Radio One, Inc. Reports First Quarter Results
WASHINGTON- Radio One, Inc. today reported its results for the quarter ended March 31, 2012. Giving effect to the consolidation of TV One, net revenue was approximately $103.0 million, an increase of 58.5% from the same period in 2011 with TV One contributing approximately $32.2 million of incremental net revenue. Also giving effect to the consolidation of TV One, station operating income(1) was approximately $33.1 million, an increase of 86.0% from the same period in 2011. The Company reported operating income of approximately $13.8 million for the three months ended March 31, 2012 compared to operating income of $5.6 million for the same period in 2011. Net loss was approximately $79.2 million or $1.58 per share compared to a net loss of $64.2 million or $1.23 per share, for the same period in 2011.
Alfred C. Liggins, III, Radio One's CEO and President stated, "Our core radio business was up 6.4% and out-performed the markets in which we operate by 480 basis points, led by a recovery in our mid-west markets, continued strong ratings related growth in Atlanta and our newly revamped Detroit cluster. National revenues in larger markets continue to be weak, and I expect that trend to continue until we see some lift from political revenues later in the year. Second quarter core radio revenue is currently pacing up double digits, and we anticipate high single digit revenue growth for the quarter. The growth in our Internet Division revenue and EBITDA is particularly pleasing, and represents a significant improvement from the same period last year. TV One continues to provide robust EBITDA growth and our move towards increased original programming hours should favorably impact ratings in the second half of the year."
Liggins should feel a little better following his less than stellar appearance before the National Action Network Conference last month...[VIDEO]
In his defense, Liggins does not create rap music- he is the head of a legitimate business. Besides we give him credit for making himself available and visible before the public.