Radio One Reports Fourth-Quarter Results
March 15, 2012 at 4:00 AM (PT)
RADIO ONE has reported financial results for the quarter ended DECEMBER 31st, 2011. The company noted that "giving effect to the consolidation of TV ONE, net revenue was approximately $98.1 million, an increase of 37.8% from the same period in 2010. Also giving effect to the consolidation of TV ONE, station operating income was approximately $35.3 million, an increase of 25.6% from the same period in 2010."
The Company also noted it "recorded a non-cash impairment charge against its goodwill and other intangible assets of approximately $22.3 million, which led to a net operating loss of approximately $9.0 million. Net loss was approximately $19.1 million or a loss of $0.38 per share, a decrease from the reported net loss of approximately $27.2 million or $0.52 per share for the same period in 2010."
CEO/Pres. ALFRED C. LIGGINS, III said, "Our fourth-quarter radio revenue was impacted by a combination of tough political comps, non-recurring national accounts and certain format changes that we effected during the quarter. Normalizing for political and issue money, our underlying core radio revenue was down approximately 4.2%. While this is disappointing, I believe our radio group is poised to rebound strongly in 2012, with mid to high single-digit revenue growth in both the first and second quarters. TV ONE continues its strong performance with fourth-quarter revenue growth of 8.7% and EBITDA growth of approximately 102% compared to fourth-quarter 2010. We expect TV One's full-year EBITDA to increase to approximately $40 million for 2012. Before inter-company management charges, our Internet business generated positive adjusted EBITDA(2) for the second sequential quarter, and we expect that division to be cash-flow positive for 2012."