Consolidation Of TV One Pushed Radio One Q3 Up
November 3, 2011 at 4:00 AM (PT)
RADIO ONE has reported its financial results for the quarter ended SEPTEMBER 30th, 2011.
The company noted, "Giving effect to the consolidation of TV ONE, net revenue was approximately $104.4 million, an increase of 40.3% from the same period in 2010. Also giving effect to the consolidation of TV ONE, station operating income was approximately $35.8 million, an increase of 26.5% from the same period in 2010."
The Company reported operating income of approximately $13.1 million compared to operating income of approximately $17.3 million for the same period in 2010. Net loss was approximately $9.9 million or $0.20 per share, compared to net income of approximately $1.0 million or $0.02 per share for the same period in 2010.
CEO/Pres. ALFRED C. LIGGINS, III, stated, "The third quarter again highlights the importance of consolidating TV ONE into our results: radio was relatively flat, however, our TV and Internet divisions both showed good revenue progression from prior year, and provide a sound diversification strategy. We have made some changes in certain radio markets designed to improve long term performance: in HOUSTON we are launching NEWS 92 FM; in COLUMBUS, we switched from gospel to the JACK format; in DETROIT we signed a local marketing agreement for 107.5 WGPR; and in PHILADELPHIA, we moved our Adult Urban format to our hip-hop signal, and vice versa. I am confident that these strategic changes will reap rewards in the long-term."