WASHINGTON, May 3, 2012 /PRNewswire/ -- Radio One, Inc.
(NASDAQ: ROIAK and ROIA) today reported its results for the quarter
ended March 31, 2012. Giving
effect to the consolidation of TV One, net revenue was
approximately $103.0 million, an
increase of 58.5% from the same period in 2011 with TV One
contributing approximately $32.2
million of incremental net revenue. Also giving effect
to the consolidation of TV One, station operating income(1) was
approximately $33.1 million, an
increase of 86.0% from the same period in 2011. The Company
reported operating income of approximately $13.8 million for the three months ended
March 31, 2012 compared to operating
income of $5.6 million for the same
period in 2011. Net loss was approximately $79.2 million or $1.58 per share compared to a net loss of
$64.2 million or $1.23 per share, for the same period in
2011.
(Logo: http://photos.prnewswire.com/prnh/20090806/PH57529LOGO
)
Alfred C. Liggins, III, Radio
One's CEO and President stated, "Our core radio business was up
6.4% and out-performed the markets in which we operate by 480 basis
points, led by a recovery in our mid-west markets, continued strong
ratings related growth in Atlanta
and our newly revamped Detroit
cluster. National revenues in larger markets continue to be weak,
and I expect that trend to continue until we see some lift from
political revenues later in the year. Second quarter core radio
revenue is currently pacing up double digits, and we anticipate
high single digit revenue growth for the quarter. The growth in our
Internet Division revenue and EBITDA is particularly pleasing, and
represents a significant improvement from the same period last
year. TV One continues to provide robust EBITDA growth and our move
towards increased original programming hours should favorably
impact ratings in the second half of the year."
RESULTS
OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended March 31,
|
|
|
2012
|
|
2011
|
|
|
|
|
(as
adjusted)(3)
|
STATEMENT
OF OPERATIONS
|
(unaudited)
|
|
|
(in
thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUE
|
$
103,042
|
|
$
65,009
|
|
OPERATING
EXPENSES
|
|
|
|
|
Programming and technical, excluding stock-based
compensation
|
31,165
|
|
18,831
|
|
Selling,
general and administrative, excluding stock-based
compensation
|
38,809
|
|
28,331
|
|
Corporate
selling, general and administrative, excluding stock-based
compensation
|
9,566
|
|
7,249
|
|
Stock-based compensation
|
44
|
|
937
|
|
Depreciation and amortization
|
9,685
|
|
4,084
|
|
Total
operating expenses
|
89,269
|
|
59,432
|
|
Operating
income
|
13,773
|
|
5,577
|
|
INTEREST
INCOME
|
22
|
|
8
|
|
INTEREST
EXPENSE
|
23,747
|
|
19,333
|
|
LOSS ON
RETIREMENT OF DEBT
|
-
|
|
7,743
|
|
EQUITY IN
INCOME OF AFFILIATED COMPANY
|
-
|
|
3,079
|
|
OTHER
INCOME, net
|
(7)
|
|
(25)
|
|
Loss
before provision for income taxes, noncontrolling interest in
income of
subsidiaries
and income (loss) from discontinued operations
|
(9,945)
|
|
(18,387)
|
|
PROVISION
FOR INCOME TAXES
|
65,254
|
|
45,619
|
|
Net
loss from continuing operations
|
(75,199)
|
|
(64,006)
|
|
INCOME
(LOSS) FROM DISCONTINUED OPERATIONS, net of tax
|
14
|
|
(36)
|
|
CONSOLIDATED NET LOSS
|
(75,185)
|
|
