Annual Edition 'Buying Power of Black America' report
breaks down billions in expenditures Black
consumers are responding to tighter economic condition by focusing more
of their spending on items and services that improve their homes and
lifestyle. That's one of the trends revealed in the 15th annual report,
"The Buying Power of Black America," published by Target Market News.
The report analyzes spending for black households in 2008 and finds that
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One reports improved station income, operating income for first quarter (May 17,
2010) Radio One, Inc. today reported its results for the quarter ended
March 31, 2010. Net revenue was approximately $59.0 million, a decrease
of 2.1% from the same period in 2009. Station operating income(1) was
approximately $17.8 million, an increase of 5.0% from the same period in
2009. The Company reported operating income of approximately $3.8
million compared to an operating loss of approximately $42.8 million for
the same period in 2009. Net loss was approximately $4.6 million or
$0.09 per share, an improvement from the net loss of approximately $59.4
million or $0.84 per share for the same period in 2009.
Alfred C. Liggins, III, Radio One's CEO and President stated, "The first
quarter brought some much needed revenue growth to our core radio
business, driven predominantly by national business, which was up 17.7%
year-to-year and some uptick in local business, up 3.6%. Our core radio
business also saw its second consecutive quarter with over $1.0 million
in internet revenue, which had growth of 72.0% year-to-year. We continue
to see healthy pacings in second quarter, with national pacing up 27.0%
and local up 1.0%, although national has cooled somewhat over the past
two to three weeks. I anticipate our second quarter core radio business
finishing up with high single-digit growth.
"The sales transition at Reach Media, away from a guaranteed revenue to
a commissioned based sales representation agreement with Citadel, has
gone as well as could be expected. The new internal sales team has
settled in, and we believe that the new structure, coupled with
increased demand will allow us to strengthen rates over the long-term."