Once again the third quarter proves that the radio business struggle is real for Radio One but TV is performing quite well for the company. As Radio One, Inc. reported its results for the quarter ended September 30, 2015. Net revenue was approximately $115.9 million, an increase of 3.3% from the same period in 2014, reflecting greater advertising demand and an increase in affiliate revenue at our cable television segment. Station operating income1 was approximately $42.2 million, an increase of 9.2% from the same period in 2014. The Company reported operating income of approximately $7.1 million for the three months ended September 30, 2015, compared to operating income of $19.6 million for the same period in 2014. Net loss was approximately $18.1 million or $0.38 per share compared to $13.2 million or $0.28 per share, for the same period in 2014.
Alfred C. Liggins, III, Radio One’s CEO and President stated, “Continuing strong performances by TV One and Reach Media more than offset the revenue declines from our Radio business. Radio continues to be a challenging business, with the markets in which we operate down 2.2% for the quarter, compared to our –6.6%. We are seeing some signs of stabilization in our Washington DC and Houston clusters, as well as strong performances from Dallas, Philadelphia and St Louis. During the quarter we experienced double-digit ratings growth in 11 of our 15 markets, and our four largest markets showed ratings growth of 15% on average from July to September. This positive ratings momentum should lead to improved monetization in 2016. Fourth quarter core radio advertising revenues, excluding political advertising, are currently pacing (–8.3%) YTY. We remain focused on correcting our underperforming radio clusters, while delivering increased cash-flow through overall cost containment, and revenue growth in the cable television business. I am excited that David Kantor has accepted the role as CEO of our radio platform, including our local stations, network and syndication business. Bringing together all of our radio assets under one leadership structure will enhance our ability to compete and transform our business for the future.”