Adding in the consolidation of TV One, net revenue was $110.0 million, up 5.4% from the same period in 2011 from $104.4 million. Station operating income was $40.9 million, an increase of 14.2% from the same period in 2011 (also adding in TV One). Net loss was approximately $13.1 million or $0.26 per share compared to net loss of $9.9 million or $0.20 per share, for the same period in 2011.
Hear the conference call here:
[audio:Alfred-Liggins-110112.mp3|titles= Alfred Liggins, CEO, Radio One]Said Alfred Liggins, III, Radio One’s CEO and President: “Our core radio revenues continue to outperform the markets in which we operate, in Q3 by 500Bps. Political revenue was just over $2 million in the quarter, the highest level in Q3 in company history, and ramped-up strongly in October, helping to push our fourth quarter radio pacings to approximately +13%. TV One revenues grew by 12.5% and EBITDA by 32.1%. A solid upfront cycle saw both volume and CPM’s grow by mid-single digits. During the third quarter we successfully launched two strong new TV series: R&B Divas and the Rickey Smiley Show; cross promotion across the radio and digital platform helped both shows perform strongly, debuting with household ratings of 1.09HH and 1.29HH, respectively. I believe we can build on that success to grow our cash flows in Q4 and 2013.”
Radio One recognized some $33.2 million of revenue from its new cable television segment during Q3 compared to approximately $29.5 million for the same period in 2011.
Net revenues from the radio segment, including syndicated programming, increased 5.3% for the quarter compared to the same period in 2011. Their Baltimore, Cleveland, Columbus, Detroit, Indianapolis, Raleigh and Washington D.C. clusters posted the most significant quarterly growth, while Houston, Philadelphia and St. Louis markets posted the most significant declines.
Reach Media’s net revenues decreased 11.3% in Q3 compared to the same period in 2011 primarily due to fewer sponsors of certain events. Net revenues for Radio One’s internet business decreased 8.9% for the quarter compared to the same period in 2011.
Operating expenses decreased to approximately $78.7 million for the quarter ended September 30, 2012, down 0.5% from the approximately $79.1 million incurred for the comparable quarter in 2011.
