Radio One Q4 Net Revenues Down Slightly
February 25, 2016 at 4:05 AM (PT)
RADIO ONE has reported its results for the quarter ended DECEMBER 31st, 2015. Net revenue was approximately $109.4 million, a slight decrease of 0.3% from the same period in 2014. Station operating income was approximately $41.0 million, a decrease of 3.5% from the same period in 2014.
The Company reported an operating loss of approximately $11.3 million for the three months ended DECEMBER 31st, 2015, compared to operating income of $19.4 million for the same period in 2014. Net loss was approximately $24.3 million or $0.50 per share compared to $13.5 million or $0.28 per share, for the same period in 2014.
CEO/Pres. ALFRED C. LIGGINS, III stated, "Overall, our radio advertising revenue was down 5.2% for the final quarter of 2015. We underperformed our markets in ATLANTA, BALTIMORE and HOUSTON, but outperformed in WASHINGTON, D.C. Our audience ratings have generally shown strong growth year over year, and I anticipate that we will monetize these audience gains in 2016. While our gross cable television advertising revenues were up by 11% for the quarter, the liability incurred due to under delivery against rate card meant that overall TV advertising revenue was down by 3.5% for the quarter. This was more than offset by the 27.5% increase in cable television affiliate fees. Management remains focused on turning around underperforming radio markets and advancing our digital and cross platform sales strategies. We have had a number of significant client successes with our One Solution cross platform sales and marketing effort, and I expect that momentum to continue into 2016."