Revenues And Income Down At Radio One
August 2, 2007 at 9:33 AM (PT)
RADIO ONE INC. has reported its results for the quarter ended JUNE 30, 2007. Net broadcast revenue was approximately $86.1 million, a decrease of 6% from the same period in 2006. Station operating income1 was approximately $38.5 million, a decrease of 14% from the same period in 2006. Operating income was approximately $9.8 million, a decrease of 67% from the same period in 2006. Net loss (including one-time impairment charges of $15.9 million related to intangible assets) was approximately ($7.6) million or ($0.08) per diluted share, a decrease from the reported net income of approximately $8.1 million in the same period in 2006.
Pres./CEO ALFRED C. LIGGINS, III stated, "While this quarter was another difficult one for the radio industry, I am pleased that, excluding our LA operations, we actually outperformed our markets slightly from a local revenue perspective, which continues to be the foundation for our business. Looking into the third quarter, we may be seeing some signs of improvement although the markets are very choppy, business is booking later and later and significant hurdles remain. Our diversification into a broad-based media company consisting of radio, cable, internet and print is beginning to coalesce, as we continue to identify new and myriad ways to satisfy our advertiser client base. This transition from a pure-play radio company to a media company is longer-term in nature, but I am confident that our team is up to the challenges and opportunities we have before us."