Radio One First Quarter 2014 Overall Revenue Up, But Radio Falls A Little
May 8, 2014 at 4:50 AM (PT)
RADIO ONE, INC. first quarter 2014 net revenue rose 12.1% to $111.1 million, and a net loss increasing from $18.1 million to $25.2 million (36 to 53 cents/share). Radio revenue fell 0.4%, with growth in CHARLOTTE, DALLAS, and DETROIT and declines in ATLANTA, CINCINNATI and PHILADELPHIA.
CEO/Pres. ALFRED C. LIGGINS, III said, "Reflective of the broader economy, we experienced a slow-down in revenue growth in Q1. Adjusting for timing differences on major events, consolidated revenue was up by 5.4% compared to Q1 2013. Looking across the segments, TV ONE achieved its highest-ever show ratings, with the NAACP IMAGE AWARDS Show. However, the benefits of the NAACP partnership will be felt over the longer term as during the 1st quarter, TV ONE had higher programming amortization associated with the initial telecast of the IMAGE AWARDS. Our Internet business continued its profitable trajectory and had robust 27.6% revenue growth year-over-year. Looking ahead, core radio revenue is currently pacing down mid-single digits for the second quarter, but we anticipate markets picking up momentum in the second half of the year as political spending ramps up."