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Mr Liggins/Thompson comments when asked about cost cuts:
"...I think we've always done a really good job of managing our cost and being draconian and when we needed to be draconian and we're going through that process as we speak..."
"...yes, it is uppermost and at the most..."
any sort of dollar amount you guys would be willing to share or help us understand the magnitude? "No, not at this point in time."
Just my opinion: with hundreds of millions in sales there are always costs that can be lowered/eliminated to generate a profit for the (share)owners of the business.
The self-assessment of "really good job" isn't reflected in "really good profit" but is evident in "really good pay".
A monthly car allowance for gosh darn, when the gentleman makes $12,500 a week.
A66
Radio One's (ROIAK) CEO Alfred Liggins on Q3 2014 Results - Earnings Call Transcript
Nov. 12, 2014 5:46 PM ET | About: Radio One, Inc. (ROIAK)
Radio One, Inc. (NASDAQ:ROIAK)
Q3 2014 Earnings Conference Call
November 12, 2014 10:00 AM ET
Executives
Alfred Liggins - President, Chief Executive Officer, Treasurer, Director
Peter Thompson - Chief Financial Officer, Executive Vice President
Analysts
Aaron Watts - Deutsche Bank
Lance Vitanza - CRT Capital Group
David Farber - Credit Suisse
Operator
Good morning, ladies and gentlemen. I've been asked to begin today's Conference Call with the following statement. During this call, Radio One will be sharing with you certain projections or other forward-looking statements regarding future events or its future performance.
Radio One cautions you that certain factors including risks and uncertainties referred to in the 10-Ks and 10-Qs and other reports periodically filed with the Securities and Exchange Commission could cause the Company’s actual results to differ materially from those indicated by its projections or forward-looking statements. This call will present information as of September 30, 2014. Please note that Radio One disclaims any duty to update any forward-looking statements made in the presentation.
In this call, Radio One may also discuss some non-GAAP financial measures in talking about its performance. These measures will be reconciled to GAAP either during the course of this call or in the Company’s press release which can be found on its website at www.radio-one.com.
A replay of the conference call will be available from 12 pm Eastern Time November 12, 2014, until November 14, 2014. Callers may access the replay by dialing 800-475-6701, international callers may dial direct at 320-365-3844, the replay access code is 337345. Access to live audio and a replay of the conference call will also be available on Radio One's corporate website at www.radio-one.com. The replay will be available on the website for seven days after the call. No other recordings or copies of this call are authorized or maybe relied upon.
I will now turn the call over to Alfred C. Liggins, Chief Executive Officer of Radio One, who is joined by Peter D. Thompson, Chief Financial Officer. Mr. Liggins?
Alfred C. Liggins
Thank you operator, and welcome everybody to our third quarter results conference call. Earnings are out, you've seen the press release in my quote, we've guided in radio for some time now to a very tough quarter. We'd say we are going to be down or we are pacing down high singles we came in minus eight which is actually better than we have been pacing throughout the last three months. And there is was a confluence of events there it's kind of like a perfect storm as I said in the quote, with significantly down markets in a couple of our biggest markets like Atlanta and Washington and Baltimore, but also soft ratings and then also in Houston which was a flat market that we have taken a format competitor in January.
And so the good news is that we are rebounding strongly in Q4, pacing’s are at minus 1.09 yesterday have improved to minus 1.06. But also we have done some significant programming things to change our trajectory most notably a change of format of our new station in Houston. We've taken that station all news three years ago in November and while it was valiant effort and we tried it hard and we think we put all of the right class A resources against that, we just couldn't get any real significant ratings traction and that's also kind of the history of these all news FMs in New York, in Philadelphia and Chicago, Atlanta, Washington a great idea, but in practice it really hasn’t proven out to be a winner and we are losing about a $1.5 million a year on that and so switch through music format, a classic hip-hop format and wipe out those losses in the music format and the early returns on it are actually substantial. Earlier this week we’ve got our first full week of ratings for the classic hip hop station called Boom.
And a week before we were doing about a 1.09 share, 12 plus with odd news and the first four week of Boom we had a fore share in a rank that's I think 6.25 to 6.54 so I think that we are going to see a substantial immediate turnaround in Houston and ratings are starting to improve and pacings are improving prices like Atlanta. But there are other bright spots in the company that during Q3, the rest of the portfolio is pacing up plus 1.5 and in markets like Detroit and Charlotte and now Philadelphia as well, we think will help offset some of the softness in the Washington and Baltimore. So we feel good that we bottomed out and we are coming out of this [trough] and Peter is going to go on to some detail and then we are going to talk a little bit more about TV One and Interactive One and where we are at with those two businesses. Peter?
Peter Thompson - Chief Financial Officer, Executive Vice President
Net revenue was approximately a $112.2 million for the quarter ended September 30, 2014, a decrease of 5.3% year-to-year. The decrease is primarily a result of lower advertising sales revenues for the radio division including Reach Media. We recognized approximately $39.5 million of net revenue from the cable television segment in second and third quarter, an increase of 4.5% over Q3 2013.
TV One affiliate revenue was up 6% from prior year while advertising revenue was up 2% from prior year. Net revenue for the internet division decreased by 4.9% year-to-year although some nice expense savings that offset that and actually made the more profitable in the third quarter. Our Charlotte, Dallas and Detroit clusters have the most significant revenue growth in the third quarter. Our revenue declines will concentrated in our four big clusters. Three of our four largest clusters saw speed declines in market revenue.
According to Miller Kaplan, the Atlanta market was down 10.4% for the quarter, the Washington DC market was down 7.1% and the Baltimore market was down 4.1% year-over-year. Those week markets coupled with some rating challenges in those three markets that drove 70% of our net revenue decline and while there is no single reason for the market softness we looked in detail and we’ve made some changes to some sales and programming elements to address the ratings that Alfred was alluding to. I guess most notably our largest cluster in Houston had a 15% decline due to the competitor that we picked up this year.
The format changed from news to classic hip hop is already seeing promising initial ratings as Alfred just reported. Along with an increase in revenue a lower operating cost on the Boom format will yield significantly higher EBITDA going forward than we were previously driving from the news format which was loss making. The third quarter local revenue was down 12.7% and national was down 7%, political revenue was approximately $507,000 mainly from our clusters in Michigan and North Carolina and this was a decrease from approximately 584,000 generated in the third quarter of 2010 the last midterm election year and it was also significantly less sequentially, we took $900,000 of political revenue in the second quarter of this year.
Our full year political revenue probably be is like to be around $4.5 million and as Alfred also mentioned today’s pacings for the fourth quarter are minus 1.6%. October was flat, November is currently pacing minus 5 and December is pacing plus 1.6. Cable subscribers as measured by Nielsel finished the quarter at 56.4 million compared to 57.1 million at the end of September last year. TV One currently has 50.8 million billable subscribers. Operating expenses excluding depreciation and amortization impairments and stock based compensation increased slightly to, approximately $83.4 million in Q3 from approximately $83.3 million in the same quarter in 2013.
Expenses were generally well controlled with reductions Reach Media and our online division. Operating expenses in the Radio division increased by 1.4%. For the third quarter consolidated station operating income was approximately $38.6 million down 13.8% from last year. Adjusted consolidated EBITDA was $28.8 million a decrease of approximately 18.0% year-to-year.
Interest expense was approximately $19.4 million for the third quarter down from approximately $22.3 million from the same period last year. Decrease in interest expense is primarily due to the lower interest rate associated with the 9.25% senior subordinated notes due 2020. Company made cash interest payments of approximately $26.3 million in the quarter. Net loss was approximately $13.2 million or $0.28 per share compared to a net loss of approximately $13.2 million for the same period in 2013. For the third quarter capital expenditures were approximately $1.3 million which is the same as Q3 of 2013.
Q3 cash taxes paid were approximately $117,000. Company received dividends from TV One in the amount of $8.9 million in the third quarter and there were no share repurchases during the quarter. Company’s cash and cash equivalence by segment are as follows, radio and internet approximately $32.7 million, Reach media approximately $3.4 million and cable television approximately $19 million. In addition to cash and cash equivalence the cable television segment also have short term investments of approximately $2.1 million and long term investments of approximately $803,000.
As of September 30, 2014 Radio One has total debt net of cash balances of approximately $765.8 million, for bank covenant purposes our total net debt was approximately $670.5 million and our LTM bank EBITDA was approximately $89.5 million giving a total leverage ratio of approximately 7.49 times and a senior leverage ratio of approximately 3.75 times. And with that I will hand it back to Alfred.
Alfred C. Liggins
Thank you, Peter. So the Radio division we do believe is rebounding. Reach Media also had a tough Q3 and they are rebounding in Q4 as well. They are set up very nicely for 2015 to have substantial EBITDA increase because we've put in place contractual cost reduction that are very, very significant also centering around some of our big talent contracts there.
TV One is fairing quite nicely particularly given the headwinds that are in the cable network industry right now. It was the first negative upfront in quite some time, TV One ended up with the upfront minus low-single digits, minus 2, minus 3, but up plus 1 in CPMs which we thought was a very good performance given the headwinds in the industry. Also what's happening in the cable industry and you've heard it from Discovery, and you've heard NBC, Universal and Time Warner as well that ratings are down and they are down significantly.
I think that's not all organtic audience loss, Nielsen hasn't figured out a way to accurately track a lot of the viewership that's happening on mobile devices yet, so I think that's part of the problem. But the good news for TB1 is that we are not down anywhere near as much as our competitors. The big incumbent networks turn to be taking it more on the chin. And so as an example, year-to-date total day household ratings for TB1 are flat year-to-year at about 0.18. And in demo, 25 to 54 demo were down slightly at minus 8% and that's a great performance given some of the big double digit numbers that occurred from some of the larger networks.
And also from a sequential standpoint our Q3 2014 ratings at TV One versus Q2 2014 for total day are up 9% in household and plus 14% in demo. So we're pretty happy with their performance this year. They are tracking to get pretty close to their budget that we set for them for 2014. Distribution deals, again moving along quite nicely. We have signed extensions with charter and Cox to give us more time to get those long form of renewals in place. So we just signed six month extension so just to give us some more breathing room in order to get the right deals with those two operators. Given that we are in the process of trying to get larger deals done.
Comcast our largest -- will be our largest distributor once they complete the Time Warner merger. It is basically done but not signed and the reason it's not signed yet it's pending our ongoing conversations with Comcast about a buyout of TV One and we've got Jump Ball that comes at the end of 2014. So we have ongoing discussions with them that we are in the middle of now about a buyout for or not a buyout and we expect that those discussions will be concluded soon and we will know what we are doing and either way we will end up signing the new distribution deal which we are quite happy with. And we also in discussions with AT&T and Time Warner about renewals even though Comcast will take over Time Warners, where we still have to deal with that fact that their current deal is up at the end of 2014.
Interactive One while the revenues were down mid-single digit in Q3, their profitability was up substantially in Q3 and they are on track to make considerably more money in 2014 than they did in 2013. So we are happy about that as well. So with that operator, I would like to turn it back over to you and start taking questions from those on the conference line.
Question-and-Answer Session
Operator
Certainly. (Operator Instructions). And we will first go to the line of Aaron Watts with Deutsche Bank. Your line is open.
Aaron Watts - Deutsche Bank
Got a few. Alfred, I guess when I think about the minus 8% transfer radio in the third quarter moving to kind of down around 2% pacing for the fourth quarter and you feeling good about things heading into 2015, what would you say are the biggest drivers of that? Is that your market that you said were weak?
Peter Thompson - Chief Financial Officer, Executive Vice President
Yes, so Atlanta and Washington were down high singles, I think which one was down 10? Atlanta and so there are handful of big markets I mean one of the things that you see is, you seen radio companies reporting quite frankly not so bad kind of flattish, kind of Q3 and not so bad Q4 pacing and I think the big markets are get hit harder than the middle to the smaller markets, [Cumulous] reported that the biggest driver of their down performance was New York and Washington DC and Atlanta I know as I guess said market is down 10, I just ultimately don’t see that persisting forever I mean we’ve been in Atlanta for a very long time in Washington and you don’t see minus double digit number like that or even high singles unless it was something like the recession and people ultimately tend to place their dollars the majority of their dollars in the larger market. So, I think the backdrop for me is that the industry isn’t falling apart, I’ve always said this is a flat industry and these handful of big markets that we’re in are haven’t a tough way to go. Now, Houston and I think Dallas too, but Houston is like was flat in Q3, is that correct?
Alfred C. Liggins
It was plus 0.9% is a market so it’s essentially flat.
Peter Thompson - Chief Financial Officer, Executive Vice President
Okay, so essentially flat and they are top 10 market is well right. So I’ve never been able to figure out why markets specifically are up and down but I just don’t see a persisting over the long term. Now even with that we underperformed those down markets so I think that we’re doing things to change that performance, but I’m feeling better about it because one, I think that we’re going to have a big win in Houston and really the biggest driver of our down performance was Houston by far, we’ve lost millions of dollars of cash flow there, we’re fixing that. And we’re going to have a big win there and so I think we got enough upside in other places like Detroit and Philadelphia and Charlotte, we also -- I didn’t mentioned this we just also want to start classic hip hop format in Philadelphia last Friday and Philadelphia is actually starting to pace in the right direction for the company and that’s before we’ve launched this new format which I think is also going to get some traction there as well and then Reach Media, as I explained earlier is going to rebound big going into 2015. So, I’m not good at predicting the future, but I had to bet, I don’t see Atlanta being down another 10% next year and all of these other things that we’ve got going in the Radio business I think are going to help us so that’s why feel good about it.
Aaron Watts - Deutsche Bank
Alright and I guess I know you said it’s always hard to read too far into this but if you have to take a stab at why these big markets specifically are hurting, do you think it’s certain verticals like auto moving away for right now is it traditional media dollars weakening --?
Peter Thompson - Chief Financial Officer, Executive Vice President
If I have to take a stab at it I think its money moving to digital or other platforms. But I don’t know for sure and I think if you’re going to spend more money in digital and you’re probably going to focus on making those shifts in the larger markets first before you get to some place like Charlotte, so if you’re going to take a stab at a digital campaign we probably do it in a New York and Atlanta. But you’d also do it in Houston and that’s not down anywhere near like Atlanta and Washington and New York or so, that’s what I think but I have no clue whatsoever. And it could just as easily rebound next year.
Aaron Watts - Deutsche Bank
Alright.
Peter Thompson - Chief Financial Officer, Executive Vice President
How about this -- other thing so I asked I was meeting with the CEO of Group M yesterday one of the largest buying agencies in the country and we’re talking about the cable up front and I said look, how much did you think there is up front being down is a shift to digit because that’s been a big conversation and it’s still is it really going to digital video and other digital? He says, you know what, I think it’s a little bit of it. But I don’t think that really is the vast majority of the driver I think people are just being more cautious about sitting on the sideline and where they’re putting their money, they don’t have perfect information either because even though they’ve got a sweet of clients, those clients have other relationships with other agencies and even they are not under the hood with how those clients are allocating their budgets or if those clients have extra money still sitting on the sideline and waiting, but it makes me feel better about this whole idea of the shift to digital and maybe it's just sort of the luck of the draw, it has never happened in the history me running this company where we have all four of our big markets take this kind of hit at one time. And so that's why I believe it's an anomaly.
Aaron Watts - Deutsche Bank
That's helpful color. Now just as we think about going forward and modeling, Houston sounds like you may have a bit of a faster turnaround maybe for you what's the realistic timeframe if you are seeing improved ratings with some of the changes you've made for your company. Specifically, when do you think we start to see a turnaround in the revenues?
Alfred C. Liggins
Houston is pacing positive for Q1 right now. So we are seeing -- now that's not just Boom right, our other two stations were doing better. Boom has helped it and we are going to eliminate -- Boom is going to accelerate it. But I think if you are going to start to see that turnaround come through in Q1.
Aaron Watts - Deutsche Bank
Okay. Is it fair to assume that because the biggest markets for you are a little weaker that, we should think about margins being hit a little bit over the next couple of quarters in the radio business?
Alfred C. Liggins
No. I mean I don't think -- I don't know that Atlanta is going to be weak in Q1 2015. I don't know that Washington is and I feel like Houston is going to be better, Deteroit is going to be better, Philadelphia is going to be better, Charlotte is going to be better. So -- and we are going to keep a tight range on expenses, so I wouldn't make that assumption at all.
Aaron Watts - Deutsche Bank
Okay, last one from me I appreciate you taking all these. Just you commented about kind of the Jump Ball coming up with Comcast for TV One. As we think about kind of broad strokes how that might happen if that was -- if you were to reach an agreement with your leverage at 7.5 times now, how should we think about financing that and how it fits in with the rest of the group?
Alfred C. Liggins
We are looking at that now, we are looking at financing alternatives as we speak. So I don’t want to go into specifics right now because there a number of ways that we could finance and obviously it all depends on price. Put it this way, if we don't come to terms on price, then we will just stay partners. Comcast is not a buyer today given they’re in the middle of big regulatory transaction as it is. So we either are going to come to a price that we can finance and both parties still is fair we are going to stay partners. And once we know which way we are going to go, then we will focus on our capital structure. And again this is all real time.
Operator
Thank you. Our next question comes from the line of Lance Vitanza with CRT Capital Group. Your line is open.
Lance Vitanza - CRT Capital Group
Hi, guys. I guess I had two sort of follow ups to Aaron's questions. The first on sort of the weakness that you saw in your key markets. Just to be clear, can you give us some sense for what the overall across the spectrum of media what advertising was like in those markets. I mean I assume that it was down a lot less than the down 10 in Atlanta, down 7 in D.C. and so forth, but do we know that yet?
Alfred C. Liggins
I don't understand the question.
Lance Vitanza - CRT Capital Group
I guess the question -- I'm trying to confirm whether or not advertising dollars moved away from radio or to the extent to which that happened?
Alfred C. Liggins
So I thought that was it. I have no idea. I mean I'd have to deeper digging to see how radio, I mean excuse me, television fared and the other medium's but we haven't done that research yet.
Lance Vitanza - CRT Capital Group
Okay, I mean is there anything about the economies in those regions that would lead you to conclude that advertising would be a little bit softer? I wouldn't think so necessarily.
Alfred C. Liggins
There’s crane everywhere in Washington D.C. I mean it's [indiscernible]. Again, you got Washington, Atlanta and New York that have been hit hard. I mean three very different places. So I don't know.
Lance Vitanza - CRT Capital Group
Okay, and then I guess with respect to TV One, I mean I think we all appreciate the intrinsic value there, but given the stock price not reflecting real value of the Company right now, given the leverage, it seems like to your point, it seems like maybe the best outcome at this time might be to just stay as partners and then revisit this when you've got some wind in your sales and a better currency to use, is that fair?
