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Radio One Q4 Net Revenues Up 3.8%, Loss Narrows
RADIO ONLINE | Wednesday, March 8, 2017 |
Radio One reported net revenue for the fourth quarter grew 3.8% to $113.6 million from $109.3 million in 2015. Broadcast and Internet operating income increased 5.9% to $43.1 million, while operating income (OI) was $17.1 million as compared to an operating loss of $11.3 million. The company posted a net loss was approximately $3.4 million (7 cents per basic share) as compared to a net loss of $24.3 million (50 cents) in the year-ago period.
Radio One President/CEO Alfred C. Liggins III 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."
Looking ahead he said, "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."
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