Radio One Q2 FInancials "Pretty Disappointing"
August 7, 2006 at 7:05 AM (PT)
RADIO ONE second quarter net broadcast revenue fell 4% to $97.8 million, with net income applicable to common stockholders falling 59% to $8.1 million (8 cents/diluted share). Revenue declined in LOS ANGELES< WASHINGTON, ATLANTA, DALLAS, CLEVELAND, and CINCINNATI, offsetting increases in HOUSTON, PHILADELPHIA, RICHMOND, and ST. LOUIS as well as syndicator REACH MEDIA.
CEO ALFRED C. LIGGINS III called the quarter "pretty disappointing. We are clearly facing some challenges in certain markets, over and above the ongoing softness in the radio industry, and are taking active steps to address those challenges. However, when viewed in the context of our out-performance of the industry in the second quarter of 2005, along with some discrete expense items in this quarter that should not be recurring, as well as investment spending that is already beginning to pay off in positive ways, we think that this quarter may represent the perfect storm of bad news and that better days are ahead."