Radio One, Inc. Reports Second Quarter Results

Written by Hassahn Liggins - August 13, 2013 at 7:21 am - Filed Under: Of Interest

House Committee Discusses Stereotypes With Music IndustryRadio One, Inc. today reported its results for the quarter ended June 30, 013. Net revenue was approximately $119.6 million, an increase of 13.0% from the same period in 012, resulting primarily from a timing difference of Reach Media‘s annual cruise event as well as revenue improvements in both our Cable Television and Internet segments. Station operating income1 was approximately $45.7 million, an increase of 10.4% from the same period in 012. The Company reported operating income of approximately $18.4 million for the three months ended June 30, 013, compared to operating income of $21.5 million for the same period in 012. Net loss was approximately $14.2 million or $0.29 per share compared to net income of $2.7 million or $0.85 per share, for the same period in 012.

Alfred C. Liggins, III, Radio One‘s CEO and President stated, “Overall I am pleased with our Adjusted EBITDA2 growth of 19.5% for the quarter, which demonstrates the benefits of our diversification strategy. Radio advertising markets have been choppy, with a slowdown in June that took our core radio revenues from low single digit positive to a –0.6% finish. July core radio station net revenue was +5.0% and Q3 is currently pacing up low single digits. TV One posted robust revenue and Adjusted EBITDA growth, up approximately 17.0% and 22.3% respectively, and Household ratings in prime were up 15%. Our Interactive One business performed well, with positive Adjusted EBITDA of $507,000 compared to a loss of $475,000 for the same period last year, and remains on target to hit break-even for the year. The Tom Joyner Fantastic Voyage was a success, and helped propel Reach Media to a positive Adjusted EBITDA of approximately $1.9 million, which was a welcome turn-around from last year’s comparable loss of $89,000.”

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