Radio One

Wells Fargo bond analysts do the math on Radio One

tliggins — Wed, 21 Mar 2012 20:48:29 +0000

RBR-TVBR, MAR. 21, 2012 – Q4 and full year 2011 financial results for Radio One were far from impressive, but high-yield bond analysts Bishop Cheen and Davis Hebert at Wells Fargo Securities have been crunching the numbers. They’ve reiterated their “outperform” recommendation for the company’s publicly traded bonds – at least for patient investors.

Those 12.5%/15% senior subordinated notes are payment-in-kind (PIK) toggle notes which currently pay 9% in additional notes and 6% in cash (15% total) but go cash pay at $12.5% beginning May 16, 2012, with the first payment due November 15, 2012. So the analysts had to look at how well the company will be able to handle the additional cash interest payments.

“The incremental cash interest could be about $10 million annually (our estimates) on top of about $57 million of annual cash interest (not including TV One’s debt service of 10% on $119 million, which is paid by that division). The math involves about $315 million of bonds going from 6% cash pay, 9% PIK to 12.5% all cash pay on May 16 (payable quarterly). Thus, we think Radio One could still generate about $13 million of free cash flow this year assuming capital expenditures run about $7 million — or the same level of capex spent in 2011. We would like to see all of it used for debt reduction, but the company still has $5.6 million left in its $15 million restricted payments basket for stock buybacks. In FY 2011, the company repurchased 4.3 million shares of its Class A and Class D shares for approximately $9.48 million,” the analysts wrote in a lengthy analysis of Radio One’s revenues, cash flow and leverage.

Cheen and Hebert decided to look at the underlying asset value of the parts of Radio One and concluded that the total asset value was $899 million, while net debt was $668.9 million, so asset coverage of the net debt worked out to 134%.

Radio One, Inc. Reports Third Quarter Results

clang — Thu, 03 Nov 2011 14:37:15 +0000

WASHINGTON, Nov. 3, 2011 /PRNewswire/ — Radio One, Inc. (NASDAQ:ROIAK - News) today reported its results for the quarter ended September 30, 2011. Giving effect to the consolidation of TV One, net revenue was approximately $104.4 million, an increase of 40.3% from the same period in 2010. Also giving effect to the consolidation of TV One, station operating income(1) was approximately $35.8 million, an increase of 26.5% from the same period in 2010. The Company reported operating income of approximately $13.1 million compared to operating income of approximately $17.3 million for the same period in 2010. Net loss was approximately $9.9 million or $0.20 per share, compared to net income of approximately $1.0 million or $0.02 per share for the same period in 2010.

(Logo: http://photos.prnewswire.com/prnh/20090806/PH57529LOGO )

Alfred C. Liggins, III, Radio One’s CEO and President stated, “The third quarter again highlights the importance of consolidating TV One into our results: radio was relatively flat, however, our TV and Internet divisions both showed good revenue progression from prior year, and provide a sound diversification strategy. We have made some changes in certain radio markets designed to improve long term performance: inHouston we are launching News 92 FM; in Columbus, we switched from gospel to the Jack format; in Detroitwe signed a local marketing agreement for 107.5 WGPR; and, in Philadelphia, we moved our adult urban format to our hip-hop signal, and vice versa. I am confident that these strategic changes will reap rewards in the long-term.”

RESULTS OF OPERATIONS

		Three Months Ended September 30,		Nine Months Ended September 30,
		2011	2010	2011	2010
			(as adjusted)(2)		(as adjusted)(2)
STATEMENT OF OPERATIONS		(unaudited)		(unaudited)
		(in thousands, except share data)		(in thousands, except share data)

