Contact: Peter D. Thompson, EVP and CFO
ONE, INC. REPORTS
DC: Radio One, Inc.
(NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended
December 31, 2008. Net revenue was approximately $74.3 million, a
decrease of 0.6% from the same period in 2007. Station operating
approximately $31.1 million, an increase of 6.6% from the same period in 2007.
The Company recorded a non-cash impairment charge against its FCC licenses,
goodwill and other intangible assets of approximately $85.3 million, which led
to a net operating loss of approximately $64.2 million. Net loss was
approximately $6.3 million or a loss of $0.07 per basic share, a decrease from
the reported net loss of approximately $388.1 million or $3.93 per basic share
for the same period in 2007.
C. Liggins, III, Radio One’s CEO and President stated, “The market for radio
advertising continues to deteriorate sharply. While we outperformed our markets
by 540 bps, our core radio revenues were down by 7.1% in the fourth quarter,
despite a strong showing from political advertising. In this difficult
environment, we continued to focus on cost cutting and de-leveraging the balance
sheet. Our fourth quarter core radio EBITDA6 was up
by 1.3%, and our consolidated EBITDA increased by 19.8% to approximately $26.5
million, driven mainly by savings in corporate expenses and reduced losses in
our internet division. We finished the year with total debt of approximately
$675.2 million, down from approximately $815.5 million a year ago. During the
year we re-purchased approximately $196.0 million of our 87/8% notes at
an average discount of 38.4%. This has substantially increased the amount of
capacity that we have under our bank covenants. Business conditions in the first
quarter of 2009 are worse than we previously anticipated, with radio pacings
down approximately 30% year to year. Our focus for 2009 is to improve our market
share, save costs where possible and continue to de-lever the
Company also announced that effective with today’s call, it was moving to an
annual conference call schedule as opposed to a quarterly conference call
The following information was filed by Radio One, Inc. (ROIA) on Tuesday, February 24, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one year to another to evaluate Radio One, Inc.'s financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were removed, and by Radio One, Inc..
Ticker: ROIA CIK: 1041657 Form Type:10-K Annual Report Accession Number: 0001041657-09-000008 Submitted to the SEC: Mon Mar 16 2009 8:47:07 AM EST Accepted by the SEC: Mon Mar 16 2009 Period: Wednesday, December 31, 2008 Industry: Radio Broadcasting Stations