(64,042)
|
|
NET INCOME
ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
4,057
|
|
203
|
|
CONSOLIDATED NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS
|
$
(79,242)
|
|
$
(64,245)
|
|
|
|
|
|
|
AMOUNTS
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
|
|
|
|
NET LOSS
FROM CONTINUING OPERATIONS
|
$
(79,256)
|
|
$
(64,209)
|
|
INCOME
(LOSS) FROM DISCONTINUED OPERATIONS, net of tax
|
14
|
|
(36)
|
|
CONSOLIDATED NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS
|
$
(79,242)
|
|
$
(64,245)
|
|
|
|
|
|
|
Weighted
average shares outstanding - basic(4)
|
49,994,974
|
|
52,117,552
|
|
Weighted
average shares outstanding - diluted(4)
|
49,994,974
|
|
52,117,552
|
|
|
|
|
|
Three
Months Ended March 31,
|
|
2012
|
|
2011
|
|
|
|
(as
adjusted)(3)
|
|
(unaudited)
|
|
(in
thousands, except per share data)
|
PER SHARE
DATA - basic and diluted:
|
|
|
|
|
|
|
|
Net loss from continuing
operations (basic)
|
$
(1.59)
|
|
$
(1.23)
|
Income (loss) from discontinued
operations, net of tax (basic)
|
0.00
|
|
(0.00)
|
Consolidated net loss attributable
to common stockholders (basic)
|
$
(1.58)
|
*
|
$
(1.23)
|
|
|
|
|
Net loss from continuing
operations (diluted)
|
$
(1.59)
|
|
$
(1.23)
|
Income (loss) from discontinued
operations, net of tax (diluted)
|
0.00
|
|
(0.00)
|
Consolidated net loss attributable
to common stockholders (diluted)
|
$
(1.58)
|
*
|
$
(1.23)
|
|
|
|
|
SELECTED
OTHER DATA
|
|
|
|
Station
operating income (1)
|
$
33,068
|
|
$
17,847
|
Station
operating income margin (% of net revenue)
|
32.1%
|
|
27.5%
|
|
|
|
|
Station
operating income reconciliation:
|
|
|
|
|
|
|
|
Consolidated net loss attributable
to common stockholders
|
$
(79,242)
|
|
$
(64,245)
|
|
|
|
|
Add back non-station operating
income items included in consolidated net loss:
|
|
|
|
Interest
income
|
(22)
|
|
(8)
|
Interest
expense
|
23,747
|
|
19,333
|
Provision
for income taxes
|
65,254
|
|
45,619
|
Corporate
selling, general and administrative expenses
|
9,566
|
|
7,249
|
Stock-based
compensation
|
44
|
|
937
|
Loss
on retirement of debt
|
-
|
|
7,743
|
Equity
in income of affiliated company
|
-
|
|
(3,079)
|
Other
income, net
|
(7)
|
|
(25)
|
Depreciation
and amortization
|
9,685
|
|
4,084
|
Noncontrolling
interest in income of subsidiaries
|
4,057
|
|
203
|
(Income)
loss from discontinued operations, net of tax
|
(14)
|
|
36
|
Station
operating income
|
$
33,068
|
|
$
17,847
|
|
|
|
|
Adjusted
EBITDA(2)
|
$
23,502
|
|
$
10,598
|
|
|
|
|
Adjusted EBITDA reconciliation:
|
|
|
|
|
|
|
|
Consolidated net loss attributable
to common stockholders
|
$
(79,242)
|
|
$
(64,245)
|
Interest
income
|
(22)
|
|
(8)
|
Interest
expense
|
23,747
|
|
19,333
|
Provision
for income taxes
|
65,254
|
|
45,619
|
Depreciation
and amortization
|
9,685
|
|
4,084
|
EBITDA
|
$
19,422
|
|
$
4,783
|
Stock-based
compensation
|
44
|
|
937
|
Loss
on retirement of debt
|
-
|
|
7,743
|
Equity
in income of affiliated company
|
-
|
|
(3,079)
|
Other
income, net
|
(7)
|
|
(25)
|
Noncontrolling
interest in income of subsidiaries
|
4,057
|
|
203
|
(Income)
loss from discontinued operations, net of tax
|
(14)
|
|
36
|
Adjusted
EBITDA
|
$
23,502
|
|
$
10,598
|
|
|
|
|
*Per share
amounts do not add due to rounding.
