If revenues FLATLINE instead of growing, the company does just fine. Indeed, it has been paying off roughly $100M/year in debt in tough times, and the more the debt decreases, the better the terms the company can get on the refinancing. Also, income rises as interest expense drops.
Yes, but revenues flatlining are too close for comfort for me. That would mean we would need more expense cuts...and that secular decline in radio was more serious than I thought. With the huge revenue declines we've seen, comparing 2009 to 2006, there is EVERY reason to see modest growth for each of the next 2 year (2011 and 2012), at the very least.