Radio One Q3 Revenues Jump
November 4, 2005 at 7:52 AM (PT)
RADIO ONE third quarter net broadcast revenue rose 20% to $101.4 million, with operating income off 2% to $38 million and station operating income flat at $47.3 million (but up 12% and 11% respectively excluding a one-time charge for the termination fee for the company's sales rep deal with INTEREP). Net income fell 32% to $11.5 million. The revenue increase is being attributed to the addition of revenue from REACH MEDIA and increases in ATLANTA, CHARLOTTE, CLEVELAND, DALLAS, HOUSTON, and MINNEAPOLIS offset by declines in LOS ANGELES and BALTIMORE; without REACH, revenue rose 6%.
The company's fourth quarter guidance is for a mid-teens percentage increase in revenue (low-single-digits excluding REACH).