Radio One Q1 Radio Revenue Falls
May 1, 2015 at 4:11 AM (PT)
RADIO ONE net revenue fell 4.8% year-to-year to $105.8 million for first quarter, but adjusting for timing differences on major events (including TOM JOYNER's "Fantastic Voyage," which occurred in first quarter 2014 but not until second quarter 2015) shows a 2.7% increase in revenue.
Radio revenue dropped 9.4%, blamed on declines in the company's largest markets, including ATLANTA, BALTIMORE, CLEVELAND, COLUMBUS, HOUSTON and WASHINGTON; CHARLOTTE, CINCINNATI, DALLAS, and ST. LOUIS showed the most significant growth. Net Internet revenue fell 10.9%. Net loss narrowed from $25.2 million to $18.5 million (53 to 39 cents/share).