|
|
|
|
|
March 31,
2012
|
|
December
31, 2011
|
(unaudited)
|
|
|
|
|
(in
thousands)
|
SELECTED
BALANCE SHEET DATA:
|
|
|
Cash and
cash equivalents
|
$
43,884
|
|
$
35,939
|
|
Intangible
assets, net
|
1,234,498
|
|
1,244,861
|
|
Total
assets
|
1,481,161
|
|
1,486,482
|
|
Total debt
(including current portion)
|
815,314
|
|
808,904
|
|
Total
liabilities
|
1,129,377
|
|
1,055,541
|
|
Total
equity
|
328,332
|
|
410,598
|
|
Redeemable
noncontrolling interest
|
23,452
|
|
20,343
|
|
Noncontrolling interest
|
205,228
|
|
205,063
|
|
|
|
|
|
|
|
Current
Amount
Outstanding
|
|
Applicable
Interest Rate
|
|
(in
thousands)
|
|
|
SELECTED
LEVERAGE DATA:
|
|
|
Senior
bank term debt, net of original issue discount of approximately
$6.4
million
(subject to variable rates) (a)
|
$
375,729
|
|
7.52%
|
|
12
1/2%/15% senior subordinated notes (fixed rate)
|
319,838
|
|
15.00%
|
|
6 3/8%
senior subordinated notes (fixed rate)
|
747
|
|
6.38%
|
|
10% Senior
Secured TV One Notes due March 2016 (fixed rate)
|
119,000
|
|
10.00%
|
|
|
|
|
|
|
(a) Subject to
variable Libor and Base Rates plus a spread currently at 6.00% and
5.00%, respectively, and incorporated into the applicable interest
rate set forth above.
|
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 Forms 10-K and
10-K/A, and 10-Q and 10-Q/A and other filings with the Securities
and Exchange Commission (the "SEC"). Radio One does not undertake
any duty to update any forward-looking statements.
Giving effect to the consolidation of TV One, net revenue
increased to approximately $103.0
million for the quarter ended March
31, 2012, from approximately $65.0
million for the same period in 2011, an increase of 58.5%.
Net revenues from our radio segment for the quarter ended
March 31, 2012 increased 9.3% from
the same period in 2011. Excluding the timing difference for the
Company's annual Gospel Cruise held in March
2012 versus April 2011, our
core radio revenue, including syndicated programming, increased
6.4% for the quarter ended March 31,
2012 compared to the same period in 2011. We experienced net
revenue growth most significantly in our Atlanta, Cincinnati, Cleveland, Detroit and Raleigh markets, with our Dallas and Houston markets experiencing declines. Reach
Media's net revenues decreased 8.0% in the first quarter 2012
compared to the same period in 2011 primarily due to changes to
certain of Reach Media's affiliate agreements that became effective
on January 1, 2012. In
addition, the "Tom Joyner Fantastic Voyage" took place during the
three months ended March 31, 2012 and
2011 and generated revenue of approximately $5.9 million and $6.6
million, respectively, for Reach Media. We began to
consolidate the results of TV One during the second quarter of 2011
and recognized approximately $32.2
million of incremental revenue from our new cable television
segment during the three months ended March
31, 2012. Net revenues for our internet business increased
64.6% for the three months ended March 31,
2012 compared to the same period in 2011.
Operating expenses, excluding depreciation and amortization and
stock-based compensation increased to approximately $79.5 million for the quarter ended March 31, 2012 from approximately $54.4 million for the quarter ended March 31, 2011, an increase of 46.1%.
Approximately $11.2 million of the
increase is a result of the TV One consolidation specifically
related to programming and technical operating expenses. For our
cable television segment, these operating expenses include expenses
associated with the technical, programming, production, and content
management. Approximately $8.3
million of the increase in programming and technical relates
specifically to content amortization. Excluding the impact of
consolidating TV One results, our operating expenses not including
depreciation and amortization and stock-based compensation
increased 8.8% for the quarter compared to the same period in 2011.
The increased expense for the three months ended March 31, 2012 compared to the same period in
2011 is primarily due to timing of the Company's annual Gospel
Cruise held in March 2012 versus
April 2011. There were also increased
expenses in the Houston market for
changes to the all-news format as well as increased talent and
payroll costs.
