Radio One Revs Down 12% In Q3
October 29, 2009 at 4:18 AM (PT)
Reporting results for Q3 ending SEPTEMBER 30th. RADIO ONE's Net revenue was approximately $75.5 million, a decrease of 12% from the same period in 2008. Station operating income was approximately $32.7 million, a drop of 6% from Q3 2008. Net income was approximately $14.2 million or $0.25 per diluted share, an improvement from the net loss of approximately $266.1 million or $2.81 per diluted share for Q3 2008.
CEO/Pres. ALFRED C. LIGGINS, III commented, "Our third-quarter results contain mixed signals. The sequential improvement in radio revenue that we have been seeing since Q1 continued, but not as strongly as I would have liked. While certain of our larger categories are showing signs of recovery (food and beverage -1.6% year-to-year, retail -2.5%, healthcare -4.4%, government/public was flat), others continue to display significant weakness (automotive -37.6% year-to-year, financial -22.9%, telecoms -10.2%, entertainment -10.0%). The efforts we have made to cut costs and streamline the business have positively impacted the income statement, and I believe position us well for the future. I was pleased that our radio division outperformed their markets once again, this time by 390 basis points."