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Radio One reported a 12% drop in third quarter net revenue to $75.5 million from $86.1 million in 2008. Station operating income (SOI) fell 6% to $32.7 million from $34.6 million. The Urban radio broadcaster posted earnings of $14.2 million (25 cents per diluted share), an improvement from a loss of $266.1 million ($2.81) for the same period in 2008.

President/Alfred C. Liggins commented, "Our third quarter results contain mixed signals. The sequential improvement in radio revenue that we have been seeing since Q1 continued, but not as strongly as I would have liked. While certain of our larger categories are showing signs of recovery (food and beverage -1.6% year-to-year, retail -2.5%, healthcare -4.4%, government/public was flat), others continue to display significant weakness (automotive -37.6% year-to-year, financial -22.9%, telecoms -10.2%, entertainment -10.0%)."

He continued, "The efforts we have made to cut costs and streamline the business have positively impacted the income statement, and I believe position us well for the future. I was pleased that our radio division outperformed their markets once again, this time by 390 basis points."

Impairment of long-lived assets for the third quarter in 2008 reflected a non-cash charge recorded for the impairment of radio broadcasting licenses in 11 of 16 of the company's markets, namely Charlotte, Cincinnati, Cleveland, Columbus, Dallas, Houston, Indianapolis, Philadelphia, Raleigh-Durham, Richmond and St. Louis. Given the prolonged challenging economic climate and its adverse impact on both radio and online advertising spending, Radio One concluded no further impairment to its radio licenses or goodwill had occurred. (10-29-09)

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