	NET REVENUE	$ 104,445	$ 74,430	$ 266,516	$ 208,557
	OPERATING EXPENSES
	Programming and technical	32,742	18,762	82,291	56,592
	Selling, general and administrative, excluding stock-based compensation	35,878	27,336	95,803	77,383
	Corporate selling, general and administrative, excluding stock-based compensation	10,442	5,488	25,214	20,537
	Stock-based compensation	759	908	2,895	4,877
	Depreciation and amortization	11,504	4,610	25,825	14,156
	Total operating expenses	91,325	57,104	232,028	173,545
	Operating Income	13,120	17,326	34,488	35,012
	INTEREST INCOME	103	28	120	95
	INTEREST EXPENSE	22,973	12,122	65,222	31,059
	GAIN ON INVESTMENT IN AFFILIATED COMPANY	-	-	146,879	-
	LOSS ON RETIREMENT OF DEBT	-	-	7,743	-
	EQUITY IN INCOME OF AFFILIATED COMPANY	-	1,784	3,287	3,832
	OTHER (INCOME) EXPENSE, net	(19)	50	3	2,934
	(Loss) income before (benefit from) provision for income taxes, noncontrolling interest in income of subsidiaries and income (loss) from discontinued operations	(9,731)	6,966	111,806	4,946
	(BENEFIT FROM) PROVISION FOR INCOME TAXES	(2,325)	4,760	81,905	4,685
	Net (loss) income from continuing operations	(7,406)	2,206	29,901	261
	INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax	11	(158)	(71)	(316)
	CONSOLIDATED NET (LOSS) INCOME	(7,395)	2,048	29,830	(55)
	NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS	2,483	1,010	5,403	1,427
	CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (9,878)	$ 1,038	$ 24,427	$ (1,482)

	AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS:
	NET (LOSS) INCOME FROM CONTINUING OPERATIONS	$ (9,889)	$ 1,196	$ 24,498	$ (1,166)
	INCOME (LOSS) FROM DISCONTINUED OPERATIONS, net of tax	11	(158)	(71)	(316)
	NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$ (9,878)	$ 1,038	$ 24,427	$ (1,482)

	Weighted average shares outstanding – basic(3)	50,270,550	52,064,108	51,072,480	51,316,498
	Weighted average shares outstanding – diluted(4)	50,270,550	54,262,885	52,943,536	51,316,498

	Three Months Ended September 30,		Nine Months Ended September 30,
	2011	2010	2011	2010
		(as adjusted)(2)		(as adjusted)(2)
	(unaudited)		(unaudited)
	(in thousands, except per share data)		(in thousands, except per share data)
PER SHARE DATA – basic and diluted:

Net (loss) income from continuing operations (basic)	$ (0.20)	$ 0.02	$ 0.48	$ (0.02)
Income (loss) from discontinued operations, net of tax (basic)	0.00	(0.00)	(0.00)	(0.01)
Consolidated net (loss) income attributable to common stockholders (basic)	$ (0.20)	$ 0.02	$ 0.48	$ (0.03)

Net (loss) income from continuing operations (diluted)	$ (0.20)	$ 0.02	$ 0.46	$ (0.02)
Income (loss) from discontinued operations, net of tax (diluted)	0.00	(0.00)	(0.00)	(0.01)
Consolidated net (loss) income attributable to common stockholders (diluted)	$ (0.20)	$ 0.02	$ 0.46	$ (0.03)

SELECTED OTHER DATA
Station operating income (1)	$ 35,825	$ 28,332	$ 88,422	$ 74,582
Station operating income margin (% of net revenue)	34.3%	38.1%	33.2%	35.8%

Station operating income reconciliation:

Consolidated net (loss) income attributable to common stockholders	$ (9,878)	$ 1,038	$ 24,427	$ (1,482)
Add back non-station operating income items included in consolidated net (loss) income:
Interest income	(103)	(28)	(120)	(95)
Interest expense	22,973	12,122	65,222	31,059
(Benefit from) provision for income taxes	(2,325)	4,760	81,905	4,685
Corporate selling, general and administrative expenses	10,442	5,488	25,214	20,537
Stock-based compensation	759	908	2,895	4,877
Gain on investment in affiliated company	-	-	(146,879)	-
Loss on retirement of debt	-	-	7,743	-
Equity in income of affiliated company	-	(1,784)	(3,287)	(3,832)
Other (income) expense, net	(19)	50	3	2,934
Depreciation and amortization	11,504	4,610	25,825	14,156
Noncontrolling interest in income of subsidiaries	2,483	1,010	5,403	1,427
(Income) loss from discontinued operations, net of tax	(11)	158	71	316
Station operating income	$ 35,825	$ 28,332	$ 88,422	$ 74,582

Adjusted EBITDA(5)	$ 25,383	$ 22,844	$ 63,208	$ 54,045

Adjusted EBITDA reconciliation:

