Radio One Q3 Revenues Rise, Net Loss Widens
November 1, 2012 at 4:44 AM (PT)
RADIO ONE third quarter net revenue increased 5.4% to $110 million, including the consolidation of operations of the TV ONE cable TV network, which added $33.2 million to the total. The company's net loss widened from $9.9 million to $13.1 million (20 to 26 cents/share).
Radio net revenues increased 5.3% for the quarter, credited to growth in BALTIMORE, CLEVELAND, COLUMBUS, DETROIT, INDIANAPOLIS, RALEIGH and WASHINGTON; HOUSTON, PHILADELPHIA and ST. LOUIS saw "the most significant declines." REACH MEDIA net revenues decreased 11.3%, mostly due to fewer sponsors of certain events. Internet division revenues fell 8.9%.
CEO/Pres. ALFRED LIGGINS said, "Our core radio revenues continue to outperform the markets in which we operate, in Q3 by 500Bps. Political revenue was just over $2 million in the quarter, the highest level in Q3 in company history, and ramped-up strongly in OCTOBER, helping to push our fourth-quarter radio pacings to approximately +13%. TV One revenues grew by 12.5% and EBITDA by 32.1%. A solid upfront cycle saw both volume and CPM's grow by mid-single digits. During the third quarter we successfully launched two strong new TV series: R&B DIVAS and THE RICKEY SMILEY SHOW; cross promotion across the radio and digital platform helped both shows perform strongly, debuting with household ratings of 1.09HH and 1.29HH, respectively. I believe we can build on that success to grow our cash flows in Q4 and 2013."