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Donnerstag, 04.08.2016 12:50 von PR Newswire | Aufrufe: 99

Radio One, Inc. Reports Second Quarter Results

Ein altes Radio (Symbolbild). pixabay.com / CC0

PR Newswire

WASHINGTON, Aug. 4, 2016

WASHINGTON, Aug. 4, 2016 /PRNewswire/ -- Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended June 30, 2016. Net revenue was approximately $122.7 million, an increase of 2.4% from the same period in 2015. Station operating income¹ was approximately $48.9 million, an increase of 5.5% from the same period in 2015. The Company reported operating income of approximately $27.7 million for the three months ended June 30, 2016, compared to operating income of $24.8 million for the same period in 2015. Net income was approximately $7.3 million or $0.15 per share (basic) compared to a net loss of $13.0 million or $0.27 per share (basic) for the same period in 2015.

Alfred C. Liggins, III, Radio One's CEO and President stated, "I was pleased that our core radio advertising was positive at +1.4% for the quarter, and that we outperformed our markets overall. Disciplined cost management allowed us to grow our radio division cash flow, with Adjusted EBITDA up 10% for the quarter. We improved Adjusted EBITDA for each of our operating segments in Q2, leading to an overall increase of 9.6%. Our cable television advertising revenues in Q2 were impacted by some under-delivery against ratings estimates, however, sequential Q3 delivery is significantly improved, currently up by 9.5% in the primetime 25-54 demo, and our overall EBITDA guidance for the year still holds. During the quarter, we repurchased $20 million of our 2020 notes at an average price of 85.9, which both reduces our ongoing interest burden and helps move us towards our long term goal of lower leverage."

RESULTS OF OPERATIONS

Three Months Ended June 30,

Six Months Ended June 30,

2016

2015

ARIVA.DE Börsen-Geflüster

Kurse

Radio One

0,00%

Radio One A

0,00%

2016

2015

STATEMENT OF OPERATIONS

(unaudited)

(unaudited, as reclassified²)

(unaudited)

(unaudited, as reclassified²)

(in thousands, except share data)

NET REVENUE

$ 122,719

$ 119,821

$ 231,807

$ 225,584

OPERATING EXPENSES

Programming and technical, excluding stock-based compensation

30,693

31,425

64,696

65,882

Selling, general and administrative, excluding stock-based compensation

43,092

42,002

78,541

77,017

Corporate selling, general and administrative, excluding stock-based
compensation

11,878

11,429

23,252

21,458

Stock-based compensation

765

1,198

1,537

2,779

Depreciation and amortization

8,572

8,980

17,254

18,068

Total operating expenses

95,000

95,034

185,280

185,204

Operating income

27,719

24,787

46,527

40,380

INTEREST INCOME

123

INTEREST EXPENSE

20,531

20,019

41,169

39,264

GAIN (LOSS) ON RETIREMENT OF DEBT

2,646

(7,091)

2,646

(7,091)

OTHER (INCOME) EXPENSE, net

(43)

437

(54)

285

Income (loss) before provision for income taxes and
noncontrolling interest in income of subsidiaries

9,932

(2,732)

8,181

(6,225)

PROVISION FOR INCOME TAXES

2,183

9,942

3,958

18,472

CONSOLIDATED NET INCOME (LOSS)

7,749

(12,674)

4,223

(24,697)

NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

435

365

856

6,831

CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO
COMMON STOCKHOLDERS

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