Radio One’s Q1 revenue was $111.1 million, up 12.1% from the same period in 2013. Revenue from the radio broadcasting segment decreased 0.4% in the quarter. Net loss was $25.2 million or $0.53 per share compared to net loss of $18.1 million or $0.36 per share, for the same period in 2013. Sales were up in its Charlotte, Dallas and Detroit markets, while Atlanta, Cincinnati and Philadelphia had declines.
Station operating income was $35.2 million, a decrease of 1.9% from the same period in 2013. The company reported operating income of $15.8 million compared to operating income of $15.5 million for the same period in 2013.
Said Alfred Liggins, Radio One CEO: “Reflective of the broader economy, we experienced a slow-down in revenue growth in Q1. Adjusting for timing differences on major events, consolidated revenue was up by 5.4% compared to Q1 2013. Looking across the segments, TV One achieved its highest ever show ratings, with the NAACP Image Awards Show. However, the benefits of the NAACP partnership will be felt over the longer term as during the 1st quarter, TV One had higher programming amortization associated with the initial telecast of the Image Awards. Our internet business continued its profitable trajectory and had robust 27.6% revenue growth year-over-year. Looking ahead, core radio revenue is currently pacing down mid-single digits for the second quarter, but we anticipate markets picking up momentum in the second half of the year as political spending ramps-up.”
Radio One saw $39.7 million of revenue from the cable television segment in the quarter, compared to $36.0 million for the same period in 2013–the increase due primarily from an increase in ad sales.
Reach’s Media’s net revenue increased $7.2 million for the quarter, compared to the same period in 2013 due primarily to the timing of the “Tom Joyner Fantastic Voyage” which was held in Q2 2013 and Q1 2014. The annual event generated revenue of approximately $6.6 million during Q1. Adjusting for the timing difference for the “Tom Joyner Fantastic Voyage,” Reach Media’s revenue increased 5.9% for the quarter, compared to the same period in 2013.
Revenues for the internet sector increased $1.4 million and 27.6% for the quarter, compared to Q1 2013 due to growth in direct revenue as well as advertising and studio services, where Interactive One provides services to other publishers.