Stock-based compensation decreased to $44,000 for the quarter ended March 31, 2012, compared to $937,000 for the same period in 2011. Vesting
associated with the long-term incentive plan whereby officers and
certain key employees were granted a total of 3,250,000 shares of
restricted stock in January of 2010 was fully completed as of
December 31, 2011. Stock-based
compensation requires measurement of compensation costs for all
stock-based awards at fair value on date of grant and recognition
of compensation over the service period for awards expected to
vest.
Depreciation and amortization expense increased to approximately
$9.7 million compared to
approximately $4.1 million for the
quarters ended March 31, 2012 and
2011, respectively, an increase of 136.6%. Additional depreciation
and amortization expense of approximately $6.7 million resulted from the increase in fixed
and intangible assets recorded as part of the consolidation of TV
One. The increase was offset by the completion of amortization for
certain intangible assets and the completion of useful lives for
certain assets across our other segments.
Interest expense increased to approximately $23.7 million for the quarter ended March 31, 2012, from approximately $19.3 million for the same period in 2011, an
increase of 22.8%. The increase in interest expense was due to
higher interest rates associated with our new 2011 senior credit
facility, our new senior subordinated notes and the inclusion of
notes issued by TV One given its consolidation. Approximately
$3.0 million of the increased
interest expense relates to the debt recorded as part of the
consolidation of TV One. The Company made cash interest
payments of approximately $15.5
million for the quarter ended March
31, 2012.
The loss on retirement of debt of approximately $7.7 million for the three months ended
March 31, 2011 was due to the
retirement of the our old credit facility on March 31, 2011. This amount includes a
write-off of approximately $6.5
million of capitalized debt financing costs associated with
the old credit facility and a one-time write-off of approximately
$1.2 million associated with the
termination of the Company's interest rate swap agreement
associated with the old credit
facility.
There was no equity in income of affiliated company for the
quarter ended March 31, 2012 compared
to approximately $3.1 million for the
same period in 2011. Equity in income of affiliated company
reflected our estimated equity in the net income of TV One. As a
result of the consolidation of TV One during the second quarter of
2011, there was no equity in income of affiliated company for the
three months ended March 31, 2012.
Previously, the Company's share of the net income was driven by TV
One's capital structure and the Company's percentage ownership of
the equity securities of TV One.
The provision for income taxes for the quarter ended
March 31, 2012 was approximately
$65.3 million compared to
approximately $45.6 million for the
comparable period in 2011. The increase is primarily attributable
to the increase in the deferred tax liability for indefinite-lived
intangibles as certain of these assets are amortizable for tax
purposes but not for book purposes. The consolidated effective tax
rate for the three months ended March 31,
2012 and 2011 was (656.1)% and (248.1)%, respectively. The
Company paid $60,000 in taxes for the
quarter ended March 31, 2012.
Income (loss) from discontinued operations, net of tax, includes
the results of operations for our sold radio stations (or stations
made the subject of a local marketing agreement) and Giant
Magazine, which ceased publication in December 2009. Income from discontinued
operations, net of tax, was $14,000
for the quarter ended March 31, 2012,
compared to a loss from discontinued operations, net of tax, of
$36,000 for the same period in 2011.
The activity for the three months ended March 31, 2012 resulted primarily from our
remaining station in our Boston
market entering into an LMA. The loss from discontinued operations,
net of tax, for the three months ended March
31, 2011 resulted from the disposition of an asset. The
income (loss) from discontinued operations, net of tax, includes no
tax provision for either of the three month periods ended
March 31, 2012 or 2011.
The increase in noncontrolling interests in income of
subsidiaries is due primarily to the impact of consolidating TV One
results for the three months ended March
31, 2012.
Other pertinent financial information includes capital
expenditures of approximately $3.0
million and $1.8 million for
the quarters ended March 31, 2012 and
2011, respectively. Approximately $1.3
million of capital expenditures for the quarter ended
March 31, 2012 relates to the
Company's corporate office move to Silver
Spring, MD. The Company received dividends from TV One in
the amount of approximately $4.3
million for the quarter ended March
31, 2012. As of March 31,
2012, the Company had total debt (net of cash balances) of
approximately $771.4 million. The
Company's cash and cash equivalents by segment are as
follows: radio and internet approximately $24.4 million, Reach Media approximately
$2.0 million and cable television
approximately $17.5 million. In
addition to cash and cash equivalents, the cable television segment
also has short-term investments of $561,000 and long-term investments of
approximately $4.2 million.
