The first-quarter numbers look sobering for Cincinnati-based Regent Communications – but $31.8 million of the net loss of $32.5 million was due to a non-cash impairment charge on the value of licenses. Broadcast revenues dropped 12.3% from the year prior, to $18.3 million. Station operating expenses were lower, while administrative expenses increased. Regent Communications President & CEO Bill Stakelin says, “Our first quarter performance was impacted by the ongoing national recession which resulted in an industry-wide advertising slowdown.” Regent owns and operates 62 stations in 13 markets. Regent stock (RGCI), which traded exactly 5 years ago at over $6 per share, opened for trading today at just 17 cents and was falling due to the earnings news. Get their latest stock quote here.