Radio One Revenues Up 10.2%, Led By Reach Media
May 12, 2011 at 4:22 AM (PT)
RADIO ONE has reported its results for the quarter ended MARCH 31st, 2011.
Net revenue was approximately $65.0 million, an increase of 10.2% from the same period in 2010. Station operating income(1) remained flat at approximately $17.8 million, for both periods ended MARCH 31st, 2011 and 2010. The Company reported operating income of approximately $5.5 million compared to operating income of $3.8 million for the same period in 2010.
Net loss was approximately $64.2 million or $1.23 per share, an increase in the amount of the net loss of $4.6 million or $0.09 per share, for the same period in 2010. Approximately $0.88 per share of the net loss is the result of a non-cash charge related to its provision for income taxes. The amount reflects the increase in deferred tax liabilities associated with the amortization of certain of the Company's radio broadcast licenses for tax purposes.
CEO/Pres. ALFRED C. LIGGINS stated, "Q1 2011 was challenging with our overall radio net revenues down 1.5% in the first quarter compared to last year. REACH MEDIA net revenues increased 83.8% and were impacted by REACH MEDIA assuming operational and financial control and responsibility for the ongoing cruise event, the 'TOM JOYNER Fantastic Voyage.' The 'TOM JOYNER Fantastic Voyage' took place in MARCH 2011 and generated approximately $6.6 million of revenue for REACH MEDIA. Our internet business revenues increased 1.0% this quarter compared to the first quarter of 2010; we continue to believe that our on-line platform will be a major source of revenue and EBITDA growth for the future."