Radio One Revs Down 2.1%, Operating Income Up
May 17, 2010 at 4:33 AM (PT)
RADIO ONE has reported its results for the quarter ended MARCH 31st, 2010. Net revenue was approximately $59.0 million, a decrease of 2.1% from the same period in 2009. Station operating income was approximately $17.8 million, an increase of 5.0% from the same period in 2009.
The Company reported operating income of approximately $3.8 million compared to an operating loss of approximately $42.8 million for the same period in 2009. Net loss was approximately $4.6 million or $0.09 per share, an improvement from the net loss of approximately $59.4 million or $0.84 per share for the same period in 2009.
CEO/Pres. ALFRED C. LIGGINS, III stated, "The first quarter brought some much-needed revenue growth to our core radio business, driven predominantly by national business, which was up 17.7% year-to-year and some uptick in local business, up 3.6%. Our core radio business also saw its second consecutive quarter with over $1.0 million in Internet revenue, which had growth of 72.0% year-to-year. We continue to see healthy pacings in second quarter, with national pacing up 27.0% and local up 1.0%, although national has cooled somewhat over the past two to three weeks. I anticipate our second-quarter core radio business finishing up with high single-digit growth.
"The sales transition at REACH MEDIA, away from a guaranteed revenue to a commissioned-based sales representation agreement with CITADEL, has gone as well as could be expected," LIGGINS continued. "The new internal sales team has settled in, and we believe that the new structure, coupled with increased demand will allow us to strengthen rates over the long-term."