Radio One reports
third quarter loss on $90.4 million in net revenue (November
6, 2007) Radio One, Inc. today reported its results for the quarter ended
September 30, 2007. Net revenue was approximately $90.4 million, a
decrease of 1.7% from the same period in 2006. Station operating income
was approximately $40.9 million, a decrease of 11.6% from the same period
in 2006. Operating income was approximately $31.6 million, a decrease of
7.8% from the same period in 2006. Net income was approximately $4.8
million, a decrease of 40.2% from the reported net income of approximately
$8.0 million in the same period in 2006.
Alfred C. Liggins, III, Radio One’s CEO and President stated, “This
quarter we continued to see a challenging radio industry environment as
well as another rough quarter for our Los Angeles station. However, had
Los Angeles maintained market share, our radio properties would have
outperformed the industry, this time by approximately 100 basis points.
Further, the fourth quarter looks soft, consistent with the past few
quarters. Thus, we continue to make progress on the evolution of the
company in non-radio areas.”
“Reach Media’s performance was strong for the quarter, Giant Magazine is
showing nice top-line growth on a sequential basis from the beginning of
the year and we are building a highly qualified team in New York to help
us build our Internet initiative,” said Liggins.
“Also, TV One continues to perform very well. In addition, we are
executing on our asset sales strategy, having closed on or agreed to sell
approximately $150 million worth of radio stations to date. We are hopeful
that 2008 will be a better year for radio and an even better year for our
various other businesses that we believe have so much promise.”
Radio One will hold a conference call to discuss its results for the third
quarter of 2007. This conference call is scheduled for Tuesday November 6,
2007 at 10:00 a.m. Eastern Time. Interested parties should call
480-248-5088 at least five minutes prior to the scheduled time of the
call. The conference call will be recorded and made available for replay
from 1:30 p.m. Eastern Time the day of the call, until 11:59 p.m. Eastern
Time the following day. Interested parties may listen to the replay by
calling 320-365-3844; access code 892774.
Access to live audio and replay of the conference call will also be
available on Radio One’s corporate website at www.radio-one.com. The
replay will be made available on the website for the seven business days
following the call.
Radio One, Inc. (www.radio-one.com) is one of the nation's largest radio
broadcasting companies and the largest radio broadcasting company that
primarily targets African-American and urban listeners.
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