Radio One Q4 Net Revenue Up 8%, 'Core Radio Revenues Up 11%'

Radio One reports fourth quarter net revenue was up eight percent to $105.9 million, "giving effect to the consolidation of TV One. Also giving effect to the consolidation of TV One, station operating income was approximately $35.7 million, an increase of 0.6% from the same period in 2011." The company reports overall operating income of approximately $14.7 million compared to an operating loss of approximately $8.8 million for the fourth quarter of 2011. Net loss in Q4 was approximately $17.2 million compared to net loss of $21.5 million or $0.43 per share for Q4 2011. Says Radio One CEO/President Alfred Liggins, "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."