Radio One Net Revenues Down 5.3% In Q3
November 12, 2014 at 3:54 AM (PT)
RADIO ONE has reported its results for the quarter ended SEPTEMBER 30th, 2014.
Net revenue was approximately $112.2 million, a decrease of 5.3% from the same period in 2013. Station operating income was approximately $38.6 million, a decrease of 13.8% from the same period in 2013. The Company reported operating income of approximately $19.6 million for the three months ended SEPTEMBER 30th, 2014, compared to operating income of $21.8 million for the same period in 2013. Net loss was approximately $13.2 million or $0.28 per share for each of the quarters ending SEPTEMBER 30th, 2014 and 2013.
Pres./CEO ALFRED C. LIGGINS stated, "Our radio business experienced a very soft quarter: we had a perfect storm of weak market revenues and soft ratings in our four largest markets, and political revenues were less than anticipated. We had some ratings challenges in WASHINGTON, D.C., BALTIMORE and ATLANTA in addition to the new competitor in HOUSTON. Management has taken steps to remedy these issues, including a format change in HOUSTON from News to Classic Hip-hop. The initial ratings for our new station, BOOM 92, are extremely encouraging, and should mean we reverse the annual $1.5 million of losses that we were incurring on the news format. Outside our top-four markets, radio revenues for the third quarter were +1.5% against a flat market. Overall Q4 radio revenue is currently pacing -1.9% and I believe we will have positive momentum going into the new year. REACH MEDIA experienced a similarly weak third quarter, but is performing better in 4th quarter, consistent with the radio division. Both our Internet and Cable Television segments showed improved adjusted EBITDA and margins compared to the prior year."