Radio One, Inc. today reported its results for the quarter ended December 31, 2012. Giving effect to the consolidation of TV One, net revenue was approximately $105.9 million, an increase of 8.0% from the same period in 2011. Also giving effect to the consolidation of TV One, station operating income1 was approximately $35.7 million, an increase of 0.6% from the same period in 2011. The Company reported operating income of approximately $14.7 million compared to an operating loss of approximately $8.8 million for the same period in 2011. Net loss was approximately $17.2 million or $0.34 per share compared to net loss of $21.5 million or $0.43 per share, for the same period in 2011.
Alfred C. Liggins, III, Radio One’s CEO and President stated, “I was pleased with our Fourth Quarter radio division performance; core radio revenues were up by 11.0% and we outperformed the markets in which we operate by 820 Bps. Normalizing for political revenues, Q4 was +2.9%. Adjusted EBITDA for the Radio Division increased 33% over prior year. Forward pacings for radio remain encouraging, with Q1 currently pacing up mid-single digits ahead of prior year. Fourth Quarter revenues from our Cable Television division increased 6.8% from the prior period, and we were able to absorb additional programming amortization expenses and severance costs, while still delivering approximately $40 million of Adjusted EBITDA for the full year. During the quarter, we reorganized our syndicated programming and syndicated programming sales effort under the experienced and capable management of David Kantor at Reach Media, and I look forward to seeing positive results from that initiative in 2013.”
| RESULTS OF OPERATIONS | ||||||||
| Three Months Ended December 31, | Year Ended December 31, | |||||||
| 2012 | 2011 | 2012 | 2011 | |||||
| (as adjusted)2 | (as adjusted)2 | |||||||
| STATEMENT OF OPERATIONS | (unaudited) | (unaudited) | (audited) | |||||
| (in thousands, except share data) | (in thousands, except share data) | |||||||
| NET REVENUE | $ 105,885 | $ 98,044 | $ 424,573 | $ 364,239 | ||||
| OPERATING EXPENSES | ||||||||
| Programming and technical, excluding stock-based compensation | 39,347 | 32,825 | 135,781 | 114,912 | ||||
| Selling, general and administrative, excluding stock-based compensation | 30,868 | 29,754 | 137,725 | 125,459 | ||||
| Corporate selling, general and administrative, excluding stock-based compensation | 11,350 | 8,482 | 40,353 | 33,696 | ||||
| Stock-based compensation | 44 | 2,251 | 171 | 5,146 | ||||
| Depreciation and amortization | 9,603 | 11,243 | 38,715 | 37,069 | ||||
| Impairment of long-lived assets | – | 22,331 | 313 | 22,331 | ||||
| Total operating expenses | 91,212 | 106,886 | 353,058 | 338,613 | ||||
| Operating income (loss) | 14,673 | (8,842) | 71,515 | 25,626 | ||||
| INTEREST INCOME | 93 | 234 | 248 | 354 | ||||
| INTEREST EXPENSE | 22,296 | 23,108 | 91,150 | 88,330 | ||||
| GAIN ON INVESTMENT IN AFFILIATED COMPANY | – | – | – | 146,879 | ||||
| LOSS ON RETIREMENT OF DEBT | – | – | – | 7,743 | ||||
| EQUITY IN INCOME OF AFFILIATED COMPANY | – | – | – | 3,287 | ||||
| OTHER EXPENSE, net | 73 | 321 | 1,357 | 324 | ||||
| (Loss) income before provision for (benefit from) income taxes, noncontrolling interest in income of subsidiaries and loss from discontinued operations | (7,603) | (32,037) | (20,744) | 79,749 | ||||
| PROVISION FOR (BENEFIT FROM) INCOME TAXES | 7,421 | (15,219) | 33,235 | 66,686 | ||||
| Net (loss) income from continuing operations | (15,024) | (16,818) | (53,979) | 13,063 | ||||
| LOSS FROM DISCONTINUED OPERATIONS, net of tax | (117) | (109) | (137) | (160) | ||||
| CONSOLIDATED NET (LOSS) INCOME | (15,141) | (16,927) | (54,116) | 12,903 | ||||
| NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 2,086 | 4,611 | 12,749 | 10,014 | ||||
| CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (17,227) | $ (21,538) | $ (66,865) | $ 2,889 | ||||
| AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS | ||||||||
| NET (LOSS) INCOME FROM CONTINUING OPERATIONS | $ (17,110) | $ (21,429) | $ (66,728) | $ 3,049 | ||||
| LOSS FROM DISCONTINUED OPERATIONS, net of tax | (117) | (109) | (137) | (160) | ||||
| CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $ (17,227) | $ (21,538) | $ (66,865) | $ 2,889 | ||||
| Weighted average shares outstanding – basic3 | 50,042,751 | 49,782,016 | 50,015,252 | 50,739,447 | ||||
| Weighted average shares outstanding – diluted4 | 50,042,751 | 49,782,016 | 50,015,252 | 52,294,322 | ||||
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