Consolidated net (loss) income attributable to common stockholders	$ (9,878)	$ 1,038	$ 24,427	$ (1,482)
Interest income	(103)	(28)	(120)	(95)
Interest expense	22,973	12,122	65,222	31,059
(Benefit from) provision for income taxes	(2,325)	4,760	81,905	4,685
Depreciation and amortization	11,504	4,610	25,825	14,156
EBITDA	$ 22,171	$ 22,502	$ 197,259	$ 48,323
Stock-based compensation	759	908	2,895	4,877
Gain on investment in affiliated company	-	-	(146,879)	-
Loss on retirement of debt	-	-	7,743	-
Equity in income of affiliated company	-	(1,784)	(3,287)	(3,832)
Other (income) expense, net	(19)	50	3	2,934
Noncontrolling interest in income of subsidiaries	2,483	1,010	5,403	1,427
(Income) loss from discontinued operations, net of tax	(11)	158	71	316
Adjusted EBITDA	$ 25,383	$ 22,844	$ 63,208	$ 54,045

		September 30, 2011	December 31, 2010
		(unaudited)	(as adjusted)
		(in thousands)
SELECTED BALANCE SHEET DATA:
	Cash and cash equivalents	$ 33,171	$ 9,192
	Intangible assets, net	1,278,256	838,945
	Total assets	1,521,021	999,212
	Total debt (including current portion)	803,655	642,222
	Total liabilities	1,069,515	774,242
	Total stockholders’ equity	215,925	194,335
	Redeemable noncontrolling interest	29,711	30,635
	Noncontrolling interest	205,870	-

SELECTED LEVERAGE DATA:
		Current AmountOutstanding	ApplicableInterest Rate
		(in thousands)
	Senior bank term debt, net of original issue discountof approximately $7.1 million (subject to variable rates) (a)	$ 376,991	7.50%
	12 1/2%/15% senior subordinated notes(fixed rate)	305,917	15.00%
	6 3/8% senior subordinated notes (fixed rate)	747	6.38%
	10% Senior Secured TV One Notes dueMarch 2016 (fixed rate)	119,000	10.00%
	Note payable (fixed rate)	1,000	7.00%

(a) Subject to variable Libor Rate plus a spread currently at 6.00% 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 Form 10-K and other filings with the Securities and Exchange Commission. Radio One does not undertake any duty to update any forward-looking statements.

Net revenue increased to approximately $104.4 million for the quarter ended September 30, 2011, from approximately $74.4 million for the same period in 2010, an increase of 40.3%. We began to consolidate the results of TV One during the second quarter of 2011 and recognized approximately $29.5 million of revenue from our new cable television segment during the three months ended September 30, 2011. The radio markets that we operate in grew 1.7% for the quarter and 2.5% year to date, led primarily by growth in digital revenues, while national revenue and local revenue in our radio markets were relatively flat for the quarter. Our radio stations’ net revenues increased 0.3% with the most significant increases noted in our Atlanta, Charlotte,Cincinnati, Raleigh and St. Louis clusters, while our Columbus, Dallas, Indianapolis and Washington D.C.markets experienced the most significant declines. Total core radio revenue (radio stations and syndicated programs excluding Reach Media) improved 1.4% during the quarter. While Reach Media’s revenue declined 4.7% in the quarter, this decline was an improvement from the decline experienced during the second quarter of 2011. Net revenue for our internet segment improved 11.5% for the three months ended September 30, 2011 compared to the same period in 2010.

Operating expenses, excluding depreciation and amortization and stock-based compensation, increased to approximately $79.1 million for the quarter ended September 30, 2011, up 53.3% from the approximately $51.6 million incurred for the comparable quarter in 2010. Most of the increase is a result of the TV One consolidation specifically related to programming and technical operating expenses. For our cable television segment, programming and technical expenses include expenses associated with the technical, programming, production, and content management. Approximately $13.7 million of our consolidated programming and technical operating expenses were incurred by TV One, with approximately $11.2 million of this amount relating specifically to content amortization. Excluding the impact of consolidating TV One results, our programming and technical expenses would have increased by 1.6% for the quarter compared to the same period in 2010.

Stock-based compensation decreased to $759,000 for the quarter ended September 30, 2011, compared to$908,000 for the same period in 2010. This decrease in stock-based compensation expense is due to one-time accelerated vesting that occurred in 2010 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.

Depreciation and amortization expense increased to approximately $11.5 million compared to approximately$4.6 million for the quarters ended September 30, 2011 and 2010, respectively, an increase of 150.0%. Additional depreciation and amortization expense of approximately $7.8 million resulted from the fixed and intangible assets recorded as part of the consolidation of TV One. This increased expense was partially offset by the completion of amortization for certain intangible assets and the completion of depreciation and amortization for certain assets.

