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Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported certain preliminary revenue information for the quarter ended December 31, 2011. Giving effect to the consolidation of TV One, consolidated net revenue increased approximately 37% compared to the same period in 2010. Revenue for the Company’s core radio business, excluding Reach Media, decreased approximately 9.4% compared to Q4 2010, while Reach Media’s revenue increased approximately 13% and the internet segment’s revenue increased approximately 30%. Giving effect to a pro-forma consolidation of TV One, Q4 2011 consolidated net revenue was down approximately 2% compared to Q4 2010. Fourth quarter 2011 local radio revenues decreased approximately 4% and national radio revenues decreased approximately 22% compared to Q4 2010. The markets in which we operate radio stations were down approximately 3.8% for the quarter versus Q4 2010.
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Looking at current pacings for Q1 2012, the core radio business revenue is currently up approximately 6%, TV One’s revenue is currently up mid single digits, Reach Media’s revenues are expected to be broadly flat compared to Q1 2011 and our internet segment is currently up approximately 40% compared to Q1 2011. Given these trends, we are expecting a strong consolidated first half performance, and anticipate remaining in compliance with the various covenant tests contained within our credit agreement for the foreseeable future.
The company will release its full fourth quarter 2011 earnings statement on March 15, 2012 and will hold a conference call at 10:00 AM EDT on that date to discuss the earnings in more depth.
Cautionary Note Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management’s current expectations and are based upon information available to Radio One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond Radio One’s control, that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in Radio One’s reports on Form 10-K and other filings with the Securities and Exchange Commission. Radio One does not undertake any duty to update any forward-looking statements.
Radio One, Inc. (https://www.radio-one.com/) is a diversified media company that primarily targets African-American and urban consumers. The Company is one of the nation’s largest radio broadcasting companies, currently owning or operating 53 broadcast stations located in 15 urban markets in the United States. As a part of its core broadcasting business, Radio One operates syndicated programming including the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, CoCo Brother Live, CoCo Brother’s “Spirit” program, Bishop T.D. Jakes’ “Empowering Moments”, the Reverend Al Sharpton Show, and the Warren Ballentine Show. The Company also owns a controlling interest in Reach Media, Inc. (https://www.blackamericaweb.com/), owner of the Tom Joyner Morning Show and other businesses associated with Tom Joyner. Beyond its core radio broadcasting business, Radio One owns Interactive One (https://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment, which operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful, Community Connect Inc. (https://www.communityconnect.com/), an online social networking company, which operates a number of branded websites, including BlackPlanet, MiGente, and Asian Avenue. In addition, the Company owns a controlling interest in TV One, LLC (https://www.tvoneonline.com/), a cable/satellite network programming primarily to African-Americans.