Alfred C. Liggins
You know what? That could very well be the outcome and we'll see. I mean clearly with the stock price at this level, we're not going to sell common equity to do it but again, there are a number of ways to finance this and there are a number of ways to raise equity in doing it. It doesn't all have to be done with the current publicly traded Radio One common equity. So we're exploring all of those options now.
Lance Vitanza - CRT Capital Group
I think my last question would just be on the non-core side. If you could give us any update on the casino project?
Alfred C. Liggins
They broke ground. They are building it and we still haven't put in our additional $5 million. We're waiting for the State of Maryland to determine whether or not they believe that we have to become licensed as part of that investment and when they let us know what that outcome is, then it will dictate what the timing of that initial investment is.
Lance Vitanza - CRT Capital Group
Just to be clear though if you do need to become licensed that doesn't present more than just a timing issue for you guys?
Peter Thompson - Chief Financial Officer, Executive Vice President
Correct. As far as we know.
Alfred C. Liggins
I was about to say, I'm not so sure what in my background that they might find offensive. They might find something but it certainly won't involve any sort of prior conviction of a felony.
Lance Vitanza - CRT Capital Group
Okay, all right. Thanks guys.
Operator
Thank you. (Operator Instructions) And we’ll go to the line of David Farber with Credit Suisse. Your line is open.
David Farber - Credit Suisse
Good morning, how are you guys.
Alfred C. Liggins
Good and you?
David Farber - Credit Suisse
Good, thank you. Number of my questions have already been asked but just a couple of follow ups. I was just curious if you are maybe somewhat quantitatively if you would, some of the things I think you were speaking about in your prepared remarks on the cost side is there anything you guys have been doing or thinking of doing as revenue has been of little bit muted obviously into the next 12 to 18 months, any thoughts you could share there and then couple of follow ups.
Alfred C. Liggins
Yes, absolutely I mean we got an eye on cost and cost levels and I think we’ve always done a really good job of managing our cost and being draconian and when we needed to be draconian and we’re going through that process as we speak so.
Peter Thompson - Chief Financial Officer, Executive Vice President
Yes, it is uppermost and at the most.
David Farber - Credit Suisse
Is there any sort of dollar amount you guys would be willing to share or help us to understand what the magnitude could be?
Alfred C. Liggins
No, not at this point in time.
David Farber - Credit Suisse
Understood, okay and then just on the Comcast issue with respect to TV One. Anything directionally in terms of renewals or additional thoughts there on how you see that business playing out over the next --?
Alfred C. Liggins
Yes, I said earlier we’re all but -- we’re done with the negotiation for the Comcast renewal and it just hasn’t been signed and it’s sitting waiting to be signed pending the outcome of our Jump Ball to all discussion. And we’re very happy with it, it’s a long term deal we’re happy with, our rates, were happy with the distribution commitment and we’ll -- there is going to be -- when we do announces it, there will be some parameters around what we can say about it because these agreements are confidential but I’m sure that if we’re buying them out we’re going to have to say something more specific about it, because it would be wrapped into our financing. If we’re not buying them out, we probably -- we’ll just give more general high level stuff.
David Farber - Credit Suisse
Okay, that’s helpful and then just lastly to the extent that you guys clarity at the end of the year on TV One, does that present some financing alternatives away from TV One in terms of the restricted group do you think about that going to happen either ways? How do you think about some of the reprising options that could be with the company over the next year or so and as TV One needs to happen one way or the other for you guys consider that in terms of either the bank or TV One debt outstanding, things like that? Thanks.
Peter Thompson - Chief Financial Officer, Executive Vice President
I think it’s a great question. I think we can bifurcate and obviously we need to, in the not to distance future we’re going to need to refinance out the Radio One firstly and so we can’t now thinking about that independent of the acquisition of TV One. So, we’re looking at paths which leave TV One where it is as an unrestricted sub and there is a couple of ways we think that can be done and then we’re looking at path which brings it in to the restricted group and deals with it that way. So I think at the moment all options are on the table and it’s a kind of real time discussion we’re having with our advisors, but obviously we’re mindful of covenant compliance, the revolver facility that we have comes due in the March next year. So, we really in the pretty near future I want to get that refinancing risk kind of taken off the table.
Alfred C. Liggins
Yes, this was taken up 90% of Peter and mine’s time right this second. It’s like all we’re are focused on.
David Farber - Credit Suisse
Got it, okay, that’s helpful, appreciate the thought, that’s it for me thanks.
Operator
Thank you. (Operator Instructions) And we will go to the line of [indiscernible] with Federated Investors, your line is open.
Unidentified Analyst
Hey guys I’ve got one covenant related question. Can you remind us what the bank leverage covenants are to maintenance covenants and when they’d be stepping down and how you feel about that with recent third quarter and even the negative pacing going into the fourth quarter? Thanks.
Alfred C. Liggins
Great question -- and I obviously highly focused on that so we got set downs coming up we’re currently total leverage covenant at the moment is 8 times in Q4, steps down by half a turn, 7.5 and then as a full turn to step down in Q1 of next year and that’s really a legacy to -- in fact we bought ourselves a couple of years relief and that's coming to an end. So we got these pretty aggressive step downs that were part of the original credit agreement. So in Q1 6.5 times is going to be the benchmark. And that's pretty hefty step down. So we have a path to remain in compliance obviously. So it doe involve some cost cuts and it involves probably being -- probably taking more dividend out of TV One. So there are various levers that we have, that will help us remain in compliance. Then looking ahead through the next -- through the end of next year, the next big step down we’re looking at is total leverage going to 6 times in the fourth quarter 2015. I think it's safe to say we would have refinanced out by that point, but we are projecting out and showing various ways in which we will remain compliant with those step downs in the future.
Operator
And at this time, I am showing now further questions. Please continue.
Alfred C. Liggins
Thank you Operator and thank you folks as usual. Peter and I are available offline to answer any additional questions. Thank you.
Operator
And ladies and gentlemen that does concludes your conference call for today. Thank you for your participation and for using AT&T Executive Teleconference Service. You may now disconnect.
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http://seekingalpha.com/article/2675625-radio-ones-roiak-ceo-alfred-liggins-on-q3-2014-results-earnings-call-transcript?part=single
ROIAK
3Q wholly unacceptable! Do not understand how a business, with over $400 million in sales does not make a profit.
If I'm reading this document incorrectly, I apologize and please set me straight...
The 8K filed with Mr. Thompson's (new CFO)3 yr employment package is just wacked, in my opinion. $650,000 a year, plus signing bonus, $1200 a month car allowance??? He makes $12,500 a week: he can afford his own darn automobile. how is that approved/ok/industry standard when the company can't make a dime in profit!
what shareholders are being looked after, anyway?
A66
Quarterly report sure does not support the compensation for these officers including bonuses and shares awarded. Shameful. Cathy Hughes posses as the fighter on the street supporting minorities.
ROIAK
Radio One, Inc. Reports Third Quarter Results
WASHINGTON, Nov. 12, 2014 /PRNewswire/ --
Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended September 30, 2014. Net revenue was approximately $112.2 million, a decrease of 5.3% from the same period in 2013. Station operating income1 was approximately $38.6 million, a decrease of 13.8% from the same period in 2013. The Company reported operating income of approximately $19.6 million for the three months ended September 30, 2014, compared to operating income of $21.8 million for the same period in 2013. Net loss was approximately $13.2 million or $0.28 per share for each of the quarters ending September 30, 2014 and 2013.
Radio One, Inc. logo
Alfred C. Liggins, III, Radio One's President and CEO stated, "Our radio business experienced a very soft quarter: we had a perfect storm of weak market revenues and soft ratings in our four largest markets, and political revenues were less than anticipated. We had some ratings challenges in Washington DC, Baltimore and Atlanta in addition to the new competitor in Houston. Management has taken steps to remedy these issues, including a format change in Houston from News to Classic Hip-hop. The initial ratings for our new station, Boom 92, are extremely encouraging, and should mean we reverse the annual $1.5 million of losses that we were incurring on the news format. Outside our top four markets, radio revenues for the third quarter were +1.5% against a flat market. Overall Q4 radio revenue is currently pacing –1.9% and I believe we will have positive momentum going into the new year. Reach Media experienced a similarly weak third quarter, but is performing better in 4th quarter, consistent with the radio division. Both our Internet and Cable Television segments showed improved adjusted EBITDA2 and margins compared to the prior year."
(click link below for details)
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, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Radio One does not undertake any duty to update any forward-looking statements.
Net revenue decreased to approximately $112.2 million for the quarter ended September 30, 2014, from approximately $118.4 million for the same period in 2013, a decrease of 5.3%, resulting primarily from declines in our four largest radio markets. Net revenues from our radio broadcasting segment decreased 8.1% for the quarter ended September 30, 2014, versus the same period in 2013. We experienced net revenue growth most significantly in our Charlotte, Dallas and Detroit markets, countered by our Atlanta, Baltimore, Houston, Philadelphia, Richmond, St. Louis and Washington DC markets experiencing the most significant declines. Reach Media's net revenues decreased 19.3% for the quarter ended September 30, 2014, compared to the same period in 2013 due to a mix of customer turnover and lower rates. We recognized approximately $39.5 million of revenue from our cable television segment during the three months ended September 30, 2014, compared to approximately $37.8 million for the same period in 2013, the increase of approximately $1.7 million due primarily from an increase in both affiliate and advertising sales. Finally, net revenues for our internet business decreased 4.9% for the three months ended September 30, 2014, compared to the same period in 2013 due to a decrease in direct revenues.
Operating expenses, excluding depreciation and amortization, stock-based compensation and impairment of long-lived assets, increased to approximately $83.4 million for the quarter ended September 30, 2014, up 0.1% from the approximately $83.3 million incurred for the comparable quarter in 2013.
Depreciation and amortization expense decreased 4.1% to approximately $9.2 million compared to approximately $9.6 million for the quarters ended September 30, 2014 and 2013, respectively. The decrease was due to the completion of amortization for certain intangible assets and the completion of useful lives for certain assets.
There was no impairment of long-lived assets for the three months ended September 30, 2014. Impairment of long-lived assets for the three months ended September 30, 2013, was approximately $3.7 million and related to a non-cash impairment charge recorded to reduce the carrying value of our Cleveland and Boston radio broadcasting licenses.
Interest expense decreased to approximately $19.4 million for the quarter ended September 30, 2014, compared to approximately $22.3 million for the same period in 2013. The primary driver of the decrease in interest expense is the lower interest rate associated with the 2020 Notes, compared to the 2016 Notes which were settled during the first quarter of 2014. The Company made cash interest payments of approximately $26.3 million on all outstanding instruments for the quarter ended September 30, 2014, compared to cash interest payments of approximately $20.9 million for the quarter ended September 30, 2013. Cash interest payments associated with the 2020 Notes began August 15, 2014.
The provision for income taxes for the quarter ended September 30, 2014, was approximately $9.0 million compared to approximately $8.4 million for the comparable period in 2013, primarily attributable to the deferred tax liability ("DTL") for indefinite-lived intangible assets. The increase in tax provision is primarily due to provision to return adjustments. The Company paid $117,000 and $221,000 for income taxes for the quarters ended September 30, 2014 and 2013, respectively.
The increase in noncontrolling interests in income of subsidiaries is due primarily to greater net income generated by TV One during the three months ended September 30, 2014, compared to the 2013 period. Reach Media generated lower net income during the three months ended September 30, 2014, compared to the 2013 period, which partially offset the income generated by TV One.
Other pertinent financial information includes capital expenditures of approximately $1.3 million for each of the quarters ended September 30, 2014 and 2013, respectively. The Company received dividends from TV One in the amount of approximately $8.9 million and $6.2 million for the quarters ended September 30, 2014 and 2013, respectively. As of September 30, 2014, the Company had total debt (net of cash balances) of approximately $765.8 million. The Company's cash and cash equivalents by segment are as follows: Radio and Internet, approximately $32.7 million; Reach Media, approximately $3.4 million; and Cable Television, approximately $19.0 million. In addition to cash and cash equivalents, the cable television segment also has short-term investments of approximately $2.1 million and long-term investments of $803,000. During the three months ended September 30, 2013, the Company repurchased 512,300 shares of Class D common stock in the amount of approximately $1.2 million and 1,100 shares of Class A common stock in the amount of $3,000. During the nine months ended September 30, 2013, the Company repurchased 2,630,574 shares of Class D common stock in the amount of approximately $5.4 million and 32,669 shares of Class A common stock in the amount of $71,000. There were no stock repurchases made during the three or nine month periods ended September 30, 2014.
Supplemental Financial Information:
For comparative purposes, the following more detailed, unaudited statements of operations for the three and nine months ended September 30, 2014 and 2013 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.
Radio One, Inc. will hold a conference call to discuss its results for third fiscal quarter of 2014. This conference call is scheduled for Wednesday, November 12, 2014 at 10:00 a.m. EST. To participate on this call, U.S. callers may dial toll-free 1-800-288-8967; international callers may dial direct (+1) 612-332-0345.
A replay of the conference call will be available from 12:00 p.m. EST November 12, 2014 until 11:59 p.m. EST November 14, 2014. 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 337345. Access to live audio and a replay of the conference call will also be available on Radio One's corporate website at www.radio-one.com. The replay will be made available on the website for seven days after the call.
Radio One, Inc., together with its subsidiaries (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 and/or operating 54 broadcast stations located in 16 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Rickey Smiley Morning Show, the Yolanda Adams Morning Show, the Russ Parr Morning Show, the DL Hughley Show, Bishop T.D. Jakes' "Empowering Moments", and the Reverend Al Sharpton Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment. Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking websites, including BlackPlanet and MiGente. 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 income (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. However, 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 as our definition includes the results of all four segments (Radio Broadcasting, Reach Media, Internet and Cable Television). 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 income (loss) to EBITDA and Adjusted EBITDA has been provided in this release.
3 For the three months ended September 30, 2014 and 2013, Radio One had 47,601,371 and 47,443,031 shares of common stock outstanding on a weighted average basis (basic), respectively. For the nine months ended September 30, 2014 and 2013, Radio One had 47,502,733 and 48,680,979 shares of common stock outstanding on a weighted average basis (basic), respectively.
4 For the three months ended September 30, 2014 and 2013, Radio One had 47,601,371 and 47,443,031 shares of common stock outstanding on a weighted average basis (fully diluted), for outstanding stock options, respectively. For the nine months ended September 30, 2014 and 2013, Radio One had 47,502,733 and 48,680,979 shares of common stock outstanding on a weighted average basis (fully diluted), for outstanding stock options, respectively.
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SOURCE Radio One, Inc.
Copyright 2014 PR Newswire
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ROIAK
Radio One, Inc. Third Quarter 2014 Results Conference Call
WASHINGTON, Oct. 16, 2014 /PRNewswire/ --
Radio One, Inc. (NASDAQ: ROIAK; ROIA) will be holding a conference call for investors, analysts and other interested parties to discuss its results for the third fiscal quarter of 2014.
The conference call is scheduled for Wednesday, November 12, 2014 at 10:00 a.m. EST. To participate on this call, U.S. callers may dial toll-free 1-800-288-8967; international callers may dial direct (+1) 612-332-0345.
A replay of the conference call will be available from 12:00 p.m. ESTNovember 12, 2014 until 11:59 p.m. ESTNovember 14, 2014. 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 337345. Access to live audio and a replay of the conference call will also be available on Radio One's corporate website at www.radio-one.com. The replay will be made available on the website for seven days after the call.
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, 10-Q, 8-K, S-3 and other filings with the Securities and Exchange Commission (the "SEC"). Radio One does not undertake any duty to update any forward-looking statements.
About Radio One, Inc.
Radio One, Inc., together with its subsidiaries (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 and/or operating 54 broadcast stations located in 16 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, Bishop T.D. Jakes' "Empowering Moments", and the Reverend Al Sharpton Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment. Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking websites, including BlackPlanet and MiGente. 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.
Logo - http://photos.prnewswire.com/prnh/20090806/PH57529LOGO
SOURCE Radio One, Inc.
This article appears in: News Headlines
Referenced Stocks: ROIA, ROIAK
Read more: http://www.nasdaq.com/press-release/radio-one-inc-third-quarter-2014-results-conference-call-20141016-00743#ixzz3GhkCKw3s
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ROIAK
Not sure of how they distribute news. Not picked up by the wire services. Only available on the company
website???
Quote:
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News92FM Format Change
Media Contacts
Contact: Yashima White AziLove
Vice President, Corporate Communications
240.997.3180
News92 FM Changes Formats
After three years of being Houston’s only FM all-news station, News92 reports for the last time.
{SILVER SPRING, MD – October 8, 2014} –
Today, Radio One of Texas II, LLC announces the transition of News92. In 2011, the station made history as it filled a void and made Houston history as the first FM all-news radio station in the area. After investing significant financial and human resources in the development and management of this innovative news platform, the market simply did not have a sustained appetite for news radio.
“We’re proud of the work we did with News92,” said Doug Abernethy, Regional Vice President of Radio One. “We hired established and trusted Houstonian journalists from the radio, print and television news industries. We also invested in community relations, infrastructure, marketing, promotions and sales. Unfortunately after three years of a valiant effort, the difficult decision had to be made.”
Despite the financial investment and continued efforts made to support the success of News92; the multi-million dollar losses and poor ratings performance have culminated in the decision to change formats.
“We take the loss of employees seriously,” said Chris Wegmann, President of the Radio Division. “We are working to ensure all of our impacted employees are transitioned with the dignity and respect they deserve.”
Though disappointed by this unfortunate, but necessary decision, Radio One is excited about the future of the new B921 FM that is expected to feature advertising free, 24-7 music from one of Houston’s own mega talents.
Radio One remains committed to its mission to be the most trusted source in the African-American community that informs, entertains and inspires audiences.
Wegmann said, “Our airways remain open and available to the community, political and spiritual leaders that share in our commitment to be a voice to and for the African-American community.”
About Radio One, Inc.:
Radio One, Inc., together with its subsidiaries (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 and/or operating 54 broadcast stations located in 16 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, Bishop T.D. Jakes’ “Empowering Moments”, and the Reverend Al Sharpton Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment. Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking websites, including BlackPlanet and MiGente. 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.
# # #
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http://www.radio-one.com/2014/10/08/news92fm-format-change/
ROIAK
post 297
must agree with your comments! unfortunately, these days and culture do not accommodate shame. an attitude of entitlement trumps performance. but always a smooth delivery during cnbc interviews
small investor takes another kick in the teeth.
A66
Management should be ashamed, especially given its targeted minority target base. Underperforming and giving themselves retroactive pay raises.
ROIAK
New 8_K:
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15 (d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: September 30, 2014 (Date of earliest event reported)
Commission File No.: 0-25969
RADIO ONE, INC.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of
incorporation or organization)
52-1166660
(I.R.S. Employer Identification No.)