Interest expense increased to approximately $23.0 million for the quarter ended September 30, 2011, from approximately $12.1 million for the same period in 2010, an increase of 90.1%. The increase in interest expense was due to higher interest rates associated with the 2011 Credit Agreement, Amended Exchange Offer and TV One Notes, which were in effect for the three months ended September 30, 2011 compared to the same period in 2010. The overall effective rate of borrowing for the three months ended September 30, 2011 increased approximately 4.0% compared to the three months ended September 30, 2010. Approximately$3.0 million of the increased interest expense relates to the debt recorded as part of the consolidation of TV One.

Equity in income of affiliated company decreased to $0 for the quarter ended September 30, 2011, compared to approximately $1.8 million for the same period in 2010, a decrease of 100.0%. Equity in income of affiliated company primarily reflects our estimated equity in the net income of TV One. The decrease to equity in income of affiliated company for the three months ended September 30, 2011 was due to the consolidation of TV One during the prior quarter. Previously, the Company’s share of the net income was driven by TV One’s current capital structure and the Company’s percentage ownership of the equity securities of TV One.

The benefit from income taxes for the quarter ended September 30, 2011 was approximately $2.3 millioncompared to a provision for income taxes of approximately $4.8 million for the quarter ended September 30, 2010. Substantially all of the decrease in income taxes relates to the deferred tax liability for TV One. The consolidated effective tax rate for the three months ended September 30, 2011 and 2010 was 23.9% and 68.3%, respectively.

Income (loss) from discontinued operations, net of tax, includes the results of operations for our sold radio stations and Giant Magazine, which ceased publication in December 2009. The income from discontinued operations, net of tax, for the three months ended September 30, 2011 resulted from the remaining Bostonradio station entering into an LMA in June 2011. The loss from discontinued operations, net of tax, for the quarter ended September 30, 2010 of $158,000 resulted primarily from legal and litigation expenses incurred as a result of ongoing legal activity related to certain previously sold stations. The income (loss) from discontinued operations, net of tax, includes no tax provision for the three months ended September 30, 2011and 2010.

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 September 30, 2011. This amount is partially offset by lower net income generated by Reach Media for the three months ended September 30, 2011 compared to the same period in 2010.

Other pertinent financial information includes capital expenditures of approximately $1.8 million and $1.5 million for the quarters ended September 30, 2011 and 2010, respectively. In addition, as of September 30, 2011, Radio One had total debt (net of cash balances) of approximately $770.5 million.

Supplemental Financial Information:

For comparative purposes, the following more detailed and unaudited statements of operations for the three and nine months ended September 30, 2011 and 2010 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 September 30, 2011
				(in thousands, unaudited)

														Corporate/
								Reach				Cable		Eliminations/
				Consolidated		Radio One		Media		Internet		Television		Other

STATEMENT OF OPERATIONS:

	NET REVENUE		$	104,445	$	58,733	$	13,427	$	4,884	$	29,545	$	(2,144)
	OPERATING EXPENSES:
	Programming and technical			32,742		13,659		5,309		2,008		13,684		(1,918)
	Selling, general and administrative			35,878		21,325		3,929		3,054		8,239		(669)
	Corporate selling, general and administrative			10,442		-		1,252		-		1,380		7,810
	Stock-based compensation			759		133		-		24		-		602
	Depreciation and amortization			11,504		1,657		988		838		7,779		242
	Total operating expenses			91,325		36,774		11,478		5,924		31,082		6,067
	Operating income (loss)			13,120		21,959		1,949		(1,040)		(1,537)		(8,211)
	INTEREST INCOME			103		-		3		-		100		-
	INTEREST EXPENSE			22,973		-		18		-		3,039		19,916
	OTHER (INCOME) EXPENSE, net			(19)		(19)		-		-		-		-
		(Loss) income before (benefit from) provision for income taxes, noncontrolling interest in income of subsidiaries and income from discontinued operations		(9,731)		21,978		1,934		(1,040)		(4,476)		(28,127)
	(BENEFIT FROM) PROVISION FOR INCOME TAXES			(2,325)		(2,833)		508		-		-		-
		Net (loss) income from continuing operations		(7,406)		24,811		1,426		(1,040)		(4,476)		(28,127)
	INCOME FROM DISCONTINUED OPERATIONS, net of tax			11		11		-		-		-		-
	CONSOLIDATED NET (LOSS) INCOME			(7,395)		24,822		1,426		(1,040)		(4,476)		(28,127)
	NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			2,483		-		-		-		-		2,483
	NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	(9,878)	$	24,822	$	1,426	$	(1,040)	$	(4,476)	$	(30,610)

