84
12/17/08 - DE-LISTING LETTER
12/22/09 -3.39
Currently -  2.49

Citadel Broadcasting CDL/NYSE
IPO - 8/1/2003 - 20.09
Peak - 12/26/03 - 22.7
09/15/08 - DE-LISTING LETTER
10/15/08 - 0.26
03/02/09 - 0.2
03/06/09 - DE-LISTED
12/20/09 - DECLARED BANKRUPTCY
06/01/10 - EMERGED FROM BANKRUPTCY

Regent Communications RGCI/NASDAQ
IPO - 3/4/2000 - 13.12
Peak - 3/11/2008 - 13.68
08/16/08  - DE-LISTING LETTER
10/15/08 - 0.7
06/30/09 - DELISTED (Stock now trades on the OTC Bulletin Board.)

Cox Radio CXR/NYSE
IPO - 10/11/1996 - 7.2
Peak - 12/31/1999 - 33.25
10/15/08- 6.85
03/02/09 - 5.20
06/01/09 - WENT PRIVATE

Entercom Communications ETM/NYSE
IPO - 3/12/1999 - 29.68
Peak - 2/4/2000 - 65.8
10/15/08- 2.34
03/02/09 - 1.28
12/22/09 - 7.48
Currently - 9.35

Salem Communications SALM/NASDAQ
IPO - 07/02/1999 - 26.375
Peak - 04/23/04 - 33.08
10/15/08- 1.01
03/02/09 - 0.56
12/22/09 - 4.48
Currently - 9.35

Beasley Broadcasting BBGI/NASDAQ
IPO - 02/11/2000 - 14.125
Peak - 02/13/2004 - 19.05
10/15/08 - 1.71
03/02/09 - 1.11
12/22/09 - 3.82
Currently - 4.77

Emmis Communications EMMS/NASDAQ
IPO - 03/04/1994 - 7.75
Peak - 12/31/1999 - 62.32
10/15/08- 0.60
03/02/09 - 0.31
12/22/09 - 1.23
11/05/10 -  DE-LISTING LETTER
Currently - 0.47

Radio One ROIAK/NASDAQ
IPO - 06/02/2000 - 65.00
Peak - 06/02/2000 - 65.00
10/15/08 - 0.301
03/02/09 - 0.41
12/22/09 - 3.29
09/20/10 - DE-LISTING LETTER
11/22/10 - REGAINED COMPLIANCE
Currently - 1.01

Sinclair Broadcast Group SBGI/NASDAQ
IPO - 06/09/1995 - 9.54
Peak - 04/03/1998 - 29.81
10/15/08 - 6.64
03/02/09 - 1.13
12/22/09 - 3.66
Currently - 8.36

Spanish Broadcasting System SBSA/NASDAQ
IPO - 11/05/1999 -26.625
Peak - 12/31/1999 - 40.25
10/15/08 - 0.41
03/02/09 - 0.09
12/22/09 - 0.75
02/13/10 -  DE-LISTING LETTER
05/01/10 - REGAINED COMPLIANCE 
10/18/10 -  DE-LISTING LETTER
Currently -0.74

Day traders will tell you that you're better off buying penny stocks in lots of a thousand to offset the cost of brokers fees. It means you need a relatively smaller bump to offset that cost. But being penny stocks, it also means that sometimes you basically donated that money to Lloyd C. Blankfein. In other words... most of these are still a dubious investments even after 2 years of recovery. You can clearly see that some have been winners and the rest have been losers.