1010 Wayne Avenue
14th Floor
Silver Spring, Maryland 20910
(Address of principal executive offices)
(301) 429-3200
Registrant’s telephone number, including area code
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 30, 2014, the Compensation Committee (“Compensation Committee”) of the Board of Directors of Radio One, Inc. (the “Company”) approved the principal terms of new employment agreements for each of the Company’s named executive officers. With the exception of the Company’s President - Radio Division, while definitive agreements have not been executed, the terms of the new employment agreements are effective as of January 1, 2014, except for the base salaries of certain of the executives which are effective October 1, 2014. The Company and its President - Radio Division have executed an employment agreement, a copy of which is attached as an exhibit hereto. Definitive agreements for the remaining officers will be filed upon execution of the documents. What follows below is a summary of the principal terms for each of the employment agreements.
Cathy Hughes, Founder and Executive Chairperson
Pursuant to the terms approved by the Compensation Committee, Ms. Hughes will be employed as the Founder and Chairperson of the Company and its wholly-owned subsidiaries commencing as of January 1, 2014 until December 31, 2016, unless earlier terminated pursuant to the terms of the agreement. Effective October 1, 2014, Ms. Hughes will be entitled to a base salary payable at the annualized rate of $1,000,000 per year and will be eligible for a bonus of $500,000, 50% of which will be paid on a discretionary basis with the remaining 50% paid in accordance with certain performance metrics. Ms. Hughes will have periodic personal use of a private aircraft up to a maximum of 25 hours per year, such usage subject to the Company’s financial position as determined by the CEO in his sole discretion. Ms. Hughes was also awarded 456,000 restricted shares of the Company’s Class D common stock vesting in equal 1/3 tranches on April 6, 2015, December 31, 2015 and December 31, 2016. Finally, Ms. Hughes was awarded stock options to purchase 293,000 shares of the Company’s Class D common stock vesting in approximately equal 1/3 tranches on April 6, 2015, December 31, 2015 and December 31, 2016. The options will be priced at the closing share price of the Company’s Class D common stock on October 6, 2014.
Alfred C. Liggins, President and Chief Executive Officer Radio One, Inc. and TV One, LLC
Pursuant to the terms approved by the Compensation Committee, Mr. Liggins will be employed as the President and Executive Officer of the Company and its wholly-owned subsidiaries and as the President and Executive Officer of TV One, LLC. Mr. Liggins employment under the agreement will commence as of January 1, 2014 until December 31, 2016, unless earlier terminated pursuant to the terms of the agreement. Effective October 1, 2014, Mr. Liggins will be entitled to a base salary payable at the annualized rate of $1,250,000 per year and will be eligible for a bonus of $1,250,000, 50% of which will be paid on a discretionary basis with the remaining 50% paid in accordance with certain performance metrics. Mr. Liggins will have periodic personal use of a private aircraft up to a maximum of 25 hours per year, subject to the Company’s financial position. Mr. Liggins was also awarded 913,000 restricted shares of the Company’s Class D common stock vesting in approximately equal 1/3 tranches on April 6, 2015, December 31, 2015 and December 31, 2016. Mr. Liggins was awarded stock options to purchase 587,000 shares of the Company’s Class D common stock vesting in approximately equal 1/3 tranches on April 6, 2015, December 31, 2015 and December 31, 2016. The options will be priced at the closing share price of the Company’s Class D common stock on October 6, 2014. Finally, Mr. Liggins remains eligible for the TV One Award included in his prior employment agreement.
Peter Thompson, Executive Vice President and Chief Financial Officer
Pursuant to the terms approved by the Compensation Committee, Mr. Thompson will be employed as Executive Vice President and Chief Financial Officer of the Company and Vice President of its wholly-owned subsidiaries commencing as of January 1, 2014 until December 31, 2016, unless earlier terminated pursuant to the terms of the agreement. Effective October 1, 2014, Mr. Thompson will be entitled to a base salary payable at the annualized rate of $650,000 per year and will be eligible for a bonus of $350,000, 50% of which will be paid on a discretionary basis with the remaining 50% paid in accordance with certain performance metrics. Mr. Thompson will also receive a signing bonus of $650,000, subject to a pro-rata claw-back if he leaves before the end of the term of the agreement. Mr. Thompson was also awarded 350,000 restricted shares of the Company’s Class D common stock with 200,000 shares vesting on April 6, 2015 and with the remaining shares vesting in equal 75,000 share tranches on December 31, 2015 and December 31, 2016. Finally, Mr. Thompson was awarded stock options to purchase 225,000 shares of the Company’s Class D common stock vesting in equal 112,500 share tranches on December 31, 2015 and December 31, 2016. The options will be priced at the closing share price of the Company’s Class D common stock on October 6, 2014.
Linda Vilardo, Executive Vice President and Chief Administrative Officer
Pursuant to the terms approved by the Compensation Committee, Ms. Vilardo will be employed as Executive Vice President and Chief Administrative Officer of the Company and Vice President of its wholly-owned subsidiaries commencing as of January 1, 2014 until December 31, 2016, unless earlier terminated pursuant to the terms of the agreement. Effective October 1, 2014, Ms. Vilardo will be entitled to a base salary payable at the annualized rate of $600,000 per year and will be eligible for a bonus of $300,000, 50% of which will be paid on a discretionary basis with the remaining 50% paid in accordance with certain performance metrics. Ms. Vilardo was also awarded 225,000 restricted shares of the Company’s Class D common stock vesting in equal 75,000 share tranches on April 6, 2015, December 31, 2015 and December 31, 2016. Finally, Ms. Vilardo will be eligible for an agreement term completion bonus equal to one year’s then current base salary payable on the completion of her employment with the Company (which may occur any time after the expiration of the Agreement and any renewal or renegotiation thereof). Ms. Vilardo will also be entitled to COBRA benefits for one year upon separation of employment.
Christopher Wegmann, President, Radio Division
Pursuant to the terms approved by the Compensation Committee, Mr. Wegmann will be employed as the President, Radio Division commencing as of January 1, 2014 until December 31, 2015, unless earlier terminated pursuant to the terms of the agreement. As of January 1, 2014, Mr. Wegmann is entitled to a base salary payable at the annualized rate of $525,000 per year and will be eligible for a bonus of $175,000, $50,000 of which will be paid on a discretionary basis with the remaining $125,000 paid in accordance with certain performance metrics. Mr. Wegmann was also awarded 70,000 restricted shares of the Company’s Class D common stock vesting in approximately equal 1/3 share tranches on April 6, 2015, December 31, 2015 and December 31, 2016. Mr. Wegmann’s employment agreement is attached as an exhibit hereto.
ITEM 9.01. Financial Statements and Exhibits.
(c) Exhibits
Exhibit Number
Description
10.1
Employment Agreement: Christopher Wegmann
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
RADIO ONE, INC.
/s/ Peter D. Thompson
October 06, 2014
Peter D. Thompson
Chief Financial Officer and Principal Accounting Officer
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ROIAK
Radio One Inc. (ROIAK) Drops 13.52% on October 1
By Equities Staff October 1, 2014 11:02AM
Radio One Inc. (ROIAK) was one of the Russell 2000's biggest losers for October 1 as the stock slid 13.52% to $2.75, a loss of $0.43 per share. Starting at an opening price of $3.15 a share, the stock traded between $2.70 and $3.15 over the course of the trading day. Volume was 245,651 shares over 1,293 trades, against an average daily volume of 103,990 shares and a total float of 47,718,910.
The losses send Radio One Inc. down to a market cap of $131,227,003. In the last year, Radio One Inc. has traded between $5.82 and $2.58, and its 50-day SMA is currently $3.38 and 200-day SMA is $4.33.
For a full analysis of Radio One Inc., check out Equities.com's E.V.A. report.
Radio One Inc is an urban oriented, multi-media company that mainly targets African-American and urban consumers.
Radio One Inc., led by CEO Alfred C. Liggins, has 1472 employees and is headquartered in Silver Spring, MD.
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The broad-based Russell 3000, which is meant to cover the stock market as a whole, is simply the 3,000 companies with the largest market cap in the United States. The Russell 2000 is then just the bottom 2,000 companies of that index, offering a look at those small-cap companies with smaller market caps. It makes for an unbiased overview of the small-cap stocks that can help any investor get a better sense of what the market is doing and where it might be headed.
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All data provided by QuoteMedia and was accurate as of 4:30PM ET.
DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions.
- See more at: http://www.equities.com/editors-desk/stocks/market-movers/radio-one-inc-roiak-drops-on-october-1#sthash.FpTUug9C.dpuf
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ROIAK
CFO sell 9250 shares:
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ROIAK
Radio One's (ROIAK) CEO Alfred Liggins on Q2 2014 Results - Earnings Call Transcript
Aug. 5, 2014 10:30 PM ET | About: Radio One, Inc. (ROIAK)
Operator
Ladies and gentlemen, thank you for standing by and welcome to the Radio One Second Quarter Conference Call. I have been asked to begin the call with the following Safe Harbor statement. During this call, Radio One will be sharing with you certain projections or forward-looking statements regarding future events or its future performance.
Radio One cautions you that certain factors including risks and uncertainties referred to in the 10-Ks and 10-Qs and other reports periodically filed at the Securities and Exchange Commission could cause the Company’s actual results to differ materially from those indicated by its projections or forward-looking statements. This call will present information as of August 5, 2014. Please note that Radio One disclaims any duty to update any forward-looking statements made in the presentation.
In this call, Radio One may also discuss some non-GAAP financial measures in talking about its performance. These measures will be reconciled to GAAP either during the course of this call or in the Company’s press release which can be found on its website at www.radioone.com.
A replay of the conference call will be available from 12 pm Eastern Time August 5, 2014, unit 11:59 pm August 7, 2014. Callers may access the replay by calling 1-800-475-6701 that’s in the U.S., international callers may dial direct 1-320-365-3844, the replay access code is 330905, access to live audio and the replay of the conference call will also be available on Radio One's corporate website at www.radioone.com. The replay will be available on the website for seven days after the call. No other recordings or copies of this call are authorized or maybe relied upon.
I will now turn the call over to Alfred C. Liggins, Chief Executive Officer of Radio One, who is joined by Peter D. Thompson, Chief Financial Officer. Mr. Liggins please go ahead.
Alfred Liggins
Thank you very much operator, and welcome everyone. And as you can see from the press release, second quarter was soft for us led by challenges in Houston from a competitive standpoint. The market was soft as well. All end our radio business was just about flat with our markets being down 4.1 and we’re down 3.8, and if you normalize for Houston, we actually beat our markets. Peter is going to go in this more detail about it, but the competition in Houston has been challenging, but we have an offensive plan there and we’re bouncing back.
I think there was a blurb of inside Radio today that talked about us opening up a significant lead against our competitor on the rating. And so we’re feeling like our sense of plan is in process and is working. Also TV One is relatively flat year-over-year in EBITDA. I have mentioned a number of times on conference call that we’re investing in programming this year as go into all of our renewals of our cable carriage agreements. We are on target based on where we were budgeted. Our TV One carriage renewals continue to go a very extraordinarily optimistic that we will positive outcomes with our major distribution partners.
So, I will turn it over to Peter now and then after he finishes with the details, we will open it for Q&A.
Peter Thompson
Thanks Alfred. And just points of clarification there, the markets in which we operate were done 8% for the quarter. We were down 4.1%. As Alfred mentioned, we have competitive issue in Houston. The back half of Houston market and the markets in which we operate were down 4% and we were down 2% excluding Houston.
Alfred Liggins
Thank you.
(continues for 3 pages)
____________________________________
http://seekingalpha.com/article/2385745-radio-ones-roiak-ceo-alfred-liggins-on-q2-2014-results-earnings-call-transcript?uprof=46
AEZS
Great info compiled in your posting. Thanks.
Although this board is ROIAK, worth a stickie.
ROIAK
Best Bid /Ask: $ 3.25 / $ 3.28
1 Year Target:
Today's High/Low: $ 4.18 / $ 3.25
Share Volume: 523,717
50 Day Avg. Daily Volume 187,979
Previous Close: $ 4.24
52 Week High /Low: $ 5.8196 / $ 2.25
Market cap $ 155,556,581
Read more: http://www.nasdaq.com/symbol/roiak#ixzz39XxcoMkp
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ROIAK
$ROIA recent news/filings
bullish
## source: finance.yahoo.com
Tue, 05 Aug 2014 14:05:05 GMT ~ Radio One, Inc. Reports Second Quarter Results
[at noodls] - WASHINGTON, Aug. 5, 2014 /PRNewswire/ -- Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended June 30, 2014. Net revenue was approximately $108.4 million, a decrease ...
read full: http://www.noodls.com/view/9366BFEBD0443C29BB6E6B2EA1F66555954AB3E2
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Tue, 05 Aug 2014 10:45:00 GMT ~ Radio One, Inc. Reports Second Quarter Results
[PR Newswire] - WASHINGTON, Aug. 5, 2014 /PRNewswire/ -- Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended June 30, 2014. Net revenue was approximately $108.4 million, a decrease ...
read full: http://finance.yahoo.com/news/radio-one-inc-reports-second-104500948.html
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Mon, 04 Aug 2014 22:03:33 GMT ~ Nasdaq stocks posting largest volume increases
read full: http://sg.finance.yahoo.com/news/nasdaq-stocks-posting-largest-volume-220410239--finance.html
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Wed, 23 Jul 2014 18:49:58 GMT ~ Radio One, Inc. Second Quarter 2014 Results Conference Call
[at noodls] - WASHINGTON, July 23, 2014 /PRNewswire/ -- Radio One, Inc. (NASDAQ: ROIAK; ROIA) will be holding a conference call for investors, analysts and other interested parties to discuss its results for the second ...
read full: http://www.noodls.com/view/CE33A38DBA6C4F833223F0457DF98F99FD8A7AC8
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Wed, 23 Jul 2014 15:51:00 GMT ~ Radio One, Inc. Second Quarter 2014 Results Conference Call
[PR Newswire] - WASHINGTON, July 23, 2014 /PRNewswire/ -- Radio One, Inc. (NASDAQ: ROIAK; ROIA) will be holding a conference call for investors, analysts and other interested parties to discuss its results for the second ...
read full: http://finance.yahoo.com/news/radio-one-inc-second-quarter-155100048.html
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$ROIA charts
basic chart ## source: stockcharts.com
basic chart ## source: eoddata.com
big daily chart ## source: stockcharts.com
big weekly chart ## source: stockcharts.com
$ROIA company information
## source: otcmarkets.com
Link: http://www.otcmarkets.com/stock/ROIA/company-info
Ticker: $ROIA
OTC Market Place: Not Available
CIK code: 0001041657
Company name: Radio One, Inc.
Incorporated In: DE, USA
$ROIA share structure
## source: otcmarkets.com
Market Value: $9,891,075 a/o Aug 04, 2014
Shares Outstanding: 2,344,968 a/o May 02, 2014
Float: Not Available
Authorized Shares: Not Available
Par Value: 0.001
$ROIA extra dd links
Company name: Radio One, Inc.
## STOCK DETAILS ##
After Hours Quote (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/after-hours
Option Chain (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/option-chain
Historical Prices (yahoo.com): http://finance.yahoo.com/q/hp?s=ROIA+Historical+Prices
Company Profile (yahoo.com): http://finance.yahoo.com/q/pr?s=ROIA+Profile
Industry (yahoo.com): http://finance.yahoo.com/q/in?s=ROIA+Industry
## COMPANY NEWS ##
Market Stream (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/stream
Latest news (otcmarkets.com): http://www.otcmarkets.com/stock/ROIA/news - http://finance.yahoo.com/q/h?s=ROIA+Headlines
## STOCK ANALYSIS ##
Analyst Research (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/analyst-research
Guru Analysis (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/guru-analysis
Stock Report (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/stock-report
Competitors (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/competitors
Stock Consultant (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/stock-consultant
Stock Comparison (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/stock-comparison
Investopedia (investopedia.com): http://www.investopedia.com/markets/stocks/ROIA/?wa=0
Research Reports (otcmarkets.com): http://www.otcmarkets.com/stock/ROIA/research
Basic Tech. Analysis (yahoo.com): http://finance.yahoo.com/q/ta?s=ROIA+Basic+Tech.+Analysis
Barchart (barchart.com): http://www.barchart.com/quotes/stocks/ROIA
DTCC (dtcc.com): http://search2.dtcc.com/?q=Radio+One%2C+Inc.&x=10&y=8&sp_p=all&sp_f=ISO-8859-1
Spoke company information (spoke.com): http://www.spoke.com/search?utf8=%E2%9C%93&q=Radio+One%2C+Inc.
Corporation WIKI (corporationwiki.com): http://www.corporationwiki.com/search/results?term=Radio+One%2C+Inc.&x=0&y=0
## FUNDAMENTALS ##
Call Transcripts (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/call-transcripts
Annual Report (companyspotlight.com): http://www.companyspotlight.com/library/companies/keyword/ROIA
Income Statement (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/financials?query=income-statement
Revenue/EPS (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/revenue-eps
SEC Filings (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/sec-filings
Edgar filings (sec.gov): http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001041657&owner=exclude&count=40
Latest filings (otcmarkets.com): http://www.otcmarkets.com/stock/ROIA/filings
Latest financials (otcmarkets.com): http://www.otcmarkets.com/stock/ROIA/financials
Short Interest (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/short-interest
Dividend History (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/dividend-history
RegSho (regsho.com): http://www.regsho.com/tools/symbol_stats.php?sym=ROIA&search=search
OTC Short Report (otcshortreport.com): http://otcshortreport.com/index.php?index=ROIA
Short Sales (otcmarkets.com): http://www.otcmarkets.com/stock/ROIA/short-sales
Key Statistics (yahoo.com): http://finance.yahoo.com/q/ks?s=ROIA+Key+Statistics
Insider Roster (yahoo.com): http://finance.yahoo.com/q/ir?s=ROIA+Insider+Roster
Income Statement (yahoo.com): http://finance.yahoo.com/q/is?s=ROIA
Balance Sheet (yahoo.com): http://finance.yahoo.com/q/bs?s=ROIA
Cash Flow (yahoo.com): http://finance.yahoo.com/q/cf?s=ROIA+Cash+Flow&annual
## HOLDINGS ##
Major holdings (cnbc.com): http://data.cnbc.com/quotes/ROIA/tab/8.1
Insider transactions (yahoo.com): http://finance.yahoo.com/q/it?s=ROIA+Insider+Transactions
Insider transactions (secform4.com): http://www.secform4.com/insider-trading/ROIA.htm
Insider transactions (insidercrow.com): http://www.insidercow.com/history/company.jsp?company=ROIA
Ownership Summary (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/ownership-summary
Institutional Holdings (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/institutional-holdings
Insiders (SEC Form 4) (nasdaq.com): http://www.nasdaq.com/symbol/ROIA/insider-trades
Insider Disclosure (otcmarkets.com): http://www.otcmarkets.com/stock/ROIA/insider-transactions
## SOCIAL MEDIA AND OTHER VARIOUS SOURCES ##
PST (pennystocktweets.com): http://www.pennystocktweets.com/stocks/profile/ROIA
Market Watch (marketwatch.com): http://www.marketwatch.com/investing/stock/ROIA
Bloomberg (bloomberg.com): http://www.bloomberg.com/quote/ROIA:US
Morningstar (morningstar.com): http://quotes.morningstar.com/stock/s?t=ROIA
Bussinessweek (businessweek.com): http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=ROIA
$ROIA DD Notes ~ http://www.ddnotesmaker.com/ROIA
Radio One, Inc. Reports Second Quarter Results
WASHINGTON, Aug. 5, 2014 /PRNewswire/ --
Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended June 30, 2014. Net revenue was approximately $108.4 million, a decrease of 9.4% from the same period in 2013, resulting primarily from a timing difference of Reach Media's annual cruise event. Station operating income1 was approximately $41.0 million, a decrease of 10.0% from the same period in 2013. The Company reported operating income of approximately $22.4 million for the three months ended June 30, 2014, compared to operating income of $18.3 million for the same period in 2013. Net loss was approximately $10.8 million or $0.23 per share compared to $14.2 million or $0.29 per share, for the same period in 2013.
