Station group owner Radio One has reported an improvement in performance during its 2016 fourth quarter.
The company reported net revenue at approximately $113.6 million, an increase of 3.8% from the same period in 2015. Broadcast and internet operating income was approximately $43.1 million, an increase of 5.9% from the same period in 2015.
Operating income was listed at approximately $17.1 million for the three months ended Dec. 31, 2016, compared to an operating loss of $11.3 million for the same period in 2015. Net loss was approximately $3.4 million or $0.07 per share (basic) compared to approximately $24.3 million or $0.50 per share (basic) for the same period in 2015.
Radio One President and CEO Alfred C. Liggins III said, “Political advertising helped our radio broadcasting segment achieve both revenue and Adjusted EBITDA growth compared to the fourth quarter of 2015. Together with a nice rebound in TV advertising revenue, which was up 18%, this helped drive our 6% growth in consolidated Adjusted EBITDA.”
He added, referring to the company’s investment in a newly opened casino resort near Washington, “During the fourth quarter we booked our first income from MGM National Harbor, which had a strong opening in December. Overall I was pleased with our performance for the year, which was towards the upper end of EBITDA guidance.”