Radio One Revs, Income Down
November 6, 2007 at 6:48 AM (PT)
RADIO ONE has reported its results for the quarter ended SEPTEMBER 30th, 2007. Net revenue was approximately $90.4 million, a decrease of 1.7% from the same period in 2006. Station operating income was approximately $40.9 million, a decrease of 11.6% from the same period in 2006. Operating income was approximately $31.6 million, a decrease of 7.8% from the same period in 2006. Net income was approximately $4.8 million, a decrease of 40.2% from the reported net income of approximately $8.0 million in the same period in 2006.
CEO/Pres. ALFRED C. LIGGINS, III stated, "This quarter we continued to see a challenging radio industry environment as well as another rough quarter for our LOS ANGELES station. However, had LOS ANGELES maintained market share, our radio properties would have outperformed the industry, this time by approximately 100 basis points. Further, the fourth quarter looks soft, consistent with the past few quarters. Thus, we continue to make progress on the evolution of the company in non-radio areas. REACH MEDIA’s performance was strong for the quarter, GIANT MAGAZINE is showing nice top-line growth on a sequential basis from the beginning of the year and we are building a highly qualified team in NEW YORK to help us build our Internet initiative. Also, TV ONE continues to perform very well. In addition, we are executing on our asset sales strategy, having closed on or agreed to sell approximately $150 million worth of radio stations to date. We are hopeful that 2008 will be a better year for radio and an even better year for our various other businesses that we believe have so much promise."