March 7, 2017 Contact: Peter D. Thompson, EVP and CFO
FOR IMMEDIATE RELEASE (301) 429-4638
RADIO ONE, INC. REPORTS FOURTH QUARTER RESULTS
Washington, DC: - Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended December 31, 2016. Net revenue was approximately $113.6 million, an increase of 3.8% from the same period in 2015. Broadcast and internet operating income1 was approximately $43.1 million, an increase of 5.9% from the same period in 2015. The Company reported operating income of approximately $17.1 million for the three months ended December 31, 2016, compared to an operating loss of $11.3 million for the same period in 2015. Net loss was approximately $3.4 million or $0.07 per share (basic) compared to approximately $24.3 million or $0.50 per share (basic) for the same period in 2015.
Alfred C. Liggins, III, Radio One’s CEO and President stated, “Political advertising helped our radio broadcasting segment achieve both revenue and Adjusted EBITDA growth compared to the fourth quarter of 2015. Together with a nice rebound in TV advertising revenue, which was up 18%, this helped drive our 6% growth in consolidated Adjusted EBITDA. During the fourth quarter we booked our first income from MGM National Harbor, which had a strong opening in December. Overall I was pleased with our performance for the year, which was towards the upper end of EBITDA guidance. First quarter radio revenues have been understandably soft, given the political comps from 2016, and we are currently pacing down approximately 5%. While we expect both Radio and Reach Media to struggle against tough comps in the first quarter, our TV business and MGM investment should offset these declines, and we will be able to grow our Adjusted EBITDA again in 2017. TV One’s ratings are rebounding from last year’s loss of Martin, and for fourth quarter total day households were up 2% and Persons 25-54 were up 3% compared to Q4 2015. The positive ratings momentum is continuing into the first quarter of 2017, where we are up 7% and 5% in total day households and Persons 25-54, respectively”.
The following information was filed by Radio One, Inc. (ROIA) on Thursday, March 9, 2017 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.
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Ticker: ROIA CIK: 1041657 Form Type:10-K Annual Report Accession Number: 0001144204-17-013955 Submitted to the SEC: Fri Mar 10 2017 3:31:32 PM EST Accepted by the SEC: Fri Mar 10 2017 Period: Saturday, December 31, 2016 Industry: Radio Broadcasting Stations