Radio One Reports Q2 Net Revs Up 13%, But Radio Was 'Choppy'
August 13, 2013 at 4:53 AM (PT)
RADIO ONE has reported its financial results for the quarter ended JUNE 30th, 2013.
Net revenue was approximately $119.6 million, an increase of 13.0% from the same period in 2012, resulting primarily from "a timing difference of REACH MEDIA's annual cruise event as well as revenue improvements in both our Cable Television and Internet segments."
Station operating income was approximately $45.7 million, an increase of 10.4% from the same period in 2012. The Company reported operating income of approximately $18.4 million for the three months ended JUNE 30th, 2013, compared to operating income of $21.5 million for the same period in 2012. Net loss was approximately $14.2 million or $0.29 per share compared to net income of $42.7 million or $0.85 per share, for the same period in 2012.
CEO/Pres. ALFRED C. LIGGINS, III stated, "Overall I am pleased with our Adjusted EBITDA growth of 19.5% for the quarter, which demonstrates the benefits of our diversification strategy. Radio advertising markets have been choppy, with a slowdown in JUNE that took our core radio revenues from low single digit positive to a 0.6% finish. JULY core radio station net revenue was +5.0% and Q3 is currently pacing up low single digits. TV One posted robust revenue and Adjusted EBITDA growth, up approximately 17.0% and 22.3% respectively, and Household ratings in prime were up 15%. Our Interactive One business performed well, with positive Adjusted EBITDA of $507,000 compared to a loss of $475,000 for the same period last year, and remains on target to hit break-even for the year. The TOM JOYNER Fantastic Voyage was a success, and helped propel REACH MEDIA to a positive Adjusted EBITDA of approximately $1.9 million, which was a welcome turn-around from last year's comparable loss of $89,000."