Radio One Inc., an owner of radio stations targeting the African-American and urban markets, on Wednesday reported a wider loss for the fourth quarter after taking a hit from writing down the value of assets.
The company lost $14.9 million, or 28 cents per share, compared with a loss of $6.3 million, or 7 cents per share, in the same quarter a year earlier. Revenue fell by 9 percent to $67.3 million from $73.8 million.
Radio One took an impairment charge of $17 million in the quarter as it lowered the value its held on its books for radio broadcasting licenses and other assets. While the prior-year quarter had a bigger impairment charge, of $85.3 million, it was offset by a $67.3 million gain from the retirement of debt.
The impairment charges came from assets in Cleveland , Columbus, Dallas, Houston, Indianapolis, Philadelphia, Raleigh-Durham, Richmond and St. Louis.
For the year, Radio One lost $52.9 million, or 89 cents per share, compared with a loss of $302.9 million, or $3.22 per share. Revenue was $272.1 million compared with $313.4 million.
“Adjusting for 2008 political activity, our fourth-quarter core radio revenues were down 4.2 percent,” said Radio One CEO and President Alfred C. Liggins III. “Looking ahead to the first quarter, we are currently pacing up mid-single digits, with the recovery most apparent in our larger markets, where national business is performing strongly.”
Shares of Radio One, based in Lanham, Md., rose 10 cents to $3.19 in morning trading.