Supplemental Financial Information:
For comparative purposes, the following more detailed, unaudited
statements of operations for the three months ended March 31, 2012 and 2011 are included. These
detailed, unaudited and adjusted statements of operations include
certain reclassifications associated with accounting for
discontinued operations. These reclassifications had no
effect on previously reported net income or loss, or any other
previously reported statements of operations, balance sheet or cash
flow amounts.
|
|
|
|
Three
Months Ended March 31, 2012
|
|
|
|
|
(in
thousands, unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate/
|
|
|
|
|
|
|
|
|
Reach
|
|
|
|
Cable
|
|
Eliminations/
|
|
|
|
|
Consolidated
|
Radio One
|
Media
|
|
Internet
|
Television
|
Other
|
|
|
|
|
|
STATEMENT
OF OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUE
|
$
|
103,042
|
$
|
52,733
|
$
|
13,553
|
$
|
5,785
|
$
|
32,236
|
$
|
(1,265)
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Programming and technical
|
|
31,165
|
|
13,012
|
|
5,977
|
|
2,054
|
|
11,222
|
|
(1,100)
|
|
Selling,
general and administrative
|
|
38,809
|
|
22,295
|
|
6,491
|
|
3,410
|
|
6,972
|
|
(359)
|
|
Corporate
selling, general and administrative
|
|
9,566
|
|
-
|
|
1,894
|
|
-
|
|
2,124
|
|
5,548
|
|
Stock-based compensation
|
|
44
|
|
17
|
|
-
|
|
-
|
|
-
|
|
27
|
|
Depreciation and amortization
|
|
9,685
|
|
1,605
|
|
301
|
|
814
|
|
6,748
|
|
217
|
|
Total
operating expenses
|
|
89,269
|
|
36,929
|
|
14,663
|
|
6,278
|
|
27,066
|
|
4,333
|
|
Operating income (loss)
|
|
13,773
|
|
15,804
|
|
(1,110)
|
|
(493)
|
|
5,170
|
|
(5,598)
|
|
INTEREST
INCOME
|
|
22
|
|
-
|
|
2
|
|
-
|
|
6
|
|
14
|
|
INTEREST
EXPENSE
|
|
23,747
|
|
249
|
|
-
|
|
-
|
|
3,039
|
|
20,459
|
|
OTHER
(INCOME) EXPENSE, net
|
|
(7)
|
|
(8)
|
|
-
|
|
-
|
|
1
|
|
-
|
|
(Loss)
income before provision for (benefit from) income taxes,
noncontrolling interest in income of subsidiaries and income from
discontinued operations
|
|
(9,945)
|
|
15,563
|
|
(1,108)
|
|
(493)
|
|
2,136
|
|
(26,043)
|
|
PROVISION
FOR (BENEFIT FROM) INCOME TAXES
|
|
65,254
|
|
65,746
|
|
(492)
|
|
-
|
|
-
|
|
-
|
|
Net (loss)
income from continuing operations
|
|
(75,199)
|
|
(50,183)
|
|
(616)
|
|
(493)
|
|
2,136
|
|
(26,043)
|
|
INCOME
FROM DISCONTINUED OPERATIONS, net of tax
|
|
14
|
|
14
|
|
-
|
|
-
|
|
-
|
|
-
|
|
CONSOLIDATED NET (LOSS) INCOME
|
|
(75,185)
|
|
(50,169)
|
|
(616)
|
|
(493)
|
|
2,136
|
|
(26,043)
|
|
NET INCOME
ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
4,057
|
|
-
|
|
-
|
|
-
|
|
-
|
|
4,057
|
|
NET (LOSS)
INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(79,242)
|
$
|
(50,169)
|
$
|
(616)
|
$
|
(493)
|
$
|
2,136
|
$
|
(30,100)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(2)
|
$
|
23,502
|
$
|
17,426
|
$
|
(809)
|
$
|
321
|
$
|
11,918
|
$
|
(5,354)
|
|
|
|
|
Three
Months Ended March 31, 2011
|
|
|
|
|
(in
thousands, unaudited, as adjusted)(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate/
|
|
|
|
|
|
|
|
|
Reach
|
|
|
|
Eliminations/
|
|
|
|
|
Consolidated
|
Radio One
|
Media
|
|
Internet
|
Other
|
|
|
|
|
|
STATEMENT
OF OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUE
|
$
|
65,009
|
$
|
48,258
|
$
|
14,725
|
$
|
3,515
|
$
|
(1,489)
|
|
OPERATING
EXPENSES:
|
|
.
