Regent Communications is at risk of being delisted from the NASDAQ stock market, according to business newspaper report in Cincinnati, the home of Regent corporate HQ. The owner of 62 stations -- including four in Utica-Rome -- has been trading below NASDAQ's $1.00 minimum for more than 30 consecutive trading days.
The Cincinnati Business Journal says NASDAQ has officially put Regent on notice, giving the company 180 calendar days (yes, calendar days, not trading days) to shape up or ship out. In order to stay listed, Regent must trade above the $1.00 mark for at least 10 consecutive trading days before February 9, 2009.
If Regent fails to meet that requirement, it can file an appeal for a deadline extension. According to a press release issued by Regent, "alternatively, the Company can apply to transfer its securities to The Nasdaq Capital Market," providing certain other conditions (besides the trading price) are met. Either option would give Regent additional time to bring the price back up to par, but
The financial website Investopedia explains that delisting doesn't always mean a company is in dire straits, but it is still a cause for concern:
Just as there are plenty of private companies that survive without the stock market, it is possible for a company to be delisted and still be profitable. However, delisting can make it more difficult for a company to raise money, and in this respect, it sometimes is a first step towards bankruptcy.
Regent was served the delisting warning on August 11, according to Radio and Records. Regent closed at 77 cents a share on Friday, up one penny.
R&R points out that Citadel (NYSE symbol: CDL) could soon be in a similar situation, closing at 99 cents Friday. Since July 9th, CDL has closed above $1.00 only twice: on July 23 and August 11.
Regent Communications owns four Utica-Rome stations: country Big Frog 104 (WLZW), adult contemporary Lite 98.7 (WLZW), Oldiez 96 (WODZ) and talker Newsradio 950 (WIBX). The company also has clusters in Albany and Buffalo, and formerly owned a cluster in Watertown.
Citadel owns four stations in Syracuse: CHR 93Q (WNTQ), rocker 95X (WAQX), adult contemporary Lite Rock 105.9 (WLTI) and sports-talk ESPN Radio 1260 (WNSS).
I can't say I am surprised. Radio is becoming tougher and tougher. Other forms of media are taking over in offices and cars around the globe. Thats nothing new. I think, and I say think because I know other people have opinions too, but PD's need to start listening more to what their stations listeners are saying and worry a little less about the bottom line of the company. I.E What was McAdams thinking when he moved Greg McShea from Lite 98 to Big Frog? Big Frog talk abouts cowgirls in bikini's and free beer. They talk about Tapping the Keg with David Hopperfield, and when Meredith moves away this was their best choice? I'm not too sure Greg fits demographic as well as he did over at Lite. Again this is just what I think. I am not saing Amber Taylor is much better, she would be, if she focused on her show. She is spending her whole shift tracking Syracuse and Taping news for Albany and god knows where else, but at least Lauber has been getting newer stuff in rotation a little quicker these days. Its about time for that.
Oh and I do want to add that I have alot of respect for Greg and his 20+ years on the airwaves, but times are changing.
I agree that McShea fits in well with Lite. But, look at the big picture. You have a midday vacancy on Frog at the very same time your successful former midday host from Lite is offering to come back. It's almost a no-brainer to move McShea to the Frog so Trudy can return.
McShea has done time on the Frog before, when he was only a part-time jock. He may seem out-of-place at first, but he's still somewhat familiar with the format, and a lot less out-of-place on a country station than Trudy would be.
Another plus: Since everyone's just moving within the company, McAdams doesn't have to post EOE ads and wait for responses. The people he wants are already on the payroll and ready to work. Considering how hard it is to find good-quality jocks in smaller markets, this is a golden opportunity to keep all the positions filled without any major gaps.
The alternative likely would have been Frog middays being voicetracked for 2 months while they reviewed applicants.
And hey, if Matt Herkimer can talk about bikinis and free beer, why can't Greg McShea? You're never too old to enjoy bikinis and free beer :-)
Good points as always. I just would have liked to seen a younger, more energetic personality in that spot, and I am sure the listerners would love to have seen that at remotes. I wish Greg the best, I'm just curious to see what his numbers will be come next book. If Frog gets #1 I guess we'll all know why.
Big Frog's midday spot has been filled by what seems to be an energetic woman in her 20's. Again, that's what I've felt while listening to Big Frog almost every afternoon.
When Annie Croaklie left a while back, it took people a while to get used to Meredith. She has a voice with more of a draw, seems southern. But, eventually we got used to it.
However, with this they're pretty much changing the format of the show. We will no longer hear all the girl pride songs that we've been hearing for practically forever.
I will add one final note. I liked Annie's personality the best out of all the mid-afternoon people I've heard. She actually turned the mic on and talked about something other than music!