Radio One, the nation’s seventh largest radio broadcasting company (based on 2000 pro forma revenue) today reported record results for the quarter ended June 30, 2001.
Net broadcast revenue was $62.3 million, up 91 percent from the same period in 2000. Broadcast cash flow was $34.0 million, an increase of 106 percent from the same period in 2000 while the broadcast cash flow margin improved to 54.7 percent from 50.4 percent. After-tax cash flow was $14.0 million or $0.16 cents per share.
On a same station basis, the company’s net broadcast revenue increased 4 percent and broadcast cash flow increased 12 percent from last year while the broadcast cash flow margin improved to 54.4 percent from 50.4 percent in the previous year’s second quarter.
Alfred C. Liggins, III, the company’s CEO and president said, “Despite the very weak advertising market and the very difficult comparables from last year’s second quarter, we are pleased to report that we were able to meet the consensus after-tax cash flow per share estimates for the quarter. We have been growing significantly faster than the radio industry overall and expect this to persist in the second half of 2001 as our ratings strength continues to provide us with positive momentum. Further, with the Blue Chip acquisition expected to close by August 15, we believe the upside in our portfolio of stations will be enhanced in the upcoming quarters.”
For the year-to-date period ending June 30, 2001, net broadcast revenue was $110.2 million, up a whopping 101 percent from the same period in 2000. Broadcast cash flow was $56.0 million, an increase of 115 percent from the same period in 2001 while the broadcast cash flow margin improved to 50.8 percent from 47.6 percent. After-tax cash flow was $16.0 million or $0.18 cents per share.