Reach Media Ups Radio One Q4 Revenues; Net Income Drops
February 23, 2006 at 10:09 AM (PT)
RADIO ONE fourth quarter net broadcast revenue jumped 15% to $91.2 million, with net income applicable to common stockholders falling 30% to $9.5 million (10 cents/diluted share). The revenue jump was mostly from the addition of 51% of REACH MEDIA; excluding the syndicator's revenues, revenue grew 1%, although nost markets showed decreases. CHARLOTTE, HOUSTON, PHILADELPHIA, RICHMOND, and MINNEAPOLIS demonstrated revenue growth to partially offset the losses elsewhere.
For first quarter, the company expects net revenue growth in the mid-single-digit range, but excluding REACH MEDIA, revenue is expected to decrease in the mid-single digit range.