				Three Months Ended September 30, 2010
				(in thousands, unaudited, as adjusted(2))

												Corporate/
								Reach				Eliminations/
				Consolidated		Radio One		Media		Internet		Other

STATEMENT OF OPERATIONS:

	NET REVENUE		$	74,430	$	57,906	$	14,092	$	4,382	$	(1,950)
	OPERATING EXPENSES:
	Programming and technical			18,762		12,958		5,072		2,376		(1,644)
	Selling, general and administrative			27,336		20,644		4,164		3,263		(735)
	Corporate selling, general and administrative			5,488		-		1,318		-		4,170
	Stock-based compensation			908		127		-		24		757
	Depreciation and amortization			4,610		2,027		1,089		1,222		272
	Total operating expenses			57,104		35,756		11,643		6,885		2,820
	Operating income (loss)			17,326		22,150		2,449		(2,503)		(4,770)
	INTEREST INCOME			28		-		16		-		12
	INTEREST EXPENSE			12,122		-		18		-		12,104
	EQUITY IN INCOME OF AFFILIATED COMPANY			1,784		-		-		-		1,784
	OTHER EXPENSE (INCOME), net			50		-		-		48		2
		Income (loss) before provision for income taxes, noncontrolling interest in income of subsidiaries and (loss) income from discontinued operations		6,966		22,150		2,447		(2,551)		(15,080)
	PROVISION FOR INCOME TAXES			4,760		3,860		900		-		-
		Net income (loss) from continuing operations		2,206		18,290		1,547		(2,551)		(15,080)
	(LOSS) INCOME FROM DISCONTINUED OPERATIONS, net of tax			(158)		(177)		-		19		-
	CONSOLIDATED NET INCOME (LOSS)			2,048		18,113		1,547		(2,532)		(15,080)
	NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			1,010		-		-		-		1,010
	NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	1,038	$	18,113	$	1,547	$	(2,532)	$	(16,090)

				Nine Months Ended September 30, 2011
				(in thousands, unaudited)

														Corporate/
								Reach				Cable		Eliminations/
				Consolidated		Radio One		Media		Internet		Television		Other

STATEMENT OF OPERATIONS:

	NET REVENUE		$	266,516	$	167,152	$	37,928	$	12,705	$	54,711	$	(5,980)
	OPERATING EXPENSES:
	Programming and technical			82,291		39,764		15,919		6,692		25,455		(5,539)
	Selling, general and administrative			95,803		63,101		12,228		8,209		14,053		(1,788)
	Corporate selling, general and administrative			25,214		-		4,598		-		1,297		19,319
	Stock-based compensation			2,895		452		-		82		-		2,361
	Depreciation and amortization			25,825		5,091		2,961		2,875		14,208		690
	Total operating expenses			232,028		108,408		35,706		17,858		55,013		15,043
	Operating income (loss)			34,488		58,744		2,222		(5,153)		(302)		(21,023)
	INTEREST INCOME			120		-		12		-		105		3
	INTEREST EXPENSE			65,222		-		46		-		6,187		58,989
	GAIN ON INVESTMENT IN AFFILIATED COMPANY			146,879		-		-		-		-		146,879
	LOSS ON RETIREMENT OF DEBT			7,743		-		-		-		-		7,743
	EQUITY IN INCOME OF AFFILIATED COMPANY			3,287		-		-		-		-		3,287
	OTHER EXPENSE (INCOME), net			3		(6)		-		-				9
		Income (loss) before provision for income taxes, noncontrolling interest in income of subsidiaries and (loss) income from discontinued operations		111,806		58,750		2,188		(5,153)		(6,384)		62,405
	PROVISION FOR INCOME TAXES			81,905		81,319		586		-		-		-
		Net income (loss) from continuing operations		29,901		(22,569)		1,602		(5,153)		(6,384)		62,405
	(LOSS) INCOME FROM DISCONTINUED OPERATIONS, net of tax			(71)		(72)		-		1				-
	CONSOLIDATED NET INCOME (LOSS)			29,830		(22,641)		1,602		(5,152)		(6,384)		62,405
	NONCONTROLLING INTEREST IN INCOME OF SUBSIDIARIES			5,403		-		-		-		-		5,403
	NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	24,427	$	(22,641)	$	1,602	$	(5,152)	$	(6,384)	$	57,002

