Radio One Q1 Profit Shrinks
June 26, 2007 at 5:45 AM (PT)
Revenue rose but profit fell for RADIO ONE in the first quarter as the company finally released its late quarterly financials. Revenue was up 1.1% to $82.472 million, with profit off 71% to $744,000 (1 cent/share).
The company credited revenue increases in ATLANTA, CINCINNATI, and DALLAS and at newly acquired GIANT magazine for the revenue increase, offset by continued trouble at Urban AC KRBV (V100)/LOS ANGELES. Without the revenue boost from GIANT, revenues would have fallen 0.6%.
RADIO ONE has restated earnings for the last seven years and has faced threats of delisting from NASDAQ due to late financial reporting.