Radio One Revenues Down 5%
February 21, 2008 at 7:13 AM (PT)
RADIO ONE, INC. has reported its financials for the quarter ended DECEMBER 31st, 2007. Net revenue was approximately $78.1 million, a decrease of 5% from the same period in 2006. Station operating income was approximately $27.8 million, a decrease of 26% from the same period in 2006. Operating loss, including approximately $404.1 million in non-cash impairment charges for intangible assets, was approximately $387.6 million, a significant increase from the loss in the same period in 2006.
Pro forma for the exclusion of non-cash impairment charges, operating income was approximately $16.5 million, a decrease of 41% from the same period in 2006. Net loss was approximately $386.4 million or $3.91 per basic share, an increase from the reported net loss of approximately $25.5 million in the same period in 2006.
CEO/Pres. ALFRED C. LIGGINS, III stated, "As predicted, the industry experienced a soft fourth quarter, with the markets in which we operate down 5% year to year. Of our same 5% net revenue decline, 300 basis points are attributable to unfavorable political comps. LOS ANGELES accounted for only another 27 basis points of the decline, although the advertising push in Q4 appears to be impacting Q1 beneficially, with low single-digit revenue growth and positive EBITDA forecast for Q1."