Despite a much smaller loss in the fourth quarter, Radio One Inc. continued to battle the deteriorating radio advertising market and experienced a 7.1 percent drop in core radio revenues.
The Lanham-based broadcasting company lost $7.6 million, or 9 cents per diluted share, compared with a loss of $388.1 million, or $3.93 per diluted share, for the same period in 2007.
Fourth-quarter revenue was $74.3 million, a slight drop from $74.8 million recorded a year earlier.
The company recorded a non-cash impairment charge against its Federal Communication Commission licenses, goodwill and other intangible assets of $85.3 million. That led to a net operating loss of $64.2 million.
Radio One’s stations, which focus primarily on African-American and urban listeners, reported station operating earnings of $31.1 million, a 6.6 percent increase from the comparable 2007 period.
For the year the company reported a net loss of $304.2 million, or $3.23 per diluted share, compared with a net loss of $391.5 million, or $3.97 per diluted share, in 2007.
Sales for 2008 totaled $316.4 million, down from $319.6 million reported in 2007.
Radio One (NASDAQ: ROIAK) finished the year with $675.2 million in debt, down from about $815.5 million a year ago.
“Business conditions in the first quarter of 2009 are worse than we previously anticipated, with radio pacings down approximately 30 percent year to year,” said Alfred Liggins, the chief executive officer, in a statement. “Our focus for 2009 is to improve our market share, save costs where possible and continue to de-lever the company.”
Radio One narrows loss – Washington Business Journal:.
