Radio One, Inc. today reported its results for the quarter ended March 31, 2013. Net revenue was approximately $99.1 million, a decrease of 3.7% from the same period in 2012, resulting primarily from a timing difference of two annual special events. Station operating income1 was approximately $35.9 million, an increase of 8.6% from the same period in 2012. The Company reported operating income of approximately $15.5 million for the three months ended March 31, 2013, compared to operating income of $13.8 million for the same period in 2012. Net loss was approximately $18.1 million or $0.36 per share compared to a net loss of $79.2 million or $1.58 per share, for the same period in 2012.
Alfred C. Liggins, III, Radio One’s CEO and President stated, “I was pleased with our Q1 core radio revenue growth of 4.9% in a flat market, which helped us to grow the radio division’s adjusted EBITDA by 10.7%. Our two largest travel based events, the Tom Joyner Fantastic Voyage and One Love Gospel Getaway, are both taking place in Q2 2013 compared to Q1 in 2012, which effectively moves approximately $7.6 million of revenue and $594,000 of station operating profit from Q1 to Q2 compared to prior year. Our Cable Television segment had Q1 revenue and adjusted EBITDA growth of 11.6% and 27.7%, respectively, and continues its positive growth momentum. During the first quarter we integrated our syndicated shows and corporate sales into Reach Media, and I expect a strong return to profitability for that business unit in the second quarter. The Company repurchased almost 1.0 million shares at an average price of $1.59 during the quarter, and I believe that will generate a great long term return for shareholders. Core radio pacings for Q2 are currently up low single digits; we are seeing strong national performance, particularly in larger markets, but widespread softness in local business.”