Radio One Revenues Rise For Third Quarter
November 7, 2013 at 4:17 AM (PT)
RADIO ONE, INC. third quarter net revenue rose 7.7% year-to-year to $118.4 million, with its net loss roughly flat at $13.2 million (28 cents per share). Net revenue from the radio business, including REACH MEDIA, increased 3.4% for the quarter.
CEO and President ALFRED C. LIGGINS, III said, "Overall I am pleased with our 12.5% increase in adjusted EBITDA2. Our radio business, including REACH MEDIA, grew revenues by 3.4% year-to-year despite the toughening political comparatives. Propelled by strong summer ratings, TV ONE posted revenue and adjusted EBITDA growth of 13.7% and 37.2% respectively, and our internet division showed solid progress. Excluding political, our Q4 radio revenues are currently pacing up mid-single digits. Despite the $6.1 million of cyclical political revenue that we booked in Q4 2012, we expect Q4 radio revenues to finish approximately flat, which will be quite an achievement given that 2012 was a record year for our political revenues. As a result of our EBITDA growth, we have steadily been improving our leverage profile, and for the first time since Q1 2009, our total leverage ratio as measured by our credit agreement has dropped below 7.0x; our focus remains to continue this positive trend."