Urban radio specialist Radio One was in markets suffering an aggregate 5% loss in revenue during Q4 2007, and that’s what it lost. But President/CEO Alfred Liggins says he has reason to believe his company has reached the bottom and should at the very least outperform the rest of the industry — partly because for all he knows his competition still may have some distance to fall.
Net revenue for the quarter was at 78.1M, down from 82.3M in Q4 2006. For full-year 2007, it brought in 330.3M compared to 341.2M in 2006. Lack of political was a factor in the lessened performance, but the overall problems within the radio industry were the main culprit, and weak national business was the biggest problem for the industry. RO said it did generate black ink in Atlanta and Raleigh, at any rate.
Radio One said that equity in loss from an affiliated company, which is where TV One numbers figure, went in the wrong direction, from 772K to 3.9M. RO said the capital structure of the affiliate was largely responsible for the red ink.