Liggins Says Q4 Radio One Revenue Rose 8%. Adds Q1 Has Started Off Flat.
March 3, 2011
Radio One's CEO and President Alfred Liggins said "Overall core radio revenues were up 8.1% in the fourth quarter compared to last year led by national business, which was up 19.3%, and radio segment internet revenue, which was up 179.1%. Our internet business revenues were down 8.0% this quarter compared to the fourth quarter of 2009 but were up 14.1% for the full year; and we continue to believe that our on-line platform will be a major source of revenue and EBITDA growth for the future. Q1 2011 has started sluggishly, with radio station revenue currently pacing flat to up low single-digits on a combined basis. Normalizing for a timing difference for Reach Media's cruise, consolidated net revenue and EBITDA are expected to be approximately flat year over year.
The company says net revenue was approximately $71.2 million in the 4th quarter of 2010. Operating income was approximately $28.0 million, an increase of 6.5% from the same period in 2009. The Company recorded a non-cash impairment charge against its FCC licenses and goodwill of approximately $36.1 million, which led to a net operating loss of approximately $19.8 million. Net loss was approximately $27.2 million or a loss of $0.52 per share, an increase from the reported net loss of approximately $14.9 million or $0.28 per share for the same period in 2009.
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