Radio One Q1 Revenues Down
May 8, 2008 at 7:28 AM (PT)
RADIO ONE, INC. has reported its results for the quarter ended MARCH 31st, 2008. Net revenue was approximately $72.5 million, a decrease of 2% from the same period in 2007. Station operating income was approximately $28.9 million, a decrease of 15% from the same period in 2007. Operating income was approximately $18.5 million, a decrease of 16% from the operating income in the same period in 2007. Net loss was approximately $18.3 million, or a loss of $0.19 per basic share, a decrease from the reported net income of $744,000 in the same period in 2007.
RADIO ONE CEO/Pres. ALFRED C. LIGGINS, III stated, "While our radio stations outperformed their markets by almost 600 basis points, driven mainly by local advertising, the significant decline in national advertising held our overall core radio station revenue growth to 0.9%. Under the current market conditions, I believe this performance demonstrates that our management changes and leadership are having a favorable impact. When combined with reduced revenues at REACH MEDIA and GIANT MAGAZINE, consolidated net revenue declined 2%.
The sale of KRBV/LOS ANGELES for $137.5 million is on track to close during the second quarter and will provide the Company with additional liquidity and de-leveraging opportunities.