|
|
|
|
|
|
|
|
|
|
Programming and technical
|
|
18,831
|
|
12,812
|
|
5,303
|
|
2,410
|
|
(1,694)
|
|
Selling,
general and administrative
|
|
28,331
|
|
18,984
|
|
6,957
|
|
2,638
|
|
(248)
|
|
Corporate
selling, general and administrative
|
|
7,249
|
|
-
|
|
1,677
|
|
-
|
|
5,572
|
|
Stock-based compensation
|
|
937
|
|
140
|
|
-
|
|
24
|
|
773
|
|
Depreciation and amortization
|
|
4,084
|
|
1,752
|
|
984
|
|
1,118
|
|
230
|
|
Total
operating expenses
|
|
59,432
|
|
33,688
|
|
14,921
|
|
6,190
|
|
4,633
|
|
Operating income (loss)
|
|
5,577
|
|
14,570
|
|
(196)
|
|
(2,675)
|
|
(6,122)
|
|
INTEREST
INCOME
|
|
8
|
|
-
|
|
5
|
|
-
|
|
3
|
|
INTEREST
EXPENSE
|
|
19,333
|
|
-
|
|
11
|
|
-
|
|
19,322
|
|
LOSS ON
RETIREMENT OF DEBT
|
|
7,743
|
|
-
|
|
-
|
|
-
|
|
7,743
|
|
EQUITY IN
INCOME OF AFFILIATED COMPANY
|
|
3,079
|
|
-
|
|
-
|
|
-
|
|
3,079
|
|
OTHER
(INCOME) EXPENSE, net
|
|
(25)
|
|
(34)
|
|
-
|
|
-
|
|
9
|
|
(Loss)
income before provision for (benefit from) income taxes,
noncontrolling interest in income of subsidiaries and loss from
discontinued operations
|
|
(18,387)
|
|
14,604
|
|
(202)
|
|
(2,675)
|
|
(30,114)
|
|
PROVISION
FOR (BENEFIT FROM) INCOME TAXES
|
|
45,619
|
|
45,691
|
|
(72)
|
|
-
|
|
-
|
|
Net loss
from continuing operations
|
|
(64,006)
|
|
(31,087)
|
|
(130)
|
|
(2,675)
|
|
(30,114)
|
|
LOSS FROM
DISCONTINUED OPERATIONS, net of tax
|
|
(36)
|
|
(36)
|
|
-
|
|
-
|
|
-
|
|
CONSOLIDATED NET LOSS
|
|
(64,042)
|
|
(31,123)
|
|
(130)
|
|
(2,675)
|
|
(30,114)
|
|
NET INCOME
ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
203
|
|
-
|
|
-
|
|
-
|
|
203
|
|
CONSOLIDATED NET LOSS ATTRIBUTABLE TO COMMON
STOCKHOLDERS
|
$
|
(64,245)
|
$
|
(31,123)
|
$
|
(130)
|
$
|
(2,675)
|
$
|
(30,317)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA(2)
|
$
|
10,598
|
$
|
16,462
|
$
|
788
|
$
|
(1,533)
|
$
|
(5,119)
|
Radio One, Inc. will hold a conference call to discuss its
results for first fiscal quarter of 2012. This conference call is
scheduled for Thursday, May 3, 2012
at 10:00 a.m Eastern Daylight Time. To participate on this call,
U.S. callers may dial toll free 1-866-818-1395; international
callers may dial direct (+1) 703-639-1379.
