Radio One CEO Alfred Liggins conducts his conference call with analysts this morning, but the company put out its Q4 numbers Wednesday evening. Compared to some others – not too shabby. And those analysts had better take advantage of today’s conference call – it’s the only one Liggins will have in 2009.
Q4 revenues were down, but only by 0.6%, to $74.3 million. And with costs reduced, station operating income was up 6.6% to $31.1 million. As you’ve probably guessed, the company recorded a non-cash impairment charge against its FCC licenses, goodwill and other intangible assets of $85.3 million.
“Business conditions in the first quarter of 2009 are worse than we previously anticipated, with radio pacings down approximately 30% year to year. Our focus for 2009 is to improve our market share, save costs where possible and continue to de-lever the Company," said Liggins in the company’s statement.
RBR/TVBR observation: There are no SEC rules on how often to have analyst conference calls. The Washington Post Company, for example, doesn’t do them at all. It is quite bizarre, though, to have an annual call.
