Home URBAN Radio One, Inc. Reports Fourth Quarter Results: Core Radio Revenues Up 11%

Radio One, Inc. Reports Fourth Quarter Results: Core Radio Revenues Up 11%

RadioOne, 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,
2012201120122011
(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 compensation39,34732,825135,781114,912
Selling, general and administrative, excluding stock-based compensation30,86829,754137,725125,459
Corporate selling, general and administrative, excluding stock-based compensation11,3508,48240,35333,696
Stock-based compensation442,2511715,146
Depreciation and amortization9,60311,24338,71537,069
Impairment of long-lived assets22,33131322,331
Total operating expenses91,212106,886353,058338,613
                        Operating income (loss)14,673(8,842)71,51525,626
INTEREST INCOME93234248354
INTEREST EXPENSE22,29623,10891,15088,330
GAIN ON INVESTMENT IN AFFILIATED COMPANY146,879
LOSS ON RETIREMENT OF DEBT7,743
EQUITY IN INCOME OF AFFILIATED COMPANY3,287
OTHER EXPENSE, net733211,357324
(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 TAXES7,421(15,219)33,23566,686
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 INTERESTS2,0864,61112,74910,014
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 – basic350,042,75149,782,01650,015,25250,739,447
Weighted average shares outstanding – diluted450,042,75149,782,01650,015,25252,294,322

 

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