Group owner Radio One reported that its net revenue for the third quarter, through Sept. 30, $110.9 million, was down a little, by 4.3% compared to the same quarter in 2015.
On the positive side, the company reported that its $43 million in broadcast and internet operating income was up 2.9% compared to the same period in 2015. In addition, operating income overall was $24,5 million in comparison to $7.1 million for 2015.
However, in the end, it all added up to a loss of $423,000, $0.01 per share. In comparison, that is an improvement over 2015’s loss of $18.1 million, $0.38 per share.
Radio One CEO and President Alfred C. Liggins III said, “Despite softer than anticipated third quarter revenues, our continuing cost control measures helped to deliver positive Adjusted EBITDA for the quarter, and we reaffirm our guidance for adjusted EBITDA in the range $133–$137 million for FY 2016.”
He added, “During the third quarter we signed a letter of intent for the sale of our FM towers, and we anticipate closing that transaction in the fourth quarter.”
Digging deeper, the company reported that total spot advertising revenue was down 4.3% which it attributed to less political advertising than anticipated. It offered that fourth quarter spending was looking promising.
Sluggish cable TV revenue was described as “under-delivery” and it indicated that poorly performing NTR events were being discontinued.
Lastly, it announced that the company will be renamed Urban One Inc., effective January 2017.
