Radio One Q3 Revenues Off Slightly
November 4, 2010 at 4:33 AM (PT)
RADIO ONE, INC. has reported its financial results for the quarter ended SEPTEMBER 30th, 2010. Net revenue was approximately $74.5 million, a decrease of 0.2% from the same period in 2009. Station operating income was approximately $28.3 million, a decrease of 13.4% from the same period in 2009.
The Company reported operating income of approximately $17.3 million compared to operating income of approximately $22.4 million for the same period in 2009. Net income was approximately $1.0 million or $0.02 per share, compared to net income of approximately $14.2 million or $0.25 per share for the same period in 2009.
CEO/Pres. ALFRED C. LIGGINS stated, "While overall core radio revenues were virtually flat in the third quarter compared to last year, we did see areas of improvement such as national business, which was up 3.1%, and radio segment Internet revenue, which was up 133%. As I noted in the second quarter we continue to have upward pressure on the cost base, driven by a combination of contractual increases, commission expenses and the restoration of salary expenses. REACH MEDIA continues to recover from its lack of guaranteed revenues during the third quarter with its strong in-house sales effort. Our Internet business continues to grow, with revenues up 24% this quarter compared to the third quarter of 2009, and we continue to believe that our online platform will be a major source of revenue and EBITDA growth for the future.
"The multiple defaults that were triggered in each of the second and third quarters under the terms of our credit facility are still in effect; however, our business remains viable and we continue to work towards a resolution with our lenders and bondholders. I anticipate a solution to these issues will be forthcoming in the near term."