As of this reading (today) Radio One stock is at $2.41 with a previous 52 week high of $4.08.
Net revenue was approximately $109.1 million, an increase of 3.1% from the same period in 2015. Station operating income1 was approximately $39.6 million, an increase of 10.1% from the same period in 2015. The Company reported operating income of approximately $18.8 million compared to operating income of approximately $15.6 million for the same period in 2015. Net loss was approximately $3.9 million or $0.08 per share compared to net loss of $18.5 million or $0.39 per share, for the same period in 2015.
Alfred C. Liggins, III, Radio One’s CEO and President stated, “We saw a sequential monthly improvement in our radio revenues as the first quarter progressed, and that positive momentum is continuing into Q2 where we are pacing up low single digits. Political revenues were strong, which augurs well for the fourth quarter when we historically receive the bulk of political radio advertising. TV One had a strong first quarter, with growth in both advertising (+3.5%) and affiliate revenues (+12.3%). All four of our reportable segments posted year over year double digit Adjusted EBITDA growth. Overall I was pleased with our 13% growth in consolidated Adjusted EBITDA, the stabilization of our radio revenues, and growth of radio cashflow.”
RESULTS OF OPERATIONS Three Months Ended March 31, 2016 2015 STATEMENT OF OPERATIONS (unaudited) (unaudited, as reclassified2) (in thousands, except share data) NET REVENUE $ 109,088 $ 105,763 OPERATING EXPENSES Programming and technical, excluding stock-based compensation 34,003 34,457 Selling, general and administrative, excluding stock-based compensation 35,449 35,314 Corporate selling, general and administrative, excluding stock-based compensation 11,374 9,730 Stock-based compensation 772 1,581 Depreciation and amortization 8,682 9,088 Total operating expenses 90,280 90,170 Operating income 18,808 15,593 INTEREST INCOME 68 7 INTEREST EXPENSE 20,638 19,245 OTHER INCOME, net (11) (152) Loss before provision for income taxes and noncontrolling interest in income of subsidiaries (1,751) (3,493) PROVISION FOR INCOME TAXES 1,775 8,530 CONSOLIDATED NET LOSS (3,526) (12,023) NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS 421 6,466 CONSOLIDATED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (3,947) $ (18,489) AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS CONSOLIDATED NET LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS $ (3,947) $ (18,489) Weighted average shares outstanding – basic and diluted3 48,664,524 47,608,038