A replay of the conference call will be available from
12:00 p.m. EDT May 3, 2012 until 11:59
p.m. May 5, 2012. Callers may
access the replay by calling 1-800-475-6701; international callers
may dial direct (+1) 320-365-3844. The replay Access Code is
247035. Access to live audio and a replay of the conference call
will also be available on Radio One's corporate website at
http://www.radio-one.com. The replay will be made available on the
website for seven days after the call.
Radio One, Inc. (http://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 54 broadcast
stations located in 16 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. (http://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 (http://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. (http://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
(http://www.tvoneonline.com), a cable/satellite network programming
primarily to African-Americans.
Notes:
1
"Station operating income" consists of net loss before depreciation
and amortization, corporate expenses, stock-based compensation,
equity in income of affiliated company, income taxes,
noncontrolling interest in income (loss) of subsidiaries, interest
expense, impairment of long-lived assets, other (income) expense,
loss (gain) on retirement of debt, (income) loss from discontinued
operations, net of tax, interest income and gain on purchase of
affiliated company. Station operating income is not a measure of
financial performance under generally accepted accounting
principles. Nevertheless station operating income is a significant
basis used by our management to measure the operating performance
of our stations within the various markets because station
operating income provides helpful information about our results of
operations apart from expenses associated with our fixed assets and
long-lived intangible assets, income taxes, investments, debt
financings and retirements, overhead, stock-based compensation,
impairment charges, and asset sales. Our measure of station
operating income may not be comparable to similarly titled measures
of other companies as our definition includes the results of all
four segments (radio broadcasting, Reach Media, internet and cable
television). Station operating income does not purport to represent
operating income or cash flow from operating activities, as those
terms are defined under generally accepted accounting principles,
and should not be considered as an alternative to those
measurements as an indicator of our performance. A reconciliation
of net loss to station operating income has been provided in this
release.
2
"Adjusted EBITDA" consists of net loss plus (1) depreciation,
amortization, income taxes, interest expense, noncontrolling
interest in income of subsidiaries, impairment of long-lived
assets, stock-based compensation, loss on retirement of debt, loss
from discontinued operations, net of tax, less (2) equity in income
of affiliated company, other income, interest income, gain on
retirement of debt and gain on purchase of affiliated company. Net
income before interest income, interest expense, income taxes,
depreciation and amortization is commonly referred to in our
business as "EBITDA." Adjusted EBITDA and EBITDA are not measures
of financial performance under generally accepted accounting
principles. We believe Adjusted EBITDA is often a useful measure of
a company's operating performance and is a significant basis used
by our management to measure the operating performance of our
business because Adjusted EBITDA excludes charges for depreciation,
amortization and interest expense that have resulted from our
acquisitions and debt financing, our taxes, impairment charges, as
well as our equity in (income) loss of our affiliated company, gain
on retirements of debt, and any discontinued operations.
Accordingly, we believe that Adjusted EBITDA provides useful
information about the operating performance of our business, apart
from the expenses associated with our fixed assets and long-lived
intangible assets, capital structure or the results of our
affiliated company. Adjusted EBITDA is frequently used as one of
the bases for comparing businesses in our industry, although our
measure of Adjusted EBITDA may not be comparable to similarly
titled measures of other companies. Adjusted EBITDA and EBITDA do
not purport to represent operating income or cash flow from
operating activities, as those terms are defined under generally
accepted accounting principles, and should not be considered as
alternatives to those measurements as an indicator of our
performance. A reconciliation of net loss to EBITDA and Adjusted
EBITDA has been provided in this release.
3
Certain reclassifications associated with accounting for
discontinued operations have been made to prior period balances to
conform to the current presentation. These reclassifications had no
effect on any other previously reported or consolidated net income
or loss or any other statement of operations, balance sheet or cash
flow amounts. Where applicable, these financial statements have
been identified as "as adjusted."
4
For the quarters ended March 31, 2012
and 2011, Radio One had 49,994,974 and 52,117,552 shares of common
stock outstanding on a weighted average basis for both basic and
diluted, respectively.
SOURCE Radio One, Inc.