Radio One Net Revs Up 3.1% For The Quarter
May 5, 2016 at 4:00 AM (PT)
RADIO ONE, INC. has reported its results for the quarter ended MARCH 31st, 2016.
Net revenue was approximately $109.1 million, an increase of 3.1% from the same period in 2015. Station operating income was approximately $39.6 million, an increase of 10.1% from the same period in 2015. The Company reported operating income of approximately $18.8 million compared to operating income of approximately $15.6 million for the same period in 2015. Net loss was approximately $3.9 million or $0.08 per share compared to net loss of $18.5 million or $0.39 per share, for the same period in 2015.
CEO/Pres. ALFRED C. LIGGINS, III commented, "We saw a sequential monthly improvement in our radio revenues as the first quarter progressed, and that positive momentum is continuing into Q2 where we are pacing up low single digits. Political revenues were strong, which augurs well for the fourth quarter when we historically receive the bulk of political radio advertising. TV ONE had a strong first quarter, with growth in both advertising (+3.5%) and affiliate revenues (+12.3%). All four of our reportable segments posted year over year double digit Adjusted EBITDA growth. Overall I was pleased with our 13% growth in consolidated Adjusted EBITDA, the stabilization of our radio revenues, and growth of radio cashflow."