Radio One issues preliminary report on loss in fourth quarter of 2006

(March 21, 2007) Radio One, Inc. reported preliminary results for the quarter ended December 31, 2006. Net broadcast revenue was approximately $89.2 million, a decrease of 2% from the same period in 2005. Station operating income was approximately $39.7 million, a decrease of 9% from the same period in 2005. (The results reported should be considered preliminary until Radio One files its Form 10-K for the year ended December 2006.)

Alfred C. Liggins, III, Radio One’s CEO and President (above) stated, “This was another soft quarter for the radio industry and while Radio One underperformed the industry, problems are truly isolated to one market - Los Angeles. Given the significant changes we implemented at our LA station late last year, I am confident that that market will be a growth driver for us in the not too distant future. The early research is very positive and we have a great team in place out there. Overall, I am optimistic that, in the back half of 2007, we will have an opportunity to resume our historical out-performance of the radio industry.”

Net broadcast revenue decreased to approximately $89.2 million for the quarter ended December 31, 2006 from approximately $90.6 million for the quarter ended December 31, 2005, or 2%. This decrease in net broadcast revenue was due primarily to a significant decline in net broadcast revenue at the Los Angeles radio station.

Net broadcast revenue for Reach Media also declined due primarily to the September 2006 discontinuation of the Tom Joyner television show, which originally launched in October 2005. These declines were partially offset by growth in the Baltimore, Cincinnati, Louisville and St. Louis markets, among others, as well as from the news/talk network. Net broadcast revenue is reported net of agency and outside sales representative commissions of approximately $10.9 million and $11.0 million for the quarters ended December 31, 2006 and 2005, respectively


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Thanks to economic gains in the past two years, black households across the U.S., especially middle-class families, are increasing their purchases of lifestyle and leisure items.

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