Alfred C. Liggins, III, Radio One's CEO and President stated, "Our radio division experienced a combination of general market-softness and specific competitive issues. In the markets in which we operate, advertising revenues were down by 3.8% for the quarter compared to our core radio performance of –4.1%. Part of that decline resulted from the impact of a new competitor in Houston, which has adversely impacted our ratings in that market. Excluding Houston, we outperformed our markets by approximately 210 bps.
Third quarter radio revenue pacings are currently negative mid to high single digits, and, while we expect some lift from political advertising, I anticipate that Q3 radio revenues will be down low to mid-single digits. Cable TV revenues were relatively flat for the quarter, and we remain focused on the successful renewal of our carriage agreements."
(Data is omitted -- does not format)
Radio One, Inc. will hold a conference call to discuss its results for second fiscal quarter of 2014. This conference call is scheduled for Tuesday, August 5, 2014 at 10:00 a.m. Eastern Daylight Time. To participate on this call, U.S. callers may dial toll-free 1-800-230-1092; international callers may dial direct (+1) 612-288-0337.
A replay of the conference call will be available from 12:00 p.m. EDT August 5, 2014 until 11:59 p.m. EDT August 7, 2014. 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 330905. 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., together with its subsidiaries (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 and/or operating 54 broadcast stations located in 16 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Rickey Smiley Morning Show, the Yolanda Adams Morning Show, the Russ Parr Morning Show, the DL Hughley Show, Bishop T.D. Jakes' "Empowering Moments", and the Reverend Al Sharpton Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment. Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking websites, including BlackPlanet and MiGente. 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 income (loss) to station operating income has been provided in this release.
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 June 30, 2014 and 2013, Radio One had 47,465,653 and 48,737,941 shares of common stock outstanding on a weighted average basis (basic), respectively. For the six months ended June 30, 2014 and 2013, Radio One had 47,453,414 and 49,299,953 shares of common stock outstanding on a weighted average basis (basic), respectively.
4 For the three months ended June 30, 2014 and 2013, Radio One had 47,465,653 and 48,737,941 shares of common stock outstanding on a weighted average basis (fully diluted), for outstanding stock options, respectively. For the six months ended June 30, 2014 and 2013, Radio One had 47,453,414 and 49,299,953 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, 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. However, 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 as our definition includes the results of all four segments (Radio Broadcasting, Reach Media, Internet and Cable Television). 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 income (loss) to EBITDA and Adjusted EBITDA has been provided in this release.
Logo - http://photos.prnewswire.com/prnh/20090806/PH57529LOGO
SOURCE Radio One, Inc.
Copyright 2014 PR Newswire
__________________________________________
http://ih.advfn.com/p.php?pid=nmona&article=63148914
ROIAK
Radio One, Inc. Second Quarter 2014 Results Conference Call
WASHINGTON, July 23, 2014 /PRNewswire/ --
Radio One, Inc. (NASDAQ: ROIAK; ROIA) will be holding a conference call for investors, analysts and other interested parties to discuss its results for the second fiscal quarter of 2014.
Radio One, Inc. logo
The conference call is scheduled for Tuesday, August 05, 2014 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-800-230-1092; international callers may dial direct (+1) 612-288-0337.
A replay of the conference call will be available from 12:00 p.m. EDT August 05, 2014 until 11:59 p.m. EDT August 07, 2014. 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 330905. Access to live audio and a replay of the conference call will also be available on Radio One's corporate website at www.radio-one.com. The replay will be made available on the website for seven days after the call.
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, 10-Q, 10-Q/A, 8-K, S-3 and other filings with the Securities and Exchange Commission (the "SEC"). Radio One does not undertake any duty to update any forward-looking statements.
About Radio One, Inc.
Radio One, Inc., together with its subsidiaries (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 and/or operating 54 broadcast stations located in 16 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, Bishop T.D. Jakes' "Empowering Moments", and the Reverend Al Sharpton Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment. Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking websites, including BlackPlanet and MiGente. 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.
Logo - http://photos.prnewswire.com/prnh/20090806/PH57529LOGO
SOURCE Radio One, Inc.
Copyright 2014 PR Newswire
_________________________
ROIAK
Radio One, Inc. Reports First Quarter Results
WASHINGTON, May 8, 2014 /PRNewswire/ --
Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended March 31, 2014. Net revenue was approximately $111.1 million, an increase of 12.1% from the same period in 2013. Station operating income1 was approximately $35.2 million, a decrease of 1.9% from the same period in 2013. The Company reported operating income of approximately $15.8 million compared to operating income of approximately $15.5 million for the same period in 2013. Net loss was approximately $25.2 million or $0.53 per share compared to net loss of $18.1 million or $0.36 per share, for the same period in 2013.
Alfred C. Liggins, III, Radio One's CEO and President stated, "Reflective of the broader economy, we experienced a slow-down in revenue growth in Q1. Adjusting for timing differences on major events, consolidated revenue was up by 5.4% compared to Q1 2013. Looking across the segments, TV One achieved its highest ever show ratings, with the NAACP Image Awards Show. However, the benefits of the NAACP partnership will be felt over the longer term as during the 1st quarter, TV One had higher programming amortization associated with the initial telecast of the Image Awards. Our internet business continued its profitable trajectory and had robust 27.6% revenue growth year-over-year. Looking ahead, core radio revenue is currently pacing down mid-single digits for the second quarter, but we anticipate markets picking up momentum in the second half of the year as political spending ramps-up."
(data omitted)
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, 10-Q, 10-Q/A, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Radio One does not undertake any duty to update any forward-looking statements.
(data omitted)
Net revenue increased to approximately $111.1 million for the quarter ended March 31, 2014, from approximately $99.1 million for the same period in 2013, an increase of 12.1%. Net revenue from our radio broadcasting segment decreased 0.4% for the quarter ended March 31, 2014, compared to the same period in 2013. We experienced net revenue growth most significantly in our Charlotte, Dallas and Detroit markets, with our Atlanta, Cincinnati and Philadelphia markets experiencing the most significant declines. We recognized approximately $39.7 million of revenue from our cable television segment during the three months ended March 31, 2014, compared to approximately $36.0 million for the same period in 2013, the increase due primarily from an increase in advertising sales. Reach's Media's net revenue increased approximately $7.2 million for the quarter ended March 31, 2014, compared to the same period in 2013 due primarily to the timing of the "Tom Joyner Fantastic Voyage" which was held in the second quarter of 2013 and the first quarter of 2014. The annual event generated revenue of approximately $6.6 million during the first quarter of 2014. Adjusting for the timing difference for the "Tom Joyner Fantastic Voyage," Reach Media's revenue increased 5.9% for the quarter ended March 31, 2014, compared to the same period in 2013. Finally, net revenues for our internet business increased approximately $1.4 million and 27.6% for the three months ended March 31, 2014, compared to the same period in 2013 due to growth in direct revenue as well as advertising and studio services, where Interactive One provides services to other publishers.
Operating expenses, excluding depreciation and amortization, stock-based compensation and impairment of long-lived assets, increased to approximately $85.9 million for the quarter ended March 31, 2014, up 18.2% from the approximately $72.7 million incurred for the comparable quarter in 2013. Reach Media's event, the "Tom Joyner Fantastic Voyage," generated expenses of approximately $5.8 million during the first quarter of 2014. TV One incurred higher selling, general and administrative expenses related to higher marketing and promotional expenses to advertise and promote premieres of various TV One shows. In addition, TV One generated higher programming and technical expenses, primarily related to an increase of approximately $4.1 million in content amortization incurred for the quarter ended March 31, 2014 compared to the same period in 2013. The increase in TV One programming content amortization is a result of certain special televised events taking place during the quarter.
Depreciation and amortization expense decreased to approximately $9.3 million compared to approximately $9.6 million for the quarters ended March 31, 2014 and 2013, respectively, a decrease of 2.9%. The decrease was due to the completion of amortization for certain intangible assets and the completion of useful lives for certain assets.
Impairment of long-lived assets for the three months ended March 31, 2013, was approximately $1.4 million and related to a non-cash impairment charge recorded to reduce the carrying value of our Cincinnati radio broadcasting licenses.
Interest expense decreased to approximately $21.9 million for the quarter ended March 31, 2014, compared to approximately $22.2 million for the same period in 2013. The Company made cash interest payments of approximately $21.4 million for the quarter ended March 31, 2014, compared to cash interest payments of approximately $20.7 million for the quarter ended March 31, 2013. As previously announced, on February 10, 2014, the Company closed a private offering of $335.0 million aggregate principal amount of 9.25% Senior Subordinated Notes due 2020 (the "2020 Notes"). The 2020 Notes were offered at an original issue price of 100.0% plus accrued interest from February 10, 2014. Effective March 13, 2014, the Company repurchased or otherwise redeemed all of the amounts outstanding under the 12.5%/15% Senior Subordinated Notes due 2016 (the "2016 Notes").
The loss on retirement of debt of approximately $5.7 million for the three months ended March 31, 2014, was due to the retirement of the 2016 Notes during the first quarter. This amount includes a write-off of approximately $4.1 million of previously capitalized debt financing costs and approximately $1.6 million associated with the net premium paid to retire the 2016 Notes.
The provision for income taxes for the quarter ended March 31, 2014, was approximately $8.6 million compared to approximately $6.7 million for the comparable period in 2013, primarily attributable to the deferred tax liability ("DTL") for indefinite-lived intangible assets. The increase in tax provision is due to the impairment of long-lived intangibles that reduced the DTL and related deferred tax expense for the three months ended March 31, 2013. The Company paid $573,000 and $8,000 in taxes for the quarters ended March 31, 2014 and 2013, respectively.
The decrease in noncontrolling interests in income of subsidiaries is due primarily to lower net income generated by TV One during the three months ended March 31, 2014, compared to the 2013 period. In addition, Reach Media generated net income during the three months ended March 31, 2014, compared to a net loss during the 2013 period, which partially offset the decrease.
Other pertinent financial information includes capital expenditures of approximately $1.7 million and $2.2 million for the quarters ended March 31, 2014 and 2013, respectively. The Company received dividends from TV One in the amount of approximately $3.6 million and $8.2 million for the quarters ended March 31, 2014 and 2013, respectively. As of March 31, 2014, the Company had total debt (net of cash balances) of approximately $777.2 million. The Company's cash and cash equivalents by segment are as follows: Radio and Internet, approximately $20.0 million; Reach Media, approximately $2.8 million; and Cable Television, approximately $23.0 million. In addition to cash and cash equivalents, the cable television segment also has short-term investments of $307,000 and long-term investments of approximately $3.0 million. There were no stock repurchases made during the quarter ended March 31, 2014. During the quarter ended March 31, 2013, the Company repurchased 7,150 shares of Class A common stock in the amount of $11,026 and 951,974 shares of Class D common stock in the amount of $1,514,903.
Radio One, Inc. will hold a conference call to discuss its results for first fiscal quarter of 2014. This conference call is scheduled for Thursday, May 08, 2014 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-800-230-1096; international callers may dial direct (+1) 612-288-0329.
A replay of the conference call will be available from 12:00 p.m. EDT May 08, 2014 until 11:59 p.m. EDT May 10, 2014. 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 324541. Access to live audio and a replay of the conference call will also be available on Radio One's corporate website at www.radio-one.com. The replay will be made available on the website for seven days after the call.
Radio One, Inc., together with its subsidiaries (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 and/or operating 55 broadcast stations located in 16 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Rickey Smiley Morning Show, the Yolanda Adams Morning Show, the Russ Parr Morning Show, the DL Hughley Show, Bishop T.D. Jakes' "Empowering Moments", and the Reverend Al Sharpton Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment. Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking websites, including BlackPlanet and MiGente. 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 income (loss) to station operating income has been provided in this release.
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 March 31, 2014 and 2013, Radio One had 47,441,175 and 49,861,964 shares of common stock outstanding on a weighted average basis (basic), respectively.
4 For the three months ended March 31, 2014 and 2013, Radio One had 47,441,175 and 49,861,964 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, 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. However, 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 as our definition includes the results of all four segments (Radio Broadcasting, Reach Media, Internet and Cable Television). 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 income (loss) to EBITDA and Adjusted EBITDA has been provided in this release.
SOURCE Radio One, Inc.
Copyright 2014 PR Newswire
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ROIAK
Radio One (ROIAK) to Release Quarterly Earnings on Thursday
Posted by Hossein Forouzandeh on May 7th, 2014
Radio One logoRadio One (NASDAQ:ROIAK) is set to issue its quarterly earnings data on Thursday, May 8th. Parties that wish to listen to the company’s conference call can do so using this link.
Radio One (NASDAQ:ROIAK) last released its earnings data on Thursday, February 20th. The company reported ($0.35) EPS for the quarter. The company had revenue of $11.60 million for the quarter, compared to the consensus estimate of $105.89 million.
Shares of Radio One (NASDAQ:ROIAK) opened at 4.57 on Wednesday. Radio One has a one year low of $1.54 and a one year high of $5.82. The stock’s 50-day moving average is $4.63 and its 200-day moving average is $4.32. The company’s market cap is $216.8 million.
Radio One, Inc is a radio broadcasting company. As of December 31, 2010, it owned 53 broadcast stations located in 16 urban markets in the United States.
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ROIAK
Radio One, Inc. First Quarter 2014 Results Conference Call
WASHINGTON, April 14, 2014 /PRNewswire/ --
Radio One, Inc. ROIAK -5.32% ROIA -5.35% will be holding a conference call for investors, analysts and other interested parties to discuss its results for the first fiscal quarter of 2014.
The conference call is scheduled for Thursday, May 08, 2014 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-800-230-1096; international callers may dial direct (+1) 612-288-0329.
A replay of the conference call will be available from 12:00 p.m. EDTMay 08, 2014 until 11:59 p.m. EDTMay 10, 2014. 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 324541. Access to live audio and a replay of the conference call will also be available on Radio One's corporate website at www.radio-one.com . The replay will be made available on the website for seven days after the call.
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, 10-Q, 10-Q/A, 8-K, S-3 and other filings with the Securities and Exchange Commission (the "SEC"). Radio One does not undertake any duty to update any forward-looking statements.
About Radio One, Inc.
Radio One, Inc., together with its subsidiaries ( 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 and/or operating 55 broadcast stations located in 16 urban markets in the United States. Through its controlling interest in Reach Media, Inc. ( http://www.blackamericaweb.com/ ), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Russ Parr Morning Show , the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, Bishop T.D. Jakes' "Empowering Moments", and the Reverend Al Sharpton Show . Beyond its core radio broadcasting franchise, Radio One owns Interactive One ( http://www.interactiveone.com/ ), an online platform serving the African-American community through social content, news, information, and entertainment. Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking websites, including BlackPlanet and MiGente. 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.
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SOURCE Radio One, Inc.
Copyright (C) 2014 PR Newswire. All rights reserved
_________________________________
http://www.marketwatch.com/story/radio-one-inc-first-quarter-2014-results-conference-call-2014-04-14?siteid=nbsh
ROIAK
Something to sing about: Radio One, gospel music community raises more than $1.3 million for St. Jude Children's Research Hospital®
Celebrity supporters Yolanda Adams and James Fortune inspire support for St. Jude kids
April 9, 2014, 1:20 p.m. EDT
Radio One's network of stations, along with celebrity radio hosts Yolanda Adams and James Fortune, have something special to sing about. On April 3, they partnered with other inspirational music stations to raise more than $1.3 million for kids fighting cancer, sickle cell and other deadly diseases at St. Jude Children's Research Hospital® during the seventh annual Radio Cares for St. Jude Kids ® national radio broadcast.
Radio One, a diversified media company with 54 broadcast stations in 16 markets, a syndication business, an online platform and a cable network – all of which primarily target African-American and urban listeners – is the top supporter of the annual radio fundraising event.
By sharing St. Jude patient family stories and highlights of breakthroughs in research and treatment at St. Jude, radio partners continue to share the hospital's mission and generate awareness and support for the lifesaving work being done there. Since 2008, the event has raised more than $8 million in cash and pledges. Grammy Award-winning gospel artist Yolanda Adams kicked off the celebration at 6 a.m. ET on the Yolanda Adams Morning Show, while Grammy Award-nominated music artist James Fortune wrapped up the radiothon at 11 p.m. ET with special coverage on The James FortuneShow.
"The St. Jude mission of finding cures and saving the precious lives of children battling cancer and other deadly diseases is one our audiences and staff can truly stand behind," said Yolanda Adams. "As a mom, a believer and gospel artist, I am moved and know I am blessed simply by hearing the testimonies of those families who teach us the importance of celebrating life's special moments – every day – for tomorrow is not promised."
Adams is referring to children like Phoenix who joined other patients to share their St. Jude experiences with listeners across the country. Diagnosed with retinoblastoma, a cancer of the eye, Phoenix is currently being treated at St. Jude, but that hasn't slowed him down. He's an energetic toddler who loves to sing and dance.
"Gospel music's message of faith and inspiration go hand-in-hand with the lifesaving work of St. Jude in providing help and hope to some of the world's sickest children fighting for their lives," said Richard Shadyac Jr., CEO of ALSAC/ St. Jude Children's Research Hospital. "Thank you to Radio One, all of the volunteers, celebrity supporters and loyal listeners across the country for their continued support. Because of them, we are truly making a difference in the lives of kids everywhere."
St. Jude Children's Research Hospital is leading the way the world understands, treats and defeats childhood cancer. Thanks to the support of individual contributions through events like Radio Cares for St. Jude Kids, families never receive a bill from St. Jude for treatment, travel, housing or food, so families can focus on what matters most – helping their child live.
