Radio One Q2 Revs Down 16%
August 6, 2009 at 5:00 AM (PT)
RADIO ONE has reported its results for the quarter ended JUNE 30th, 2009. Net revenue was approximately $70.1 million, a decrease of 16% from the same period in 2008. Station operating income was approximately $29.6 million, a decrease of 16% from the same period in 2008.
The Company reported net operating income of approximately $18.5 million, an increase of 56% from the same period in 2008. Net income was approximately $7.2 million or $0.12 per share, an improvement from the net loss of approximately $11.7 million or $0.12 per share for the same period in 2008.
CEO/Pres. ALFRED C. LIGGINS, III commented, "At this point it seems likely that the first quarter will prove to be the low point for 2009 radio revenues. Our second-quarter performance showed significant improvement in three out of our top-four markets, and we out-performed the general market in 10 of the 14 markets where we have available MILLER KAPLAN data. The significant cost reduction program that we launched in 2008 has mitigated to some degree the impact of falling revenues on the bottom line, but there is no doubt that the operating environment will remain very challenging for the rest of 2009."