				Nine Months Ended September 30, 2010
				(in thousands, unaudited, as adjusted(2))

												Corporate/
								Reach				Eliminations/
				Consolidated		Radio One		Media		Internet		Other

STATEMENT OF OPERATIONS:

	NET REVENUE		$	208,557	$	169,430	$	32,523	$	12,330	$	(5,726)
	OPERATING EXPENSES:
	Programming and technical			56,592		39,039		15,102		7,161		(4,710)
	Selling, general and administrative			77,383		61,792		7,412		10,503		(2,324)
	Corporate selling, general and administrative			20,537		-		4,833		-		15,704
	Stock-based compensation			4,877		696		-		137		4,044
	Depreciation and amortization			14,156		6,292		3,160		3,853		851
	Total operating expenses			173,545		107,819		30,507		21,654		13,565
	Operating income (loss)			35,012		61,611		2,016		(9,324)		(19,291)
	INTEREST INCOME			95		-		51		-		44
	INTEREST EXPENSE			31,059		-		54		-		31,005
	EQUITY IN INCOME OF AFFILIATED COMPANY			3,832		-		-		-		3,832
	OTHER EXPENSE (INCOME), net			2,934		(231)		-		159		3,006
		Income (loss) before provision for income taxes, noncontrolling interest in income of subsidiaries and (loss) income from discontinued operations		4,946		61,842		2,013		(9,483)		(49,426)
	PROVISION FOR INCOME TAXES			4,685		3,926		759		-		-
		Net income (loss) from continuing operations		261		57,916		1,254		(9,483)		(49,426)
	(LOSS) INCOME FROM DISCONTINUED OPERATIONS, net of tax			(316)		(575)		-		259		-
	CONSOLIDATED NET (LOSS) INCOME			(55)		57,341		1,254		(9,224)		(49,426)
	NONCONTROLLING INTEREST IN INCOME OF SUBSIDIARIES			1,427		-		-		-		1,427
	NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	(1,482)	$	57,341	$	1,254	$	(9,224)	$	(50,853)

Radio One, Inc. (Nasdaq:ROIAK - News) will be holding a conference call for investors, analysts and other interested parties to discuss its results for third fiscal quarter of 2011. The conference call is scheduled forThursday, November 3, 2011 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-800-230-1074; international callers may dial direct (+1) 612-234-9960.

A replay of the conference call will be available from 12:30 p.m. EDT November 3, 2011 until 11:59 p.m.November 5, 2011. 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 222011. 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. (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 53 broadcast stations located in 15 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. (www.blackamericaweb.com), owner of the Tom Joyner Morning Show and other businesses associated withTom Joyner. Beyond its core radio broadcasting business, Radio One owns Interactive One (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. (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 (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 we believe station operating income is often a useful measure of a broadcasting company’s operating performance and 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. Station operating income is frequently used as one of the bases for comparing businesses in our industry, although our measure of station operating income may not be comparable to similarly titled measures of other companies. 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. Station operating income includes results from all three of our operating segments (radio broadcasting, internet and cable television).

2 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.”

3 For the three months ended September 30, 2011 and 2010, Radio One had 50,270,550 and 52,064,108 shares of common stock outstanding on a weighted average basis (basic), and 50,270,550 and 54,262,885 shares of common stock outstanding on a weighted average basis (fully diluted) for outstanding stock options, respectively.

4 For the nine months ended September 30, 2011 and 2010, Radio One had 51,072,480 and 51,316,498 shares of common stock outstanding on a weighted average basis basic, and 52,943,536 and 51,316,498 shares of common stock outstanding on a weighted average basis (fully diluted) for outstanding stock options, respectively.

5 “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 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.

Radio One, Inc. 2011 Third Quarter Results Conference Call

clang — Mon, 24 Oct 2011 17:39:33 +0000

WASHINGTON, Oct. 24, 2011 /PRNewswire via COMTEX/ — Radio One, Inc. (Nasdaq: ROIAK; ROIA) will be holding a conference call for investors, analysts and other interested parties to discuss its results for third fiscal quarter of 2011.

(Logo: http://photos.prnewswire.com/prnh/20090806/PH57529LOGO )

The conference call is scheduled for Thursday, November 3, 2011 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-800-230-1074; international callers may dial direct (+1) 612-234-9960.

A replay of the conference call will be available from 12:30 p.m. EDTNovember 3, 2011 until 11:59 p.m.November 5, 2011. 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 222011. 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.

