Radio One Reports Core Radio Revs Up 11% In Fourth Quarter
February 20, 2013 at 4:07 AM (PT)
RADIO ONE, INC. has reported its results for the quarter ended DECEMBER 31st, 2012. The Company noted, "Giving effect to the consolidation of TV ONE, net revenue was approximately $105.9 million, an increase of 8.0% from the same period in 2011. Also giving effect to the consolidation of TV One, station operating income was approximately $35.7 million, an increase of 0.6% from the same period in 2011."
The Company reported operating income of approximately $14.7 million compared to an operating loss of approximately $8.8 million for the same period in 2011. Net loss was approximately $17.2 million or $0.34 per share compared to net loss of $21.5 million or $0.43 per share, for the same period in 2011.
CEO/Pres. ALFRED C. LIGGINS stated, "I was pleased with our Fourth Quarter radio division performance; core radio revenues were up by 11% and we outperformed the markets in which we operate by 820 Bps. Normalizing for political revenues, Q4 was +2.9%. Adjusted EBITDA for the Radio Division increased 33% over prior year. Forward pacings for radio remain encouraging, with Q1 currently pacing up mid-single digits ahead of prior year. Fourth Quarter revenues from our Cable Television division increased 6.8% from the prior period, and we were able to absorb additional programming amortization expenses and severance costs, while still delivering approximately $40 million of Adjusted EBITDA for the full year. During the quarter, we reorganized our syndicated programming and syndicated programming sales effort under the experienced and capable management of DAVID KANTOR at REACH MEDIA, and I look forward to seeing positive results from that initiative in 2013."
The Company also announced that its Board of Directors has approved a stock repurchase authorization. The Company has been authorized, but is not obligated, to repurchase up to $2 million worth of its Class A and/or Class D common stock in support of its stock price. Repurchases will be made from time to time in the open market or in privately negotiated transactions in accordance with applicable laws and regulations. The timing and extent of any repurchases will depend upon prevailing market conditions, the trading price of the Company's Class A and/or Class D common stock and other factors, and subject to restrictions under applicable law. Radio One expects to implement this stock repurchase program in a manner consistent with market conditions and the interests of the stockholders, including maximizing stockholder value. Based on the closing stock prices of Radio One's Class A and Class D common stock on FEBRUARY 15, 2013, the newly authorized repurchase would represent approximately 2.7% of the Company's outstanding shares.