Radio One expressed pleasure with its first quarter financial results. The company posted a net loss but the loss was smaller than a year ago, while revenue was up.
The company, which trades on NASDAQ, said its net revenue in the first three months of the year was $109.1 million, a 3.1% improvement from a year ago. Its net loss was $3.9 million or 8 cents per share compared to a net loss of $18.5 million or 39 cents per share at this time last year.
CEO/President Alfred C. Liggins III said in the announcement, “We saw a sequential monthly improvement in our radio revenues as the first quarter progressed, and that positive momentum is continuing into Q2 where we are pacing up low single digits.”
“Overall I was pleased with our 13% growth in consolidated adjusted EBITDA, the stabilization of our radio revenues and growth of radio cashflow.” He said strong political revenues suggest the latter part of this year should be particularly strong.
Station operating income was up 10.1%. Radio One had operating income of $18.8 million compared to $15.6 million for the period in 2015.