This year's event welcomed support from groups and celebrity music artists, including: Pastor Shirley Caesar, VaShawn Mitchell, Jason Nelson, Erica Campbell, Isaac Carree, Tasha Cobbs, Latice Crawford, James Murphy, Angie Stone, Raheem DeVaughan, Earnest Pugh, Canton Jones, Monica Lisa Stevenson, Jackie Griffin, mother of NFL Redskins quarterback Robert Griffin, and Black Girls Run! – who all volunteered their time at Radio One affiliate stations across the country answering phones from callers pledging to become St. Jude Partners in Hope .
Nationally syndicated radio host Tom Joyner added his voice to this year's event, along with Radio One Urban AC stations in Cincinnati, Dallas and St. Louis, Mo. Emmis Broadcasting's WLIB in New York and WTHB in Augusta, Ga., are among other stations that participated in the national fundraising effort.
To learn more visit stjude.org or stjuderadio.org .
About St. Jude Children's Research Hospital® St. Jude Children's Research Hospital is leading the way the world understands, treats and defeats childhood cancer and other deadly diseases. St. Jude has the world's best survival rates for the most aggressive childhood cancers, and treatments invented at St. Jude have helped push the overall childhood cancer survival rate from 20 percent to 80 percent since we opened more than 50 years ago. St. Jude is working to drive the overall survival rate for childhood cancer to 90 percent in the next decade. St. Jude freely shares the breakthroughs we make, and every child saved at St. Jude means doctors and scientists worldwide can use that knowledge to save thousands more children. Families never receive a bill from St. Jude for treatment, travel, housing or food – because all a family should worry about is helping their child live. Join the St. Jude mission by visiting stjude.org or following St. Jude on facebook.com/stjude and twitter.com/stjude .
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SOURCE ALSAC/St. Jude Children's Research Hospital
Copyright (C) 2014 PR Newswire. All rights reserved
_________________________________
http://www.marketwatch.com/story/something-to-sing-about-radio-one-gospel-music-community-raises-more-than-13-million-for-st-jude-childrens-research-hospital-2014-04-09?siteid=nbsh
ROIAK
Radio One's CEO Discusses Q4 2013 Results - Earnings Call Transcript
Feb. 21, 2014 12:22 PM ET | About: ROIAK
Radio One, Inc. (ROIAK) Q4 2013 Earnings Conference Call February 20, 2014 10:00 AM ET
Operator
I have been asked to begin the call with the following Safe Harbor statement. During this call, Radio One may share with you certain projections or forward-looking statements regarding future events or its future performance.
The Company cautions you that certain factors including risks and uncertainties referred to in the 10-K, 10-Qs and other reports periodically filed at the Securities and Exchange Commission could cause the Company’s actual results to differ materially from those indicated by its projections or forward-looking statements. This call will present information as of February 20, 2014. Please note that Radio One disclaims any duty to update any forward-looking statements made in the presentation.
In this call, Radio One may also discuss some non-GAAP financial measures in talking about its performance. Its measures will be reconciled to GAAP either during the course of this call or in the Company’s press release which can be found at its website at www.radio-one.com.
An audio replay of the conference will also be available on Radio One’s corporate website at www.radio-one.com under the investor relations section of the webpage. A replay will be made available on the website for seven days after the call. No other recordings or copies of this call are authorized or maybe relied upon.
I will now turn the call over to Alfred C. Liggins, Chief Executive Officer of Radio One, who is joined by Peter D. Thompson, the Company’s Chief Financial Officer. Mr. Liggins.
Alfred Liggins
Thank you very much operator and welcome everybody to our fourth quarter conference call also our yearend results. You’ve gotten the press release, so you know that we feel good about our Q4 core radio business performance, ex-political we were plus 5%. We also recently completed a refi of our 12.5% notes, and took those out and replaced them with 9 quarter notes, saving us a substantial amount of interest going forward. We’re very happy with where we ended up the year with Interactive One, making a positive EBITDA performance for 2013 of approximately $300,000, TV One finished in line with guidance at roughly $49 million, and we’re off to a pretty good start in Q1 with TV One with ratings up about 7% quarter-over-quarter. And Peter is going to go into the details next and then we’ll open it up for Q&A.
Peter Thompson
Thanks Alfred. Net revenue was approximately $111.6 million for the quarter ended December 31, 2013 an increase of 5.4% year-to-year, excluding the political consolidated net revenue was up 10.6% year-to-year. The Radio division includes Reach Media produced net revenues of approximately $67 million, a decrease of 2.2% year-to-year due to top political comparisons. Excluding political Radio division net revenue included in Reach Media was up 5%. We recognized approximately $38 million net revenue from the cable television segment in the fourth quarter, an increase of 13.5% over Q4 2012.
Affiliate revenue was up 10.1% versus prior year, and advertising revenue was up 12.9% versus prior year, the internet division had net revenues of $8 million which was up 54.6% year-to-year due to growth in advertising and studio services. Our Radio growth was driven by solid performances in Houston, Atlanta, Baltimore and Dallas, our Charlotte Trust has also posted revenue growth year-over-year. Local revenue is down 5.2% and national was down 2.6% due to the record political revenues that we received in 2012 and that we were competing against.
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ROIAK
Radio One, Inc. Reports Fourth Quarter Results
WASHINGTON, Feb. 20, 2013 /PRNewswire/ --
Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended December 31, 2013. Net revenue was approximately $111.6 million, an increase of 5.4% from the same period in 2012. Station operating income1 was approximately $39.1 million, an increase of 9.9% from the same period in 2012. The Company reported operating income of approximately $17.4 million compared to operating income of approximately $14.6 million for the same period in 2012. Net loss was approximately $16.4 million or $0.35 per share compared to net loss of $17.2 million or $0.34 per share, for the same period in 2012.
(Logo: http://photos.prnewswire.com/prnh/20090806/PH57529LOGO )
Alfred C. Liggins, III, Radio One's CEO and President stated, "Our core radio business remains very robust: excluding political advertising, revenue for our combined radio and Reach Media segments increased approximately 5.0% over Q4 2012. Consolidated net revenue excluding political increased 10.6% over Q4 2012. I was pleased that once again we delivered a double digit increase in Consolidated Adjusted EBITDA2, which increased 10% year over year, and that our Interactive division achieved profitability on an Adjusted EBITDA basis for both the fourth quarter and the full year."
RESULTS OF OPERATIONS
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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/A, 10-K, 10-Q/A, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Radio One does not undertake any duty to update any forward-looking statements.
Net revenue increased to approximately $111.6 million for the quarter ended December 31, 2013, from approximately $105.9 million for the same period in 2012, an increase of 5.4%. Net revenue from the radio business, including Reach Media, decreased 2.2% for the quarter ended December 31, 2013, compared to the same period in 2012 due to tough political comparatives. Excluding political, revenue for our combined radio and Reach Media segments, increased 5.0% for the fourth quarter compared to the same quarter 2012 to approximately $66.4 million from approximately $63.2 million. Excluding political, consolidated net revenue increased 10.6% for the fourth quarter compared to the same quarter 2012 to approximately $111.0 million from approximately $100.4 million. We recognized approximately $38.0 million of revenue from our cable television segment during the three months ended December 31, 2013, compared to approximately $33.5 million for the same period in 2012, the increase due primarily from an increase in advertising sales. Finally, net revenues for our internet business increased 54.6% for the three months ended December 31, 2013, compared to the same period in 2012 due to growth in advertising and studio services, where Interactive One provides services to other publishers.
Operating expenses, excluding depreciation and amortization, stock-based compensation and impairment of long-lived assets, increased to approximately $84.9 million for the quarter ended December 31, 2013, up 4.0% from the approximately $81.6 million incurred for the comparable quarter in 2012. TV One incurred higher selling, general and administrative expenses related to higher marketing and promotional expenses to advertise and promote various TV One shows in addition to a higher intercompany management fee paid to Radio One. During the fourth quarter of 2012, there were no new shows to promote. This increase in expense was partially offset by a decrease in programming and technical expenses, primarily related to lower content amortization incurred by TV One for the quarter ended December 31, 2013 compared to the same period in 2012. The decrease in TV One content amortization is a result of accelerated amortization of programming content that was recorded in the prior period.
Depreciation and amortization expense decreased to approximately $9.3 million compared to approximately $9.6 million for the quarters ended December 31, 2013 and 2012, respectively, a decrease of 3.6%. The decrease was due to the completion of depreciation and amortization for certain assets.
Interest expense increased marginally to approximately $22.4 million for the quarter ended December 31, 2013, compared to approximately $22.2 million for the same period in 2012. The Company made cash interest payments of approximately $21.0 million for the quarter ended December 31, 2013 compared to cash interest payments of approximately $21.3 million for the quarter ended December 31, 2012.
The provision for income taxes for the quarter ended December 31, 2013 was approximately $8.9 million compared to approximately $7.4 million for the comparable period in 2012, primarily attributable to the recognition of deferred tax expense associated with indefinite-lived intangible assets. Because our income tax expense does not have a correlation to our pre-tax earnings, changes in those earnings can have a significant impact on the income tax expense we recognize. As a result, we believe the actual effective tax rate best represents the estimated effective rate for the three month periods ended December 31, 2013 and 2012. The Company paid $53,000 and $187,000 in taxes for the quarters ended December 31, 2013 and 2012, respectively.
The increase in noncontrolling interests in income of subsidiaries is due primarily to greater net income generated by TV One and Reach Media during the three months ended December 31, 2013, compared to the 2012 period.
Other pertinent financial information includes capital expenditures of approximately $2.0 million and $2.9 million for the quarters ended December 31, 2013 and 2012, respectively. The Company received dividends in the amount of approximately $4.1 million for the quarter ended December 31, 2013, and approximately $22.6 million for the year ended December 31, 2013. The Company did not receive dividends for the quarter ended December 31, 2012, and received approximately $8.1 million in dividends for the year ended December 31, 2012. As of December 31, 2013, the Company had total debt (net of cash balances) of approximately $759.0 million. The Company's cash and cash equivalents by segment are as follows: Radio and Internet, approximately $27.6 million; Reach Media, approximately $5.9 million; and Cable Television, approximately $23.2 million. In addition to cash and cash equivalents, the Cable Television segment also has short-term investments of approximately $2.3 million and long-term investments of $170,000. There were no stock repurchases made during the quarter ended December 31, 2013. During the year ended December 31, 2013, the Company repurchased 2,630,574 shares of Class D common stock in the amount of $5,397,734 and 32,669 shares of Class A common stock in the amount of $70,986. There were no stock repurchases made during the quarter or year ended December 31, 2012.
Other Matters
As previously announced, the Company closed a private offering of $335.0 million aggregate principal amount of 9.25% senior subordinated notes due 2020 (the "Notes") on February 10, 2014. The Notes were offered at an original issue price of 100.00% plus accrued interest from February 10, 2014. The Notes will mature on February 15, 2020. Interest on the Notes accrues at the rate of 9.25% per annum and is payable semiannually in arrears on February 15 and August 15, commencing on August 15, 2014. The Notes are guaranteed by certain of the Company's existing and future domestic subsidiaries and any other subsidiaries that guarantee the existing senior credit facility or any of the Issuer's other syndicated bank indebtedness or capital markets securities.
The Company is using the net proceeds from the offering to repurchase or otherwise redeem all of the amounts currently outstanding under its 12.5%/15.0% Senior Subordinated Notes due 2016 (the " 2016 Notes") and to pay the related accrued interest, premiums, fees and expenses associated therewith.
The Notes and the related guarantees were offered only to "qualified institutional buyers" pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
Finally, as also previously announced, on February 10, 2014 (the "Early Settlement Date"), the Company closed upon early settlement of its cash tender offer (the "Tender Offer") to purchase any and all of its outstanding 2016 Notes. The Tender Offer included a concurrent consent solicitation (the "Consent Solicitation") soliciting consents from holders of the 2016 Notes to certain amendments to the Indenture, dated as of November 24, 2010, by and among the Company, the guarantors party thereto, and Wilmington Trust Company, as trustee (the "Trustee"), pursuant to which the 2016 Notes were issued (as amended and supplemented, the "Indenture") and related provisions of the 2016 Notes, that eliminated substantially all of the restrictive covenants and certain events of default.
As reported by D.F. King & Co., Inc., the tender agent and information agent, as of February 10, 2014, tenders and corresponding consents were delivered with respect to $207,151,189 aggregate principal amount of the 2016 Notes, which 2016 Notes had been validly tendered and not validly withdrawn as of 5:00 p.m., New York City time on February 7, 2014 (the "Early Tender Time"). As a result, the requisite consents were obtained with respect to all of the Indenture amendments.
In conjunction with receiving the requisite consents, the Company, the guarantors party thereto, and the Trustee executed a third supplemental indenture with respect to the Indenture (the "Third Supplemental Indenture") effecting the amendments to eliminate substantially all of the restrictive covenants and certain events of default. The Third Supplemental Indenture became operative upon acceptance of the 2016 Notes for purchase by the Company on the Early Settlement Date pursuant to the terms and conditions described in the Offer Documents (as defined below).
As previously announced, the Tender Offer will expire at 11:59 p.m. New York City time on February 24, 2014, unless the Tender Offer is extended or earlier terminated (the "Expiration Time"). Under the terms of the Tender Offer, holders of the 2016 Notes who validly tender and do not validly withdraw their 2016 Notes and consents after the Early Tender Time but prior to the Expiration Time will receive an amount equal to $977.50 per $1,000.00 in principal amount of Notes validly tendered. Holders whose 2016 Notes are purchased in the Tender Offer will also be paid accrued and unpaid interest from the most recent interest payment date on the Notes to, but not including, the applicable settlement date. Holders may not tender their 2016 Notes in the Tender Offer without delivering their consents under the Consent Solicitation, and holders may not deliver their consents under the Consent Solicitation without tendering their 2016 Notes pursuant to the Tender Offer.
Any 2016 Notes not tendered and purchased pursuant to the Tender Offer will remain outstanding until redeemed as described below and the holders thereof will be bound by the amendments contained in the Third Supplemental Indenture eliminating substantially all restrictive covenants, certain events of default and certain related provisions contained in the Indenture even though they have not consented to the amendments.
Immediately following the Early Settlement Date, $119,883,421 aggregate principal amount of 2016 Notes remained outstanding. The Company has given the required notice under the Indenture to redeem any 2016 Notes that remain outstanding at a redemption price equal to $1,000.00 for each $1,000 principal amount of 2016 Notes in accordance with the Indenture.
Nothing in this press release constitutes a notice of redemption under the optional redemption provisions of the Indenture, nor does it constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.
The complete terms and conditions of the Tender Offer and Consent Solicitation are set forth in an Offer to Purchase and Consent Solicitation Statement dated January 27, 2014 and the related Consent and Letter of Transmittal (the "Offer Documents") that were sent to holders of the 2016 Notes. In any jurisdiction where the laws require the Tender Offer and Consent Solicitation to be made by a licensed broker or dealer, the Tender Offer and Consent Solicitation will be deemed made on behalf of the Company by Credit Suisse Securities (USA) LLC, or one or more registered brokers or dealers under the laws of such jurisdiction.
The Company's obligation to accept for purchase and to pay for 2016 Notes validly tendered and not validly withdrawn and consents validly delivered, and not validly revoked, pursuant to the Tender Offer and Consent Solicitation, was subject to and conditioned upon the satisfaction of or, where applicable, the Company's waiver of, certain conditions, including a financing condition. As of February 10, 2014, those conditions had been satisfied and the 2016 Notes validly tendered and not validly withdrawn as of the Early Tender Time were accepted for purchase by the Company.
Credit Suisse Securities (USA) LLC acted as dealer manager and solicitation agent for the Tender Offer and Consent Solicitation. D.F. King & Co., Inc. continues to act as the tender agent and information agent for the Tender Offer and Consent Solicitation. Questions regarding the Tender Offer and Consent Solicitation may be directed to Credit Suisse Securities (USA) LLC at (800) 820-1653 (toll-free) or at (212) 325-2476 (collect). Requests for the Offer Documents may be directed to D.F. King & Co., Inc. at (212) 269-5550 (for bankers and brokers) or (888) 628-9011 (for all others).
Supplemental Financial Information:
For comparative purposes, the following more detailed, unaudited statements of operations for the three months and year ended December 31, 2013 and 2012, 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.
Effective January 1, 2013, the Radio Broadcasting segment contributed the assets and operations of its Syndication One urban programming line-up to the Reach Media segment. We consolidated our syndication operations within Reach Media to leverage that platform to create the leading syndicated radio network targeted to the African-American audience. In connection with the consolidation, we shifted our syndicated programming sales to an internal sales force operating out of Reach Media. Segment data for the three months and year ended December 31, 2012, has been reclassified to conform to the current period presentation.
Radio One, Inc. will hold a conference call to discuss its results for fourth quarter of 2013, as well as full year 2013. This conference call is scheduled for Thursday, February 20, 2014 at 10:00 a.m. EST. To participate on this call, U.S. callers may dial toll-free 1-800-230-1085; international callers may dial direct (+1) 612-332-0107.
A replay of the conference call will be available from 12:00 p.m. EST February 20, 2014 until 11:59 p.m. EST February 22, 2014. 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 316355. 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., together with its subsidiaries (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 and/or operating 53 broadcast stations located in 16 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, Bishop T.D. Jakes' "Empowering Moments", and the Reverend Al Sharpton Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment. Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking websites, including BlackPlanet and MiGente. 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 income (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. However, 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 as our definition includes the results of all four segments (Radio Broadcasting, Reach Media, Internet and Cable Television). 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 income (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." In addition, certain reclassifications have been made associated with the transfer and consolidation of our syndication operations within Reach Media. These reclassifications occurred between the Radio Broadcasting segment, the Reach Media segment and Corporate/Eliminations/Other.
4 For the three months ended December 31, 2013 and 2012, Radio One had 47,441,175 and 50,042,751 shares of common stock outstanding on a weighted average basis (basic), respectively. For the year ended December 31, 2013 and 2012, Radio One had 48,370,195 and 50,015,252 shares of common stock outstanding on a weighted average basis (basic), respectively.
5 For the three months ended December 31, 2013 and 2012, Radio One had 47,441,175 and 50,042,751 shares of common stock outstanding on a weighted average basis (fully diluted), for outstanding stock options, respectively. For the year ended December 31, 2013 and 2012, Radio One had 48,370,195 and 50,015,252 shares of common stock outstanding on a weighted average basis (fully diluted), for outstanding stock options, respectively.
SOURCE Radio One
_______________________________
http://ih.advfn.com/p.php?pid=nmona&article=61148690
ROIAK
Radio One, Inc. Announces Closing Of Private Offering Of $335 Million Of Senior Subordinated Notes Due 2020
WASHINGTON, Feb. 10, 2014 /PRNewswire/ --
Radio One, Inc. (the "Company" or "Radio One") (NASDAQ: ROIAK and ROIA), announced today that it has closed a private offering of $335.0 million aggregate principal amount of 9.25% senior subordinated notes due 2020 (the "Notes"). The Notes were offered at an original issue price of 100.00% plus accrued interest from February 10, 2014. The Notes will mature on February 15, 2020. Interest on the Notes accrues at the rate of 9.25% per annum and is payable semiannually in arrears on February 15 and August 15, commencing on August 15, 2014. The Notes will be guaranteed by certain of the Company's existing and future domestic subsidiaries and any other subsidiaries that guarantee the existing senior credit facility or any of the Issuer's other syndicated bank indebtedness or capital markets securities.