Cautionary Information Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements represent management’s current expectations and are based upon information available to the Company at the time of this press release. These forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond the Company’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 the Company’s reports on Forms 10-K, 10-Q/A and 10-Q and other filings with the SEC.

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 52 broadcast stations located in 15 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.

SOURCE Radio One, Inc.

Radio One, Inc. Reports Second Quarter Results

clang — Thu, 04 Aug 2011 17:45:34 +0000

Radio One, Inc. Reports Second Quarter Results

WASHINGTON, Aug. 4, 2011 /PRNewswire via COMTEX/ –

Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended June 30, 2011. Net revenue was approximately $97.1 million, an increase of 29.3% from the same period in 2010. Station operating income (1) was approximately $34.8 million, an increase of 22.5% from the same period in 2010. The Company reported operating income of approximately $15.8 million compared to operating income of approximately $13.8 million for the same period in 2010. The Company recorded a non-cash pre-tax gain of approximately $146.9 million resulting from its increased ownership and controlling interest in TV One which led to net income of approximately $98.6 million or $1.94 per share, compared to net income of approximately $2.0 million or $0.04 per share for the same period in 2010.

(Logo: http://photos.prnewswire.com/prnh/20090806/PH57529LOGO )

Alfred C. Liggins, III, Radio One’s CEO and President stated, “The addition of Cable Television to our segment reporting for the first time in Q2 demonstrates the continued evolution of Radio One: core radio revenues for Q2 now represent approximately 62% of the Company’s revenues. Our radio performance suffered from difficult competitive situations in Dallas and Houston, and sluggish economic recovery in our Mid-West markets. Our on-line and mobile product offerings continue to develop, and our losses at Interactive One narrowed considerably from the same period last year. I anticipate radio revenues in the third quarter to remain relatively flat, and we continue to focus on controlling the cost base, while developing other revenue streams.”

Download the full Radio One, Inc. Reports Second Quarter Results

Radio One, Inc. Changes the Time of Its Second Quarter 2011 Results Conference Call

clang — Thu, 28 Jul 2011 17:13:36 +0000

Radio One, Inc. Changes the Time of Its Second Quarter 2011 Results Conference Call – Call Now Scheduled for 9:00 AM EDT on Thursday, August 4, 2011

WASHINGTON, July 28, 2011 /PRNewswire via COMTEX/ –

Radio One, Inc. (Nasdaq: ROIAK; ROIA) will be holding a conference call for investors, analysts and other interested parties to discuss its results for second fiscal quarter of 2011.

(Logo: http://photos.prnewswire.com/prnh/20090806/PH57529LOGO )

The conference call is now scheduled for Thursday, August 4, 2011 at 9:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-866-269-9613; international callers may dial direct (+1) 612-332-0335.

A replay of the conference call will be available from 12:30 p.m. EDTAugust 4, 2011 until 11:59 p.m.August 5, 2011. 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 210252. 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.

Cautionary Information Regarding Forward-Looking Statements

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 53 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.

SOURCE Radio One, Inc.

Radio One, Inc. 2011 Second Quarter Results Conference Call

clang — Wed, 27 Jul 2011 17:24:34 +0000

Radio One, Inc. 2011 Second Quarter Results Conference Call

WASHINGTON, July 27, 2011 /PRNewswire via COMTEX/ — Radio One, Inc. (Nasdaq: ROIAK; ROIA) will be holding a conference call for investors, analysts and other interested parties to discuss its results for second fiscal quarter of 2011.

The conference call is scheduled for Thursday, August 4, 2011 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-866-269-9613; international callers may dial direct (+1) 612-332-0802.

Cautionary Information Regarding Forward-Looking Statements

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 53 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.

