Radio One Releases Preliminary Q1 Figures, OKs Stock Buyback
April 18, 2011 at 4:15 AM (PT)
RADIO ONE announced its preliminary first-quarter results and also disclosed the authorization by its Board of Directors of a stock repurchase program.
First-quarter revenues are anticipated to rise 10.9% year-to-year to $65.4 million, with a net loss of 37 to 39 cents per share for the quarter. Station operating income is projected at $17.2-$18.2 million, and Adjusted EBITDA is projected to be $9.2-$10.2 million.
The stock buyback program will authorize the company to buy back up to $15 million of its Class A and/or Class D common stock in the open market. Based on the stock price as of FRIDAY (4/15), the buyback would represent about 12.1% of the company's stock.
The company also announced that it will account for its TV ONE cable network on a consolidated basis "once certain approvals from other members of TV ONE have been received." The approvals are expected to be obtained no later than APRIL 30th. In addition, RADIO ONE expects to redeem the ownership interests of DIRECTV in TV ONE by APRIL 30th as well, giving RADIO ONE 50.8% ownership in the network.