(Logo: http://photos.prnewswire.com/prnh/20090806/PH57529LOGO)
The Company used the net proceeds from the offering to repurchase or otherwise redeem all of the amounts currently outstanding under its 12.5%/15.0% senior subordinated notes due 2016 and to pay the related accrued interest, premiums, fees and expenses associated therewith.
The Notes and the related guarantees were offered only to "qualified institutional buyers" pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities. Any offers of the Notes were made only by means of a private offering circular.
Cautionary Information 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 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 Company's reports on Forms 10-K/A, 10-K, 10-Q/A, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Radio One does not undertake any duty to update any forward-looking statements.
About Radio One
Radio One, Inc., together with its subsidiaries (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 and/or operating 53 broadcast stations located in 16 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, Bishop T.D. Jakes' "Empowering Moments", and the Reverend Al Sharpton Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment. Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking websites, including BlackPlanet and MiGente. 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.
/CONTACT: Peter D. Thompson, EVP and CFO, (301) 429-4638
/Web site: http://www.radio-one.com
________________________________
http://online.wsj.com/article/PR-CO-20140210-910311.html
ROIAK
Radio One, Inc. 2013 Year End Results Conference Call
WASHINGTON, Jan. 31, 2014 /PRNewswire/ --
Radio One, Inc. (NASDAQ: ROIAK; ROIA) will be holding a conference call for investors, analysts and other interested parties to discuss its results for the fiscal year 2013.
The conference call is scheduled for Thursday, February 20, 2014 at 10:00 a.m. EST. To participate on this call, U.S. callers may dial toll-free 1-800-230-1085; international callers may dial direct (+1) 612-332-0107.
A replay of the conference call will be available from 12:00 p.m. EST February 20, 2014 until 11:59 p.m. EST February 22, 2014. 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 316355. Access to live audio and a replay of the conference call will also be available on Radio One's corporate website at www.radio-one.com. The replay will be made available on the website for seven days after the call.
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/A, 10-K, 10-Q/A, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Radio One does not undertake any duty to update any forward-looking statements.
About Radio One, Inc.
Radio One, Inc., together with its subsidiaries (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 and/or operating 53 broadcast stations located in 16 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, Bishop T.D. Jakes' "Empowering Moments", and the Reverend Al Sharpton Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment. Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking websites, including BlackPlanet and MiGente. 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.
Copyright 2014 PR Newswire
__________________________________
ROIAK
Radio One, Inc. Announces Commencement Of Tender Offer And Consent Solicitation Of 12.5%/15.0% Senior Subordinated Notes Due ...
WASHINGTON, Jan. 27, 2014 /PRNewswire/ --
Radio One, Inc. (the "Company" or "Radio One") (NASDAQ: ROIAK and ROIA), announced today the commencement of a cash tender offer (the "Tender Offer") to purchase any and all of its outstanding 12.5%/15.0% Senior Subordinated Notes due 2016 (the "Subordinated Notes").
(Logo: http://photos.prnewswire.com/prnh/20090806/PH57529LOGO )
The Tender Offer will expire at 11:59 New York City time on February 24, 2014, unless the Tender Offer is extended or earlier terminated (the "Expiration Time"). Under the terms of the Tender Offer, holders of the Subordinated Notes who validly tender and do not validly withdraw their Subordinated Notes and consents prior to 5:00 p.m. New York City time on February 7, 2014 (such time and date which may be extended, the "Early Tender Time") will receive an amount equal to $1,007.50 per $1,000.00 in principal amount of Subordinated Notes validly tendered and not validly withdrawn, which amount includes an early tender premium equal to $30.00 per $1,000.00 in principal amount of the Subordinated Notes validly tendered and not validly withdrawn. Holders of the Subordinated Notes who validly tender their Subordinated Notes after the Early Tender Time but on or before the Expiration Time will receive an amount equal to $977.50 per $1,000.00 in principal amount of Subordinated Notes validly tendered. Holders whose Subordinated Notes are purchased in the Tender Offer will also be paid accrued and unpaid interest from the most recent interest payment date on the Subordinated Notes to, but not including, the applicable settlement date.
In connection with the Tender Offer, the Company is soliciting the consents (the "Consent Solicitation") of holders of the Subordinated Notes to certain proposed amendments to the indenture governing the Subordinated Notes (the "Proposed Amendments"). The primary purpose of the Consent Solicitation and Proposed Amendments is to eliminate substantially all of the restrictive covenants and certain events of default and related provisions of the Subordinated Notes. Holders may not tender their Subordinated Notes in the Tender Offer without delivering their consents under the Consent Solicitation, and holders may not deliver their consents under the Consent Solicitation without tendering their Subordinated Notes pursuant to the Tender Offer.
If the Tender Offer is consummated, the Company intends to redeem any Subordinated Notes that remain outstanding at a redemption price equal to $1,000.00 for each $1,000 principal amount of Subordinated Notes in accordance with the indenture governing the Subordinated Notes, although the selection of any particular redemption date is in the Company's discretion.
This press release does not constitute a notice of redemption under the optional redemption provisions of the indenture governing the Subordinated Notes, nor does it constitute an offer to sell, or a solicitation of an offer to buy, any security. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful.
The Tender Offer is contingent upon the satisfaction of certain conditions, including, without limitation, (i) the receipt by the Company of sufficient proceeds from one or more financing transactions, (ii) the receipt of the consents of holders of at least a majority of the outstanding aggregate principal amount of the Subordinated Notes to the Proposed Amendments by the Early Tender Time and (iii) the execution of the supplemental indentures giving effect to the Proposed Amendments. If any of the conditions are not satisfied, the Company is not obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered Subordinated Notes and may even terminate the Tender Offer.
The complete terms and conditions of the Tender Offer and Consent Solicitation are set forth in an Offer to Purchase and Consent Solicitation Statement dated today and the related Consent and Letter of Transmittal (the "Offer Documents") that are being sent to holders of the Subordinated Notes. In any jurisdiction where the laws require the Tender Offer and Consent Solicitation to be made by a licensed broker or dealer, the Tender Offer and Consent Solicitation will be deemed made on behalf of the Company by Credit Suisse Securities (USA) LLC, or one or more registered brokers or dealers under the laws of such jurisdiction.
Credit Suisse Securities (USA) LLC will act as dealer manager and solicitation agent for the Tender Offer and Consent Solicitation. D.F. King & Co., Inc. will act as the tender agent and information agent for the Tender Offer and Consent Solicitation. Questions regarding the Tender Offer and Consent Solicitation may be directed to Credit Suisse Securities (USA) LLC at (800) 820-1653 (toll-free) or at (212) 325-2476 (collect). Requests for the Offer Documents may be directed to D.F. King & Co., Inc. at (212) 269-5550 (for bankers and brokers) or (888) 628-9011 (for all others).
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-K/A, 10-Q and 10-Q/A and other filings with the SEC.
About Radio One
Radio One, Inc., together with its subsidiaries (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 and/or operating 53 broadcast stations located in 16 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, The D. L. Hughley Show, Bishop T.D. Jakes' "Empowering Moments", and the Reverend Al Sharpton Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment. Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking 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
Copyright 2014 PR Newswire
_______________________________
ROIAK
Radio One, Inc. Announces Private Offering Of $335 Million Of Senior Subordinated Notes Due 2020
WASHINGTON, Jan. 27, 2014 /PRNewswire/ --
Radio One, Inc. (the "Company" or "Radio One") (NASDAQ: ROIAK and ROIA), announced today that it intends to offer, subject to market and other customary conditions, $335 million in aggregate principal amount of senior subordinated notes due 2020 (the "Notes") in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). The Notes will be guaranteed, jointly and severally, on a senior subordinated basis by certain of the Company's existing and future domestic subsidiaries and any other subsidiaries that guarantee any of its senior credit facility, other syndicated bank indebtedness or capital markets securities. The Notes and the related guarantees will be senior subordinated obligations of the Company and the guarantors.
The Company intends to use the net proceeds from the offering to repurchase or otherwise redeem all of the amounts currently outstanding under its 12.5%/15.0% senior subordinated notes due 2016 and to pay the related accrued interest, premiums, fees and expenses associated therewith.
The Notes and the related guarantees will be offered only to "qualified institutional buyers" pursuant to Rule 144A under the Securities Act and to certain persons outside of the United States in compliance with Regulation S under the Securities Act. The Notes and the related guarantees have not been registered under the Securities Act, or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States without registration or an applicable exemption from the Securities Act and applicable state securities or blue sky laws and foreign securities laws.
This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy the Notes or any other securities. The Notes offering is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful. Any offers of the Notes will be made only by means of a private offering circular.
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-K/A, 10-Q and 10-Q/A and other filings with the SEC.
SOURCE Radio One, Inc.
______________________________
ROIAK
Two news releases today, each noting personnel changes.
ROIAK
Radio One's CEO Discusses Q3 2013 Results - Earnings Call Transcript
Nov 10 2013, 14:09
Radio One, Inc. (ROIAK) Q3 2013 Earnings Conference Call November 7, 2013 10:00 AM ET
Operator
Ladies and gentlemen, thank you for standing by and welcome to the Radio One Third Quarter Conference Call. I have been asked to begin the call with the following Safe Harbor statement. During this call, Radio One may share with you certain projections or forward-looking statements regarding future events or its future performance.
Radio One cautions you that certain factors including risks and uncertainties referred to in the 10-Ks and the 10-Qs and other reports periodically filed at the Securities and Exchange Commission could cause the Company’s actual results to differ materially from those indicated by its projections or forward-looking statements. This call will present information as of November 7, 2013. Please note that Radio One disclaims any duty to update any forward-looking statements made in the presentation.
In this call, Radio One may also discuss some non-GAAP financial measures in talking about its performance. If measures will be reconciled to GAAP either during the course of this call or in the Company’s press release which can be found on its website at www.radio-one.com.
A replay of the conference call will be available from 12pm Eastern Time today until midnight November 10th 2013. Callers may access the replay by calling 800-475-6701 international callers may dial direct 320-365-3844, the replay access code is 305381, access to live audio and the replay of the conference call will also be available on Radio One's corporate website at www.radio-one.com. The replay will be made available on the website for seven days after the call. No other recordings or copies of this call are authorized or maybe relied upon.
I will now turn the call over to Alfred C. Liggins, Chief Executive Officer of Radio One, who is joined by Peter D. Thompson, Company’s Chief Financial Officer. Mr. Liggins please go ahead.
Alfred Liggins - CEO, President and Treasurer
Thank you very much operator, welcome everybody to our third quarter results conference call and as you can see from the press release we are pleased with the quarter that we posted, we’ve had strong performances from each of the divisions, really proud of the management team at Radio, at GV One, at Interactive One, at Reach Media. We've been able to grow in each of those segments, we've also reduced our leverage significantly continued to reduce our leverage all year long on. I think the last conference call, we talked about a target getting below 7 times, by year end that we thought that we could achieve that, and that's where we sit now into Q3, our Q4 pacings for Radio, which include Reach Media, we think are pacing and looking to come in about flat and that would be a significant achievement going against huge political comps, last year we did about $9 million in political which was $3 million more than our high watermark before which was 6 million which was in 2008 and that was the Barack Obama - Hillary showdown, so we’re not just going against political comps, we're against abnormally high political comps and for us to be pacing at the rate that we are now against those is a pretty good prospect and again we're proud of the management team. I'm going to turn it over to Peter, who's going to go into more detail and then we'll open it up for Q&A.
Peter Thompson - EVP and CFO
(continues for 4 pages -- click link)
_____________________________________________________________
http://seekingalpha.com/article/1827382-radio-ones-ceo-discusses-q3-2013-results-earnings-call-transcript?source=email_rt_article_readmore
ROIAK
Radio One, Inc. Reports Third Quarter Results
WASHINGTON, Nov. 7, 2013 /PRNewswire/ --
Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended September 30, 2013. Net revenue was approximately $118.4 million, an increase of 7.7% from the same period in 2012. Station operating income1 was approximately $44.8 million, an increase of 9.7% from the same period in 2012. The Company reported operating income of approximately $21.8 million for the three months ended September 30, 2013, compared to operating income of $21.5 million for the same period in 2012. Net loss was approximately $13.2 million or $0.28 per share compared to a net loss of $13.1 million or $0.26 per share, for the same period in 2012.
(Logo: http://photos.prnewswire.com/prnh/20090806/PH57529LOGO)
Alfred C. Liggins, III, Radio One's CEO and President stated, "Overall I am pleased with our 12.5% increase in adjusted EBITDA2. Our radio business, including Reach Media, grew revenues by 3.4% year-to-year despite the toughening political comparatives. Propelled by strong summer ratings, TV One posted revenue and adjusted EBITDA growth of 13.7% and 37.2% respectively, and our internet division showed solid progress. Excluding political, our Q4 radio revenues are currently pacing up mid-single digits. Despite the $6.1 million of cyclical political revenue that we booked in Q4 2012, we expect Q4 radio revenues to finish approximately flat, which will be quite an achievement given that 2012 was a record year for our political revenues. As a result of our EBITDA growth, we have steadily been improving our leverage profile, and for the first time since Q1 2009, our total leverage ratio as measured by our credit agreement has dropped below 7.0x; our focus remains to continue this positive trend."
RESULTS OF OPERATIONS
(click link for details)
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/A, 10-K, 10-Q/A, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Radio One does not undertake any duty to update any forward-looking statements.
Net revenue increased to approximately $118.4 million for the quarter ended September 30, 2013, from approximately $109.9 million for the same period in 2012, an increase of 7.7%. Net revenue from the radio business, including Reach Media, increased 3.4% for the quarter ended September 30, 2013 compared to the same period in 2012. Within our Cable Television segment, we recognized approximately $37.8 million of revenue during the three months ended September 30, 2013, versus approximately $33.2 million of revenue during the comparable period in 2012. Finally, net revenues for our internet business increased 37.6% for the three months ended September 30, 2013, compared to the same period in 2012 due to growth in advertising and studio services, where Interactive One provides services to other publishers.
Operating expenses, excluding depreciation and amortization, stock-based compensation and impairment of long-lived assets increased to approximately $83.3 million for the quarter ended September 30, 2013, from approximately $78.7 million for the quarter ended September 30, 2012, an increase of 5.8%. The increase for the three months ended September 30, 2013, compared to the same period in 2012 is primarily due to an increase in programming and technical expenses related to higher content amortization as TV One continues to expand its content programming.
Depreciation and amortization expense decreased to approximately $9.6 million compared to approximately $9.7 million for the quarters ended September 30, 2013 and 2012, respectively. The decrease was due to the completion of amortization for certain intangible assets and the completion of useful lives for certain assets.
Impairment of long-lived assets for the three months ended September 30, 2013, increased to approximately $3.7 million and related to a non-cash impairment charge recorded to reduce the carrying value of our Boston and Cleveland radio broadcasting licenses.
Interest expense increased to approximately $22.3 million for the quarter ended September 30, 2013, from approximately $22.1 million for the same period in 2012, an increase of 1.1%. The Company made cash interest payments of approximately $20.9 million for the quarter ended September 30, 2013, compared to cash interest payments of approximately $21.0 million for the quarter ended September 30, 2012. Through May 14, 2012, interest on the Company's 12 1/2%/15% Senior Subordinated Notes ("Senior Subordinated Notes") was payable, at our election, at an all-inclusive rate of 15%, partially in cash and partially through the issuance of additional Senior Subordinated Notes (a "PIK Election") on a quarterly basis. The PIK Election expired on May 14, 2012, and interest accruing on the Senior Subordinated Notes from and after May 15, 2012, accrued at a lower rate of 12 1/2% and was payable in cash. We continually evaluate opportunities based upon market conditions to refinance our outstanding indebtedness in order to reduce our borrowing costs, extend maturities and/or increase our operating flexibility. There can be no guarantee that any such refinancing opportunities will be available on acceptable terms or at all.
The provision for income taxes for the quarter ended September 30, 2013, was approximately $8.4 million compared to approximately $9.1 million for the comparable period in 2012, primarily attributable to the deferred tax liability ("DTL") for indefinite-lived intangible assets. Because our income tax expense does not have a correlation to our pre-tax earnings, changes in those earnings can have a significant impact on the income tax expense we recognize. As a result, we believe the actual effective tax rate best represents the estimated effective rate for the three month periods ended September 30, 2013 and 2012. The Company paid $221,000 and $271,000 in taxes for the quarters ended September 30, 2013 and 2012, respectively.
The increase in noncontrolling interests in income of subsidiaries is due primarily to greater net income generated by TV One and Reach Media during the three months ended September 30, 2013, compared to the 2012 period.
Other pertinent financial information includes capital expenditures of approximately $1.3 million and $2.8 million for the quarters ended September 30, 2013 and 2012, respectively. The Company received dividends from TV One in the amount of approximately $6.2 million and $2.0 million for the quarters ended September 30, 2013 and 2012, respectively. As of September 30, 2013, the Company had total debt (net of cash balances) of approximately $767.9 million. The Company's cash and cash equivalents by segment are as follows: Radio and Internet, approximately $24.8 million; Reach Media, approximately $4.8 million; and Cable Television, approximately $18.7 million. In addition to cash and cash equivalents, the Cable Television segment also has short-term investments of approximately $3.2 million and long-term investments of $72,000. During the three months ended September 30, 2013, the Company repurchased 512,300 shares of Class D common stock in the amount of $1,209,108 and 1,100 shares of Class A common stock in the amount of $2,655. There were no stock repurchases made during the three months ended September 30, 2012.
Supplemental Financial Information:
For comparative purposes, the following more detailed, unaudited statements of operations for the three and nine months ended September 30, 2013 and 2012 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.
Effective January 1, 2013, the Radio Broadcasting segment contributed the assets and operations of its Syndication One urban programming line-up to the Reach Media segment. We consolidated our syndication operations within Reach Media to leverage that platform to create the leading syndicated radio network targeted to the African-American audience. In connection with the consolidation, we shifted our syndicated programming sales to an internal sales force operating out of Reach Media. Segment data for the three and nine months ended September 30, 2012, has been reclassified to conform to the current period presentation.
(click link for details)
Radio One, Inc. will hold a conference call to discuss its results for third fiscal quarter of 2013. This conference call is scheduled for Thursday, November 7, 2013 at 10:00 a.m. Eastern Standard Time. To participate on this call, U.S. callers may dial toll-free 1-800-230-1059; international callers may dial direct (+1) 612-234-9959.
