Radio One filed its Q1 financial report with the SEC Monday morning, getting the company caught back up on its filings since restating previous results due to problems with how it accounted for stock options.
How's the still-young TV One doing? Radio One reports that its allocable share of TV One's losses for Q1 was 492K, compared to 481K a year earlier. Since entering into the joint venture with Comcast and other investors in 2003 to create the cable network aimed at African-American viewers, Radio One has invested 51.6 million of the 74 million it has pledged to the venture. Radio One owns approximately 36% of TV One. Radio One also has network services and advertising services agreements with TV One, under which it receives an annual fee of 500K. Both agreements run until January 2009.
Overall for Radio One, Q1 revenues were up 1.1% to 82.5 million, or up 0.6% excluding revenues from the company's new magazine, Giant. Bear Stearns analyst Christopher Ensley calls that "slightly better than expected," so a plus for Radio One. He noted that revenue gains for the company's radio operations in Atlanta, Cincinnati and Dallas were partially offset by a significant decline in Los Angeles. Station operating income decreased 5.1% from a year ago to 33.6 million. Ensley, however, had expected a 7.1% decline, so, again, better than expected.