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Article Excerpt
WASHINGTON -- Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended June 30, 2005. Net broadcast revenue was approximately $101.5 million, an increase of 18% from the same period in 2004. Operating income was approximately $46.1 million, an increase of 18% from the same period in 2004. Station operating income(1) was approximately $55.3 million, an increase of 15% from the same period in 2004. Net income applicable to common stockholders was approximately $19.8 million or $0.19 per diluted share, an increase of 60% in net income applicable to common stockholders from the same period in 2004. Adjusted EBITDA(2) was $49.3 million, an increase of 13% from the same period in 2004.
Alfred C. Liggins, III, Radio One's CEO and President stated, "Our first full quarter with Reach Media turned out to be another very good one for Radio One. We handily outgrew our markets and posted solid results across the board. Additionally, in June, we began to execute our stock repurchase program, which we expect to continue in the upcoming months. With Reach Media and TV One now firmly in place alongside our radio platform, we think that the Company will start to benefit greatly from the sales, programming and promotional synergies that can be derived from cooperation across these three very powerful brands. I have never felt more optimistic about the future of Radio One than I do today."
RESULTS OF OPERATIONS Three Months Ended Six Months Ended June 30, June 30, 2005 2004 2005 2004 --------- -------- --------- --------- (unaudited) (unaudited) ------------------ ------------------- (in thousands, (in thousands, except per share except per share data) data) ------------------ ------------------- STATEMENT OF OPERATIONS DATA: NET BROADCAST REVENUE $101,525 $86,210 $178,534 $155,872 --------- -------- --------- --------- OPERATING EXPENSES: Programming and technical (exclusive of non-cash compensation shown separately below) 17,790 13,395 33,397 27,020 Selling, general and administrative 28,404 24,791 52,326 46,703 Corporate expenses (exclusive of non-cash compensation shown separately below) 5,552 3,716 10,468 7,074 Non-cash compensation 502 594 909 1,517 Depreciation and amortization 3,150 4,561 6,616 8,991 --------- -------- --------- --------- Total operating expenses 55,398 47,057 103,716 91,305 --------- -------- --------- --------- Operating income 46,127 39,153 74,818 64,567 INTEREST INCOME 271 585 743 1,307 INTEREST EXPENSE 17,240 9,748 29,669 19,723 OTHER INCOME (EXPENSE) 33 62 123 144 EQUITY IN NET LOSS OF AFFILIATED COMPANY 304 1,431 763 3,798 --------- -------- --------- --------- Income before provision for income taxes and minority interest 28,887 28,621 45,252 42,497 PROVISION FOR INCOME TAXES 8,525 11,162 15,095 16,247 MINORITY INTEREST IN INCOME OF SUBSIDIARY 518 - 625 - --------- -------- --------- --------- Net income $19,844 $17,459 $29,532 $26,250 --------- -------- --------- --------- Preferred stock dividend - 5,035 2,761 10,070 --------- -------- --------- --------- Net income applicable to common stockholders(4) $19,844 $12,424 $26,771 $16,180 ========= ======== ========= ========= PER SHARE DATA - basic and diluted: Net income per share $0.19 $0.17 $0.28 $0.25 Preferred dividends per share - 0.05 0.03 0.10 Net income per share applicable to common stockholders 0.19 0.12 0.25 0.15 SELECTED OTHER DATA: Station operating income(1) $55,331 $48,024 $92,811 $82,149 Station operating income margin (% of net revenue) 55% 56% 52% 53% Station operating income reconciliation: Net income $19,844...
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