A replay of the conference call will be available from 12:00 p.m. EST November 07, 2013 until 11:59 p.m. November 10, 2013. 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 305381. 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., together with its subsidiaries (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 and/or operating 54 broadcast stations located in 16 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, Bishop T.D. Jakes' "Empowering Moments", and the Reverend Al Sharpton Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment. Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking websites, including BlackPlanet and MiGente. 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 income (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. However, 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 as our definition includes the results of all four segments (Radio Broadcasting, Reach Media, Internet and Cable Television). 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 income (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." In addition, certain reclassifications have been made associated with the transfer and consolidation of our syndication operations within Reach Media. These reclassifications occurred between the Radio Broadcasting segment, the Reach Media segment and Corporate/Eliminations/Other.
4 For the three months ended September 30, 2013 and 2012, Radio One had 47,443,031 and 50,019,048 shares of common stock outstanding on a weighted average basis (basic), respectively. For the nine months ended September 30, 2013 and 2012, Radio One had 48,680,979 and 50,010,406 shares of common stock outstanding on a weighted average basis (basic), respectively.
5 For the three months ended September 30, 2013 and 2012, Radio One had 47,443,031 and 50,019,048 shares of common stock outstanding on a weighted average basis (fully diluted), for outstanding stock options, respectively. For the nine months ended September 30, 2013 and 2012, Radio One had 48,680,979 and 50,010,406 shares of common stock outstanding on a weighted average basis (fully diluted), for outstanding stock options, respectively.
SOURCE Radio One, Inc.
Copyright 2013 PR Newswire
Radio One, Inc. (NASDAQ: ROIAK; ROIA) will be holding a conference call for investors, analysts and other interested parties to discuss its results for the third fiscal quarter of 2013.
WASHINGTON, Oct. 11, 2013 /PRNewswire/ --
The conference call is scheduled for Thursday, November 07, 2013 at 10:00 a.m. EST. To participate on this call, U.S. callers may dial toll-free 1-800-230-1059; international callers may dial direct (+1) 612-234-9959.
A replay of the conference call will be available from 12:00 p.m. EST November 07, 2013 until 11:59 p.m. November 10, 2013. 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 305381. Access to live audio and a replay of the conference call will also be available on Radio One's corporate website at www.radio-one.com. The replay will be made available on the website for seven days after the call.
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/A, 10-K, 10-Q/A, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Radio One does not undertake any duty to update any forward-looking statements.
About Radio One, Inc.
Radio One, Inc., together with its subsidiaries (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 and/or operating 54 broadcast stations located in 16 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, Bishop T.D. Jakes' "Empowering Moments", and the Reverend Al Sharpton Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment. Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking 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.
RELATED LINKS
http://www.radio-one.com/
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ROIAK
TV One Premieres VERSES AND FLOW Season Three Tonight
September 11
12:30 2013
Inspiring original spoken word and music showcase Verses and Flow is set to return for a third season with back-to-back new Episodes premiering tonight, September 11, at 9 PM ET and 9:30 PM ET on TV One. Produced by Lexus, the series - once again filmed at the historic Belasco Theater in downtown Los Angeles - returns with emotionally charged poetry and musical performances anchored in contemporary cultural, political and social topics.
Actor Omari Hardwick, best known for his roles in "For Colored Girls," "CSI: Miami" and "Sparkle," returns to host the 12-episode third season, presenting three electrifying original poetry performances and one musical performance per episode.
"The success of the first two seasons of Verses and Flow places the bar very high for this coming season in September," said Brian Smith, Lexus Vice President of Marketing. "With our lineup of dynamic performers and the return of our talented host, Omari Hardwick, Season Three will spotlight our brand themes of innovation and individualistic thinking in an entertaining way."
Said Maureen Guthman, SVP of Program Strategy and Acquisitions for TV One, "Our continued partnership with Lexus allows us to include this exceptional artist platform in our slate of Wednesday night original programming. It's an honor to provide a third season of truly engrossing performances to our viewers."
Season three of Verses and Flow will feature performances from a who's who of revered R&B singer-songwriters, including Andra Day, Anthony Hamilton, Avant, Bel Biv Devoe, BJ The Chicago Kid, Bridget Kelly, Faith Evans, Jill Scott, Kenny Lattimore, Mary Mary, Q Parker, Raheem DeVaughn, RaVaughn, Tony Rich and Vivian Green.
They are joined by spoken word performances from poets Aaron White, Ainsley Burrows, Ashley August, Ashley Catherine, Ayinde Russell, Beni Villafana, "Fiveology" (Andrew Tyree, Javon Johnson, Prentice Powell, Rudy Francisco and Shawn Williams), Carlos Gómez, Chas Jackson, Dasan Ahanu, David Bianchi, Dominique Ashaheed, Ed Mabrey, George Yamazawa, Imani Cezanne, In-Q, Jon Goode, Joyce Lee, Maestro Gamin, Megan Falley, Miles Hodges with Carvens Lissaint, Paul Mabon, Queen D, Reggie Eldridge, Safia Elhillo, Se7en, Sha'Condria "iCon" Sible, Soulful Jones, Storm Thomas, The Saint, Theresa Tha Songbird, Tre G., Verb and Vision.
Exclusive series content will be available at www.tvone.tv and at the Lexus site for African American content, Luxury Awaits, www.luxuryawaits.com. Viewers can interact with Verses and Flow via its own website at www.versesandflow.com and its Twitter hashtag #versesandflow.
Verses and Flow is produced for TV One by McMann, Tate & Stephens. Executive producers from McMann, Tate & Stephens are Aaron Walton, Cory Isaacson and Ayiko Broyard. Craig Henry is executive in charge of production for TV One. Andrew Logan serves as Director.
About Lexus
Lexus launched in 1989 with two luxury sedans and a commitment to pursue perfection. Since that time, Lexus has expanded its lineup to meet the needs of global luxury customers. In every vehicle, Lexus incorporates innovative technologies, high-quality designs and luxury materials. With numerous models featuring Lexus Hybrid Drive, Lexus is the luxury hybrid leader and is dedicated to developing vehicles that are kinder to the Earth. Lexus' current vehicles incorporate outstanding driving dynamic characteristics and feature a new design language that includes a spindle grille and distinctive lights, creating a signature look and feel for the luxury brand. In the United States, Lexus models are sold through 233 dealers who are committed to exemplary customer service.
About TV One
Launched in January 2004, TV One (www.tvone.tv) serves 57 million households, offering a broad range of real-life and entertainment-focused original programming, classic series, movies and music designed to entertain, inform and inspire a diverse audience of adult black viewers. In December 2008, the company launched TV One High Def, which now serves 14 million households. TV One is owned by Radio One [NASDAQ: ROIA and ROIAK; www.radio-one.com], the largest radio company that primarily targets Black and urban listeners; and Comcast Corporation [NASDAQ: CMCSA, CMCSK; www.comcast.com], one of the nation's leading providers of entertainment, information, and communications products and services.
Read more about TV One Premieres VERSES AND FLOW Season Three Tonight - BWWTVWorld by www.broadwayworld.com
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ROIAK
Could be a good day ROIAK. Buy:sell today is ~4:1.
ROIAK
During the last half hour thousands of shares trade at $2.30 or above and none below, but exactly 4:00 a trade of $2.27 (963 shares) takes it down. Can anyone say damn MMs?!!
ROIAK
Radio One (ROIAK) Q1, FY12 Financials Should No Longer Be Relied Upon
On August 19, 2013, the audit committee of the board of directors of Radio One, Inc. (Nasdaq: ROIAK) and management of the Company concluded, after discussion with the Company’s independent registered public accounting firm, Ernst and Young, that the consolidated financial statements in its previously filed quarterly report on Form 10-Q for the quarter ended March 31, 2013 (the “First Quarter 10-Q”) and in its annual report on Form 10-K for the fiscal year ended December 31, 2012 (the “2012 10-K”), should no longer be relied upon as a result of misclassifications of certain items in the notes included in those financial statements. The misclassifications, which have no impact to the Company’s consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of changes in equity or consolidated statements of cash flows for any previously reported period, relate to: (i) including TV One, LLC (“TV One”) in the “Radio One, Inc.” column (for all periods presented) in the condensed consolidating financial statements in each of the 2012 10-K and the First Quarter 10-Q although TV One is a non-guarantor subsidiary of the Company under its outstanding notes registered under the Securities Act of 1933; (ii) including Reach Media, Inc. (“Reach Media”) in the “Radio One, Inc.” column (for all periods presented) in the condensed consolidating financial statements in the 2012 10-K although Reach Media was a non-guarantor subsidiary for the 2010 through 2012 reporting periods; and (iii) after Reach Media became a guarantor under the Company’s outstanding registered notes on February 14, 2013, including Reach Media in the “Combined Guarantor Subsidiaries” column in the condensed consolidating financial statements in the First Quarter 10-Q and the comparative period in 2012 rather than in a separate column for “non-wholly owned guarantor subsidiaries”. Further, the Company has determined that separate financial statements of Reach Media should have been included in the First Quarter 10-Q because it is not wholly owned by the Company.
The Company will restate the condensed consolidating financial statements in footnote 19 to its 2012 10-K and footnote 12 to its First Quarter 2013 10-Q to (i) correctly classify these items and (ii) include the separate financial statements of Reach Media in the First Quarter 10-Q. As noted above, the restatements will have no impact to the Company’s consolidated balance sheets, consolidated statements of operations, consolidated statements of comprehensive income, consolidated statements of changes in equity or consolidated statements of cash flows for any previously reported period. The Company is concurrently filing with the Current Report on Form 8-K, its Form 10-Q for the quarter ended June 30, 2013 (the “Second Quarter 10-Q”) and the Second Quarter 10-Q correctly classifies these items and includes the separate financial statements for Reach Media.
In connection with this matter, the Company re-evaluated its conclusions regarding the effectiveness of its internal control over financial reporting for the affected periods and determined that a material weakness existed as of March 31, 2013 and December 31, 2012, relating to the operating effectiveness of management controls around the preparation and review of the condensed consolidating financial statements of guarantors in the footnotes to these previously filed financial statements. Accordingly, the Company will restate its disclosures as of March 31, 2013 and December 31, 2012, to include the identification of this material weakness. The Company has designed and put controls and processes in place that it believes will remediate the material weakness. The Company will test the ongoing operating effectiveness of these controls in future periods.
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http://www.streetinsider.com/Corporate+News/Radio+One+(ROIAK)+Q1,+FY12+Financials+Should+No+Longer+Be+Relied+Upon/8616647.html
ROIAK
TheStreet Upgrades Radio One to Hold (ROIAK)
Posted by matt on Aug 16th, 2013
Radio One logoRadio One (NASDAQ:ROIAK) was upgraded by investment analysts at TheStreet from a “sell” rating to a “hold” rating in a note issued to investors on Thursday, StockRatingsNetwork reports.
The analysts wrote, “Radio One (ROIAK) has been upgraded by TheStreet Ratings from sell to hold. The company’s strengths can be seen in multiple areas, such as its revenue growth, solid stock priceperformance and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company’s earnings per share, unimpressive growth in net income and generally higher debt management risk.”
Shares of Radio One (NASDAQ:ROIAK) opened at 2.41 on Thursday. Radio One has a 52-week low of $0.68 and a 52-week high of $2.75. The stock’s 50-day moving average is $2.26 and its 200-day moving average is $2.06. The company’s market cap is $118.4 million.
Radio One (NASDAQ:ROIAK) last announced its earnings results on Tuesday, August 13th. The company reported ($0.29) earnings per share (EPS) for the quarter. The company had revenue of $119.60 million for the quarter, compared to the consensus estimate of $105.83 million.
Radio One, Inc is a radio broadcasting company. As of December 31, 2010, it owned 53 broadcast stations located in 16 urban markets in the United States.
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http://zolmax.com/thestreet-upgrades-radio-one-to-hold-roiak/98063/
ROIAK
Radio One's CEO Discusses Q2 2013 Results - Earnings Call Transcript
Radio One, Inc. (ROIAK) Q2 2013 Earnings Conference Call August 13, 2013 10:00 AM ET
Operator
Ladies and gentlemen, thank you for standing by and welcome to the Radio One Second Quarter Conference Call. I have been asked to begin the call with the following Safe Harbor statement. During this call, Radio One may share with you certain projections or forward-looking statements regarding future events or its future performance.
The Company cautions you that certain factors including risks and uncertainties referred to in the 10-Ks and the 10-Qs and other reports periodically filed at the Securities and Exchange Commission could cause the Company’s actual results to differ materially from those indicated by its projections or forward-looking statements. This call will present information as of August 13, 2013. Please note that Radio One disclaims any duty to update any forward-looking statements made in the presentation.
In this call, Radio One may also discuss some non-GAAP financial measures in talking about its performance. If measures will be reconciled to GAAP either during the course of this call or in the Company’s press release which can be found on its website at www.radio-one.com.
Any audio replay of the conference call will also be available on Radio One’s corporate website at www.radio-one.com under the Investor Relations section of the webpage. The replay will be made available on the website for seven days after the call. No other recordings or copies of this call are authorized or maybe relied upon.
I will now turn the call over to Alfred C. Liggins, Chief Executive Officer of Radio One, who is joined by Peter D. Thompson, the Company’s Chief Financial Officer.
I would now like to turn the conference and the call over to Mr. Liggins. Please go ahead sir.
Alfred C. Liggins, III - Chief Executive Officer, President and Treasurer President
Thank you very much, operator and welcome everyone to our second quarter results conference call. As you saw in the press release, we had a pretty strong quarter from an EBITDA growth perspective. We’re going to go into some more detail than usual about the different business segments after Peter goes through the details of the numbers. We’re really happy and we think that you will be pleased with the direction of our business.
Peter D. Thompson - Executive Vice President, Chief Financial Officer
Thanks, Alfred. Net revenue was approximately $119.6 million for the quarter ended June 30, 2013, an increase of 13%. A sizable part of the increase is due to the timing difference of two of the company’s events, the Tom Joyner Fantastic Voyage and the One Love Gospel Getaway, both taking place in the second quarter of this year compared to the first quarter of last year. Normalizing for the event timing difference, our consolidated net revenue was up approximately 5.7%.
Radio division produced net revenues of $58.8 million adjusting for the impact of moving the syndicated programming out of the Radio Broadcast segment, and into Reach Media segment, Radio was up 0.4% year-to-year. However, excluding ticket sales from the 2013 One Love Gospel Getaway, the radio division net revenue was down 0.6% from last year. Reach Media had net revenues of $18 million in the quarter which excluding event revenue from the 2013 Tom Joyner Fantastic Voyage, adjusting for the syndicated programming change was down 7.2% year-to-year.
Decline was primarily due to one-time only affiliate termination fee of $471,000 that occurred in the second quarter of 2012 did not recur. We recognized approximately $37.7 million of net revenue from the Cable Television segment in the second quarter, an increase of 17% over Q2, 2012.
Affiliate revenue was on plan and up 8% versus prior year, advertising revenue was up 26% versus prior year. The Internet division had net revenues of $6.4 million up 45.5% year-to-year, partly driven by a new studio agreement with Russell Simmons’ GlobalGrind site, for which we now provide sales and product support services.
(Continues for 4 pages)
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http://seekingalpha.com/article/1632762-radio-ones-ceo-discusses-q2-2013-results-earnings-call-transcript?source=google_news
ROIAK
Radio One, Inc. Reports Second Quarter Results
WASHINGTON, Aug. 13, 2013 /PRNewswire/ --
Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended June 30, 2013. Net revenue was approximately $119.6 million, an increase of 13.0% from the same period in 2012, resulting primarily from a timing difference of Reach Media's annual cruise event as well as revenue improvements in both our Cable Television and Internet segments. Station operating income was approximately $45.7 million, an increase of 10.4% from the same period in 2012. The Company reported operating income of approximately $18.4 million for the three months ended June 30, 2013, compared to operating income of $21.5 million for the same period in 2012. Net loss was approximately $14.2 million or $0.29 per share compared to net income of $42.7 million or $0.85 per share, for the same period in 2012.
Alfred C. Liggins, III, Radio One's CEO and President stated, "Overall I am pleased with our Adjusted EBITDA2 growth of 19.5% for the quarter, which demonstrates the benefits of our diversification strategy. Radio advertising markets have been choppy, with a slowdown in June that took our core radio revenues from low single digit positive to a -0.6% finish. July core radio station net revenue was +5.0% and Q3 is currently pacing up low single digits. TV One posted robust revenue and Adjusted EBITDA growth, up approximately 17.0% and 22.3% respectively, and Household ratings in prime were up 15%. Our Interactive One business performed well, with positive Adjusted EBITDA of $507,000 compared to a loss of $475,000 for the same period last year, and remains on target to hit break-even for the year. The Tom Joyner Fantastic Voyage was a success, and helped propel Reach Media to a positive Adjusted EBITDA of approximately $1.9 million, which was a welcome turn-around from last year's comparable loss of $89,000."
RESULTS OF OPERATIONS
(click link for details)
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/A, 10-K, 10-Q/A, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Radio One does not undertake any duty to update any forward-looking statements.
Net revenue increased to approximately $119.6 million for the quarter ended June 30, 2013, from approximately $105.8 million for the same period in 2012, an increase of 13.0%. Adjusting for the impact of moving our syndicated programming to our Reach Media segment, net revenues from our Radio Broadcasting segment increased 0.4% for the quarter ended June 30, 2013, from the same period in 2012. However, adjusting for the timing difference for the Company's annual Gospel Cruise event held in the first quarter of 2012 versus during the second quarter of 2013, our Radio Broadcasting segment revenues decreased 0.6% for the quarter ended June 30, 2013, compared to the same period in 2012. Within the Reach Media segment, adjusting for moving our syndicated programming out of the Radio Broadcasting segment and into the Reach Media segment, Reach Media's net revenues increased 54.1% in the second quarter 2013, compared to the same period in 2012. This increase is primarily attributable to the timing of the "Tom Joyner Fantastic Voyage" which took place during the second quarter of 2013 versus being held during the first quarter of 2012. The event generated revenue of approximately $7.2 million for Reach Media during the second quarter of 2013. Adjusting for the timing difference for the "Tom Joyner Fantastic Voyage," Reach Media's revenue decreased 7.2% for the quarter ended June 30, 2013, compared to the same period in 2012. Within our Cable Television segment, we recognized approximately $37.7 million of revenue during the three months ended June 30, 2013, versus approximately $32.3 million of revenue during the comparable period in 2012. Finally, net revenues for our internet business increased 45.5% for the three months ended June 30, 2013, compared to the same period in 2012 driven primarily from a new customer agreement that didn't previously exist.
