CEO Bill Stakelin says the CIncinnati-based owner of small and medium market stations “did out-perform the industry, a feat we've achieved for five years in a row now.” Like other radio CEOs, Stakelin identifies automotive, down nearly 40% from a year earlier, as the largest single factor in the 13.9% decline in net revenues. The problem isn’t the lack of commercials from car companies, but the rate Regent is able to get for the spots. Unemployment in Regent markets such as Grand Rapids, Flint and Peoria (where Caterpillar laid off 4,000 people) is a macro-level problem. Regent has been in default with its lenders since April, and it’s spending extra money on outside advisors as it negotiates with its lenders. Regent stock (“RGCI”) was down on this morning’s opening, after the pre-opening bell release of the third quarter results and the 9am conference call.