Radio One’s net revenue was about $119.6 million in the second quarter. That’s a 13% increase compared to the same period a year ago.
The company said the rise resulted primarily from a timing difference of Reach Media’s annual cruise event as well as revenue improvements in both the company’s cable television and Internet segments.
Radio One President/CEO Al Liggins was pleased with the adjusted EBITDA growth of 19.5% for the quarter, “which demonstrates the benefits of our diversification strategy.”
Overall, radio advertising markets have been “choppy,” according to Liggins, “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.”
He called the Tom Joyner Fantastic Voyage a success, which helped propel Reach Media to a positive adjusted EBITDA of approximately $1.9 million, a welcome turnaround from last year’s comparable loss of $89,000, according to Liggins.
Station operating income for Q2 was approximately $45.7 million, an increase of 10.4% from the same period in 2012.
The broadcaster reported operating income of approximately $18.4 million for the quarter, compared to operating income of $21.5 million for the same period in 2012.
Net loss was approximately $14.2 million or 29 cents a share compared to net income of $42.7 million or 85 cents a share, for the same period a year ago.