Radio One Releases Q1 Results
Radio One reported results for the quarter ended March 31.
Net revenue was approximately $99.1 million, a decrease of 3.7% from the same period in 2012, a drop the company credits to a timing difference of two annual special events.
Station operating income was approximately $35.9 million, an increase of 8.6% from the same period in 2012. The company reported operating income of approximately $15.5 million for the quarter, compared to operating income of $13.8 million for the same period in 2012.
Net loss was approximately $18.1 million or $0.36 per share, as compared to a net loss of $79.2 million or $1.58 per share, for the same period in 2012.
“I was pleased with our Q1 core radio revenue growth of 4.9% in a flat market, which helped us to grow the radio division’s adjusted EBITDA by 10.7%,” Radio One CEO and President Alfred C. Liggins III, said. “Our two largest travel-based events, the Tom Joyner Fantastic Voyage and One Love Gospel Getaway, are both taking place in Q2 2013 compared to Q1 in 2012, which effectively moves approximately $7.6 million of revenue and $594,000 of station operating profit from Q1 to Q2 compared to prior year.”
“Core radio pacings for Q2 are currently up low single digits,” Liggins said of the current quarter. “We are seeing strong national performance, particularly in larger markets, but widespread softness in local business.”