Radio One Reports Revenues Rise
August 2, 2012 at 4:17 AM (PT)
RADIO ONE has reported its financial results for the quarter ended JUNE 30th.
The company wrote, "Giving effect to the consolidation of TV ONE, net revenue was approximately $105.9 million, an increase of 9.1% from the same period in 2011. Also giving effect to the consolidation of TV ONE, station operating income1 was approximately $41.4 million, an increase of 19.0% from the same period in 2011."
The Company reported operating income of approximately $21.5 million compared to operating income of approximately $15.8 million for the same period in 2011. Net income was approximately $42.7 million or $0.85 per share compared to net income of $98.6 million or $1.94 per share, for the same period in 2011. Net income for the quarter ended JUNE 30th, 2011 included the impact of a non-cash pre-tax gain of approximately $146.9 million resulting from its increased ownership and controlling interest in TV ONE recorded during that period.
CEO/Pres. ALFRED C. LIGGINS, III stated, "I was pleased with our second quarter core radio revenue growth of 6.5% year over year. While the timing of the One Love Gospel Cruise and other corporate revenues brought the headline radio revenue growth rate down to 2.7%, I believe we strongly outperformed the markets in which we operate. We expect this trend to continue into the third quarter, where we are currently pacing up high single digits, with political revenues likely to strengthen as we move closer to the Presidential election. TV ONE continued its growth trajectory with Quarterly EBITDA of $11.7 million, up 32.8% from the same period last year. The dividends received from TV ONE remain an important source of cash-flow for RADIO ONE, and we intend to manage this aspect of the business prudently, with a view towards managing our bank covenant step-downs in 2013. Our Internet division had a somewhat weaker than expected second quarter, with a lack of tent-pole events around which to build revenue. I expect their progress towards profitability to resume in the third quarter."