LAS VEGAS — Citadel Communications Corp. shares fell as much as 48% after the radio station owner said its third-quarter loss widened because of acquisition and interest expenses.
The stock dropped $7.38 to close at $8.63 on Nasdaq on Wednesday. It traded as low as $8.25, the lowest price since Citadel first sold shares to the public at $16 in June 1998. The Las Vegas-based owner of radio stations in mid-size markets reported late Wednesday that its loss widened to $11.2 million, or 30 cents a share, from $2.8 million, or 9 cents, a year earlier. Citadel cited the costs of buying 21 stations and selling three stations, along with higher interest expenses, for the wider loss.