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Radio One reports drop in station revenue, increase shown for internet business

(May 10, 2014) Radio One, Inc. reported its results for the quarter ended March 31, 2014. Net revenue was approximately $111.1 million, an increase of 12.1% from the same period in 2013.  Station operating income was approximately $35.2 million, a decrease of 1.9% from the same period in 2013.

The company reported operating income of approximately $15.8 million, compared to operating income of approximately $15.5 million for the same period in 2013. Net loss was approximately $25.2 million or $0.53 per share compared to net loss of $18.1 million or $0.36 per share, for the same period in 2013.

The company said revenue was up in Charlotte, Dallas, and Detroit and it was down in Atlanta, Cincinnati, and Philadelphia.

Alfred C. Liggins, III, Radio One's CEO and President stated, "Reflective of the broader economy, we experienced a slow-down in revenue growth in Q1. Adjusting for timing differences on major events, consolidated revenue was up by 5.4% compared to Q1 2013.  Looking across the segments, TV One achieved its highest ever show ratings, with the NAACP Image Awards Show. 

“However, the benefits of the NAACP partnership will be felt over the longer term as during the 1st quarter, TV One had higher programming amortization associated with the initial telecast of the Image Awards.  Our internet business continued its profitable trajectory and had robust 27.6% revenue growth year-over-year.  Looking ahead, core radio revenue is currently pacing down mid-single digits for the second quarter, but we anticipate markets picking up momentum in the second half of the year as political spending ramps-up."

A replay of the conference call with company officials discussing quarterly financial details is available on Radio One's corporate website at www.radio-one.com until May 15.


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