SOURCE Radio One

Dennis Miller

clang — Fri, 15 Jul 2011 18:23:49 +0000

Mr. Miller currently serves as a member of the Board of Directors of Global Eagle Acquisition Corporation, a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Prior to joining Global Eagle in 2011, Mr. Miller served as a General Partner with Spark Capital, LLC, a venture fund with an investment focus on the conflux of the media, entertainment and technology industries. Mr. Miller has also served as a Managing Director of Constellation Ventures, the venture investment arm of Bear Stearns. His portfolio of investments has included TV One, College Sports Television (acquired by CBS), Widevine (acquired by Google), K12 taken public in 2008 (NYSE:LRN), Next New Networks (acquired by Google) and The Gospel Channel. He also served on the Board of Directors of Capital IQ (acquired by MGraw-Hill). From 1998 to 2000, Mr. Miller was Executive Vice President of Lions Gate Entertainment. Prior to joining Lions Gate, he was an Executive Vice President with Sony Pictures Entertainment (“SPE”) where he was responsible for all television operations of SPE an actively involved with strategic planning and new media. From 1990 to 1995 Mr. Miller was Executive Vice President of Turner Network Television. In 1993, he took on the additional responsibility for the Turner Entertainment Company. Mr. Miller began his career as an attorney with Manatt, Phelps, Rothenberg and Phillips in Los Angeles. He holds a Juris Doctorate from Boalt Law School and a B.A. in political science from the University of California at San Diego. Mr. Miller’s qualifications to serve as a director include his knowledge of TV One, his many years of senior management experience at various public and private media enterprises, and his knowledge of new media enterprises.

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Brian W. McNeill

clang — Fri, 15 Jul 2011 18:20:36 +0000

Mr. McNeill is a founder and Managing General Partner of Alta Communications. He specializes in identifying and managing investments in the traditional sectors of the media industry, including radio and television broadcasting, outdoor advertising and other advertising-based or cash flow-based businesses. Over the last 5 years, Mr. McNeill has served on the board of directors of some of the most significant companies in the radio and television industries including Una Vez Mas, Millennium Radio Group, LLC and NextMedia Investors LLC. He joined Burr, Egan, Deleage & Co. as a general partner in 1986, where he focused on the media and communications industries. Previously, Mr. McNeill formed and managed the Broadcasting Lending Division at the Bank of Boston. He received an MBA from the Amos Tuck School of Business Administration at Dartmouth College and graduated magna cum laude with a degree in economics from the College of the Holy Cross. Mr. McNeill’s qualifications to serve as a director include his knowledge of Radio One, the media industry and the financial markets, and his ability to provide input into a number of areas including governance, executive compensation and corporate finance. His service on the boards of directors of various other media companies also is beneficial to Radio One.

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Terry L. Jones

clang — Fri, 15 Jul 2011 18:17:37 +0000

Mr. Jones is the Managing Member of the General Partner of Syndicated Communications Venture Partners V, L.P. and the Managing Member of Syncom Venture Management Co., LLC (“Syncom”). Prior to joining Syncom in 1978, he was cofounding stockholder and Vice President of Kiambere Savings and Loan in Nairobi, and a Lecturer at the University of Nairobi. He also worked as a Senior Electrical Engineer for Westinghouse Aerospace and Litton Industries. He is a member of the board of directors for several other Syncom portfolio companies including Radio One, Inc. He formerly served on the Board of the Southern African Enterprise Development Fund, a presidential appointment, and is on the Board of Trustees of Spellman College. Mr. Jones received a B.S. degree in Electrical Engineering from Trinity College, an M.S. degree in Electrical Engineering from George Washington University and a Masters of Business Administration from Harvard University. During the last 5 years, Mr. Jones has sat on the boards of directors ofTV One, Iridium Communications, Inc., a publicly held company (“Iridium”), PKS Communications, Inc., a publicly held company, Weather Decisions Technology, Inc., V-me, Inc., Syncom and Verified Identity Pass, Inc. He currently serves on the board of directors ofIridium (2001 to present), Syncom and Cyber Digital, Inc., a publicly held company. Mr. Jones’ qualifications to serve as a director include his knowledge of Radio One, his many years of senior management experience at various public and private media enterprises, and his ability to provide insight into a number of areas including governance, executive compensation and corporate finance.

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Ronald E. Blaylock

clang — Fri, 15 Jul 2011 18:15:43 +0000

Mr. Blaylock has been the Founder and Managing Partner of GenNx360 Capital Partners, a private equity buyout firm, since 2006. Mr. Blaylock was the Founder, Chairman and Chief Executive Officer of Blaylock & Company, Inc., an investment banking firm, and held senior management positions with PaineWebber Group and Citicorp before launching Blaylock & Company, Inc. in 1993. Mr. Blaylock is also currently a director of CarMax, Inc. (2007 to present) and W. R. Berkley Corporation (2001 to present). Mr. Blaylock’s founding and management of two financial services companies has provided him with valuable business, leadership and management experience. As a result, Mr. Blaylock brings substantial financial expertise to the board. In addition, Mr. Blaylock’s experience on the boards of directors of other public companies enables him to bring other perspectives.

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