Timing Of Special Events Sends Radio One Revenue Down For Q1
May 9, 2013 at 4:23 AM (PT)
RADIO ONE first-quarter net revenue fell 3.7% to $99.1 million, attributed to "a timing difference of two annual special events." Station operating income rose 8.6% to $35.9 million, and operating income rose from $13.8 million to $15.5 million. Net loss narrowed from $79.2 million to $18.1 million ($1.58 to 36 cents per share).
CEO/Pres. ALFRED C. LIGGINS said, "I was pleased with our Q1 core radio revenue growth of 4.9% in a flat market, which helped us to grow the radio division's adjusted EBITDA by 10.7%. Our two largest travel-based events, the TOM JOYNER FANTASTIC VOYAGE and ONE LOVE GOSPEL GETAWAY, are both taking place in Q2 2013 compared to Q1 in 2012, which effectively moves approximately $7.6 million of revenue and $594,000 of station operating profit from Q1 to Q2 compared to prior year."
"Our Cable Television segment had Q1 revenue and adjusted EBITDA growth of 11.6% and 27.7%, respectively, and continues its positive growth momentum," continued LIGGINS. "During the first quarter we integrated our syndicated shows and corporate sales into REACH MEDIA, and I expect a strong return to profitability for that business unit in the second quarter. The Company repurchased almost 1.0 million shares at an average price of $1.59 during the quarter, and I believe that will generate a great long term return for shareholders. Core radio pacings for Q2 are currently up low single digits; we are seeing strong national performance, particularly in larger markets, but widespread softness in local business."