Radio One, Inc. Reports Net Revs Up
August 4, 2011 at 3:57 AM (PT)
RADIO ONE TODAY (8/4) reported its results for the quarter ended JUNE 30, 2011.
Net revenue was approximately $97.1 million, an increase of 29.3% from the same period in 2010. Station operating income "was approximately $34.8 million," an increase of 22.5% from the same period in 2010. The Company reported operating income of approximately $15.8 million compared to operating income of approximately $13.8 million for the same period in 2010.
The Company recorded a non-cash pre-tax gain of approximately $146.9 million resulting from its increased ownership and controlling interest in TV ONE which led to net income of approximately $98.6 million or $1.94 per share, compared to net income of approximately $2.0 million or $0.04 per share for the same period in 2010.
CEO/Pres. ALFRED C. LIGGINS, III stated, "The addition of Cable Television to our segment reporting for the first time in Q2 demonstrates the continued evolution of RADIO ONE: core radio revenues for Q2 now represent approximately 62% of the Company's revenues. Our radio performance suffered from difficult competitive situations in DALLAS and HOUSTON, and sluggish economic recovery in our MID-WEST markets. Our on-line and mobile product offerings continue to develop, and our losses at INTERACTIVE ONE narrowed considerably from the same period last year. I anticipate radio revenues in the third quarter to remain relatively flat, and we continue to focus on controlling the cost base, while developing other revenue streams."