Operating expenses, excluding depreciation and amortization, stock-based compensation and impairment of long-lived assets increased to approximately $81.9 million for the quarter ended June 30, 2013, from approximately $74.3 million for the quarter ended June 30, 2012, an increase of 10.2%. The increase for the three months ended June 30, 2013, compared to the same period in 2012 is primarily due to timing of the Company's annual Gospel Cruise event, which was a land event in 2013, and Reach Media's "Tom Joyner Fantastic Voyage" event, both of which were held in the second quarter of 2013. These events generated expenses of approximately $6.7 million for the quarter ended June 30, 2013.
Depreciation and amortization expense decreased to approximately $9.5 million compared to approximately $9.7 million for the quarters ended June 30, 2013 and 2012, respectively. The decrease was due to the completion of amortization for certain intangible assets and the completion of useful lives for certain assets.
Impairment of long-lived assets for the three months ended June 30, 2013, increased to approximately $9.8 million and related to a non-cash impairment charge recorded to reduce the carrying value of our Cincinnati, Cleveland and Philadelphia radio broadcasting licenses. The Company recorded a non-cash impairment charge of $313,000 for the three months ended June 30, 2012, to reduce the carrying value of our Charlotte radio broadcasting licenses.
Interest expense decreased to approximately $22.4 million for the quarter ended June 30, 2013, from approximately $22.9 million for the same period in 2012, a decrease of 2.2%. The Company made cash interest payments of approximately $21.0 million for the quarter ended June 30, 2013, compared to cash interest payments of approximately $15.5 million for the quarter ended June 30, 2012. The primary driver of the decrease was that through May 14, 2012, interest on the Company's 12½%/15% Senior Subordinated Notes ("Senior Subordinated Notes") was payable, at our election, at an all-inclusive rate of 15%, partially in cash and partially through the issuance of additional Senior Subordinated Notes (a "PIK Election") on a quarterly basis. The PIK Election expired on May 14, 2012, and interest accruing on the Senior Subordinated Notes from and after May 15, 2012, accrued at a lower rate of 12½% and was payable in cash.
Other income of $30,000 for the quarter ended June 30, 2013, compared to other expense of $610,000 for the quarter ended June 30, 2012. Other expense for the quarter ended June 30, 2012, was primarily due to the disposal of assets associated with the Company's corporate office move.
Provision for income taxes for the three months ended June 30, 2013, was approximately $4.7 million, primarily attributable to the deferred tax liability for indefinite-lived intangible assets. For the three months ended June 30, 2012, the benefit from income taxes was approximately $48.5 million, primarily due to adjusting the year-to-date income tax provision based on the actual effective tax rate as of June 30, 2012. Because our income tax expense does not have a correlation to our pre-tax earnings, changes in those earnings can have a significant impact on the income tax expense we recognize. As a result, we believe the actual effective tax rate best represents the estimated effective rate for the three month periods ended June 30, 2013 and 2012, respectively. The Company paid $73,000 and $287,000 in taxes for the quarters ended June 30, 2013 and 2012, respectively.
Income from discontinued operations, net of tax, includes the results of operations for sold radio stations or stations made the subject of a local marketing agreement. Income from discontinued operations, net of tax, was $15,000 and $20,000 for the quarters ended June 30, 2013 and 2012, respectively.
The increase in noncontrolling interests in income of subsidiaries is due primarily to greater net income generated by TV One and Reach Media during the three months ended June 30, 2013, compared to the 2012 period.
Other pertinent financial information includes capital expenditures of approximately $3.6 million and $3.8 million for the quarters ended June 30, 2013 and 2012, respectively. The Company received dividends from TV One in the amount of approximately $4.1 million and $1.8 million for the quarters ended June 30, 2013 and 2012, respectively. As of June 30, 2013, the Company had total debt (net of cash balances) of approximately $776.6 million. The Company's cash and cash equivalents by segment are as follows: Radio and Internet, approximately $17.3 million; Reach Media, approximately $3.4 million; and Cable Television, approximately $19.5 million. In addition to cash and cash equivalents, the Cable Television segment also has short-term investments of approximately $3.2 million and long-term investments of $72,000. During the three months ended June 30, 2013, the Company repurchased 24,419 shares of Class A common stock in the amount of $57,306 and 1,166,300 shares of Class D common stock in the amount of $2,673,723. During the six months ended June 30, 2013, the Company repurchased 31,569 shares of Class A common stock in the amount of $68,331 and 2,118,274 shares of Class D common stock in the amount of $4,188,625. There were no stock repurchases made during the three or six month periods ended June 30, 2012.
In connection with preparing the quarterly report on Form 10-Q for the quarter ended June 30, 2013, management of Radio One, Inc. (the "Company") discovered misclassifications in its condensed consolidating financial statements in the notes to its previously filed financial statements in its quarterly report on Form 10-Q for the quarter ended March 31, 2013 (the "First Quarter 10-Q") and in its annual report on Form 10-K for the fiscal year ended December 31, 2012 (the "2012 10-K"). The misclassifications primarily relate to: (i) including TV One, LLC ("TV One") in the "Radio One, Inc." column in the condensed consolidating financial statements in each of the 2012 10-K and the First Quarter 10-Q although TV One is a non-guarantor subsidiary of the Company under its outstanding notes registered under the Securities Act of 1933, (ii) including Reach Media, Inc. ("Reach Media") in the "Radio One, Inc." column in the condensed consolidating financial statements in the 2012 10-K although Reach Media was a non-guarantor subsidiary for that reporting period, and (iii) after Reach Media became a guarantor under the Company's outstanding registered notes on February 14, 2013, including Reach Media in the "Combined Guarantor Subsidiaries" column in the condensed consolidating financial statements in the First Quarter 10-Q and the comparative period in 2012 rather than a separate column for "non-wholly owned guarantor subsidiaries". Additionally the Company is reviewing whether separate financial statements of Reach Media should have been included in the First Quarter 10-Q because it is not wholly owned by the Company. Management is currently evaluating the need to amend the previously filed financial statements in its 2012 10-K and First Quarter 2013 10-Q and the extent to which such financial statements may continue to be relied upon. The amendment will have no impact on the Company's consolidated balance sheets, consolidated statements of operations, consolidated statements of changes in equity or consolidated statements of cash flows for any previously reported period.
Supplemental Financial Information:
For comparative purposes, the following more detailed, unaudited statements of operations for the three and six months ended June 30, 2013 and 2012 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.
Effective January 1, 2013, the Radio Broadcasting segment contributed the assets and operations of its Syndication One urban programming line-up to the Reach Media segment. We consolidated our syndication operations within Reach Media to leverage that platform to create the leading syndicated radio network targeted to the African-American audience. In connection with the consolidation, we shifted our syndicated programming sales to an internal sales force operating out of Reach Media. Segment data for the three and six months ended June 30, 2012, has been reclassified to conform to the current period presentation.
Radio One, Inc. will hold a conference call to discuss its results for second fiscal quarter of 2013. This conference call is scheduled for Tuesday, August 13, 2013 at 10:00 a.m. Eastern Daylight Time. To participate on this call, U.S. callers may dial toll-free 1-800-230-1074; international callers may dial direct (+1) 612-332-0107.
A replay of the conference call will be available from 12:00 p.m. EDTAugust 13, 2013 until 11:59 p.m.August 16, 2013. 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 299447. 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., together with its subsidiaries (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 and/or operating 54 broadcast stations located in 16 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, Bishop T.D. Jakes' "Empowering Moments", and the Reverend Al Sharpton Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment. Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking 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 income (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. However, 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 as our definition includes the results of all four segments (Radio Broadcasting, Reach Media, Internet and Cable Television). 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 income (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." In addition, certain reclassifications have been made associated with the transfer and consolidation of our syndication operations within Reach Media. These reclassifications occurred between the Radio Broadcasting segment, the Reach Media segment and Corporate/Eliminations/Other.
4 For the three months ended June 30, 2013 and 2012, Radio One had 48,737,941 and 50,006,085 shares of common stock outstanding on a weighted average basis (basic), respectively. For the six months ended June 30, 2013 and 2012, Radio One had 49,299,953 and 49,997,752 shares of common stock outstanding on a weighted average basis (basic), respectively.
5 For the three months ended June 30, 2013 and 2012, Radio One had 48,737,941 and 50,124,418 shares of common stock outstanding on a weighted average basis (fully diluted), for outstanding stock options, respectively. For the six months ended June 30, 2013 and 2012, Radio One had 49,299,953 and 49,997,752 shares of common stock outstanding on a weighted average basis (fully diluted), for outstanding stock options, respectively.
SOURCE Radio One, Inc.
Read more: http://www.nasdaq.com/press-release/radio-one-inc-reports-second-quarter-results-20130813-00112#ixzz2bqpgdXK1
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ROIAK
Radio One, Inc. Second Quarter 2013 Results Conference
WASHINGTON, July 29, 2013 /PRNewswire/ --
Radio One, Inc. (NASDAQ: ROIAK; ROIA) will be holding a conference call for investors, analysts and other interested parties to discuss its results for the second fiscal quarter of 2013.
The conference call is scheduled for Tuesday, August 13, 2013 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) 612-332-0107.
A replay of the conference call will be available from 12:00 p.m. EDT August 13, 2013 until 11:59 p.m. August 16, 2013. 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 299447. Access to live audio and a replay of the conference call will also be available on Radio One's corporate website at www.radio-one.com. The replay will be made available on the website for seven days after the call.
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/A, 10-K, 10-Q/A, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Radio One does not undertake any duty to update any forward-looking statements.
About Radio One, Inc.
Radio One, Inc., together with its subsidiaries (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 and/or operating 54 broadcast stations located in 16 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Russ Parr Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show, Bishop T.D. Jakes' "Empowering Moments", and the Reverend Al Sharpton Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment. Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking 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.
Copyright 2013 PR Newswire
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http://ih.advfn.com/p.php?pid=nmona&article=58589945&symbol=ROIAK
ROIAK
Katz Terminates Nat'l Sales Rep Contract with Radio One (ROIAK)
On July 22, 2013,
Radio One, Inc. together with certain of its operating subsidiaries (Nasdaq: ROIAK) received notice from Katz Communications, Inc. and various of its divisions and affiliates (collectively, “Katz”) that Katz was terminating its national sales representation of the Company effective fourteen (14) months from the date of the notice, as provided under the terms of various representation agreements and a master representation agreement. While the termination notice would provide for a termination of the relationship between Radio One and Katz effective September 23, 2014 (the “Effective Termination Date”), the parties are in continued negotiation with respect to a new sales representation agreement. While the Company cannot guarantee that an agreement will be reached with respect to continued sales representation by Katz, Radio One anticipates completing a new sales representation agreement with Katz or another sales representative prior to the Effective Termination Date and does not anticipate any interruption with respect to national sales representation.
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http://www.streetinsider.com/Corporate+News/Katz+Terminates+Natl+Sales+Rep+Contract+with+Radio+One+(ROIAK)/8530764.html
ROIAK
ROIAK's 2nd quarter results have not been announced yet, but typically they are first week of August so could be next week. Meanwhile the pps have been drifting down.
ROIAK
ROIAK's 2nd quarter results have not been announced yet, but typically they are first week of August so could be next week. Meanwhile the pps have been drifting down.
ROIAK
TV ONE SETS SECOND SEASON PREMIERE OF HIT SITCOM
TV ONE SETS SECOND SEASON PREMIERE OF HIT SITCOM
THE RICKEY SMILEY SHOW FOR FRIDAY, JULY 26, 9PM ET
Trademark Smiley Characters and Star-Studded Guest Lineup to Join the Series
SILVER SPRING, MD (JULY 1, 2013) – TV One will premiere the second season of the network’s original hit sitcom The Rickey Smiley Show on Friday, July 26 at 9:00 p.m. ET. Loosely inspired by the real-life experiences and antics of lauded comedian, TV, and radio personality Rickey Smiley, the series pulls TV One viewers even deeper into “Rickey’s World” this season, introducing two additional alter egos to his already beloved, wacky troupe of trademark personalities.
“We are thrilled to debut The Rickey Smiley Show season two this July,” commented Maureen Guthman, SVP of Program Strategy and Acquisitions for TV One. “The series’ exceptional first season run—anchored by Rickey’s relatable and hysterical characters—puts a twist on our TV One motto by demonstrating that the network is a place ‘where black comedy unfolds.’ We are eager to bring an even-stronger season two to our viewers and build upon the network’s successful Friday night Retro Comedy programming block.”
Season one introduced audiences to leading man Rickey, a popular, Atlanta-based national radio personality juggling career and life as a single father of three. Fatherhood and radio station duties were often complicated by appearances from hilarious alter egos made popular by the star in his radio and TV routines, including church lady Sister Bernice Jenkins, gospel crooner Joe Willie, and Rickey’s Southern Baptist church leader, Pastor Watkins. Joining the chaos in Season Two are Smiley personas Lil’ Darryl, a boy in coke-bottle glasses who’s been in the fourth grade for nearly 12 years and often shows up at Rickey’s door unannounced, and Clarence the Janitor, a Birmingham-area school custodian who wears an elevated orthopedic boot to combat his uneven leg condition and claims to be a “professional soft shoe dancer.”
Rejoining Smiley for the 13-episode second season is a stellar ensemble cast including: Ray J as Kenny, Rickey’s morning show producer and protégé; J. Anthony Brown as Rickey’s radio station manager Maurice, aka “Mo-Sweets” from his earlier rap career; veteran actress Roz Ryan as Aunt Sylvia; Jay Lewis (Lil JJ) as Rickey’s 18-year-old son Brandon; Ajiona Alexus as Rickey’s 16-year-old daughter De’Anna; Gabriel Burgess as his youngest son Aaron; Noree Victoria as his business manager Simone Renee Jackson; and Demetria McKinney as Rickey’s uber-career oriented ex-wife, Monica.
Additionally, Season Two will feature a jam-packed lineup of celebrity guest stars and special appearances including: Kenya Moore, Cynthia Bailey, Syleena Johnson, Angie Stone, Tameka “Tiny” Cottle, Antonia “Toya” Carter, Porsche Stewart, Creflo Dollar, Benji Brown, Dottie Peoples, Ann Nesby, Carl Payne, Corey Holcomb, Charlie Murphy, David Banner, Pierre, Joe Claire, Lil Scrappy, Momma Dee, and Doug E Fresh among others.
The Rickey Smiley Show is produced for TV One by BobbCat Films. Executive producers include veteran television and film producer Roger Bobb (Tyler Perry’s House of Payne and Meet the Browns) and series star Rickey Smiley. Executive in charge of production for TV One is Tia Smith.
About Rickey Smiley:
With his unique blend of comedy and originality, Rickey Smiley is firmly established as a standout in his field. For over 20 years, funny man Rickey Smiley is known for making millions laugh. As a much loved comedian, television host, and top-rated nationally syndicated radio personality, Smiley has earned a reputation for delivering on and off stage. With the distinct ability to take everyday observations and turn them into comedic gold, Smiley is a standout in the entertainment world. Rickey Smiley is one of the few “clean” comics amongst the upper echelon of contemporary great comedians. His audiences are treated to an array of his original characters such as, “Mrs. Bernice Jenkins,” “Lil’ Darryl,” “Joe Willie,” and “Beauford.”
Rickey Smiley can be seen on various platforms, including his radio show, The Rickey Smiley Morning Show, his television shows, The Rickey Smiley Show and Dish Nation, and throughout the US as he performs his stand-up comedy shows. Over the years, he has made numerous television and movie appearances. He has released eight comedy CDs complied of hilarious prank phone calls, church announcements and parodies (see credits below). In addition to his comedy CD’s Smiley released his live concert special, “Open Casket Sharp,” that premiered on BET in the Fall of 2011 and debuted #1 on iTunes.
About TV One:
Launched in January 2004, TV One (www.tvone.tv) serves 57 million households, offering a broad range of real-life and entertainment-focused original programming, classic series, movies, and music designed to entertain, inform and inspire a diverse audience of adult Black viewers. In December 2008, the company launched TV One High Def, which now serves 14 million households. TV One is owned by Radio One [NASDAQ: ROIA and ROIAK; www.radio-one.com], the largest radio company that primarily targets Black and urban listeners; and Comcast Corporation [NASDAQ: CMCSA, CMCSK; www.comcast.com], one of the nation’s leading providers of entertainment, information and communications products and services.
-30-
Media Contacts:
Monica Neal/TV One/301-755-2830
Lisa Lugassy/The Lippin Group (NY)/212-986-7080
Jennifer Price/Lindsay Lopez/The Lippin Group (LA)/323-965-1990
Connect with TV One
Website: http://tvone.tv
Facebook: http://www.facebook.com/tvonetv
Twitter: http://twitter.com/tvonetv
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http://www.radio-one.com/2013/07/01/tv-one-sets-second-season-premiere-of-hit-sitcom/
ROIAK
After approximately 60 consecutive days of trading above the 50 DMA ROIAK has moved below and has begun consistently trading below the 50 DMA, forming a downward channel.
ROIAK
Real Times Media Forms Strategic Digital Partnership With Interactive One Studios
DETROIT, June 17, 2013 /PRNewswire/ --
Real Times Media (RTM), a multimedia company focused on urban news and entertainment which includes the nation's largest African American-owned newspaper and digital media operation, has signed on as the latest partner of Interactive One Studios, a division of Interactive One, which assists external brands with developing highly profitable digital businesses through world-class sales, platform, content and distribution services.
(Logo: http://photos.prnewswire.com/prnh/20111109/PH03195LOGO )
"Partnering with Interactive One Studios presents a tremendous opportunity for the Real Times Media digital platform," said Hiram E. Jackson, CEO, Real Times Media. "For the past few years our company has had a laser focus on transitioning our traditionally print business model into a more robust digital platform. We've been able to make significant headway on our own; however, this partnership with iOne Studios will certainly help us to reach new levels of success."
Under the terms of the partnership, Real Times Media will migrate its Atlanta Daily World (www.AtlantaDailyWorld.com), Chicago Defender (www.ChicagoDefender.com), Michigan Chronicle (www.MichiganChronicle.com), Memphis Tri-State Defender (www.TSDMemphis.com), and New Pittsburgh Courier (www.NewPittsburghCourier.com) websites to Interactive One's proprietary content and mobile platforms. The transition will benefit the Real Times Media brands through increased audience reach, world-class advertising, media management and operations, guaranteed uptimes and tech support, and a unique set of features and functions that have made the channels within the Interactive One network a leader in the space.
"Real Times Media and its newspapers have a rich tradition and deep community relationships," said Alfred C. Liggins III, CEO of Radio One, Inc., the parent company of Interactive One. "That tradition, those relationships and the power of digital, which is the great equalizer for traditional Black and New Urban audiences, put them on firm footing for a bright future."
Real Times Media is the latest addition to the Interactive One roster of partners, which includes Russell Simmons' GlobalGrind.com, NBC News' theGrio.com and Tom Joyner's BlackAmericaWeb.com, among others.
ABOUT REAL TIMES MEDIA
Real Times Media is a multi-media company focused on urban news, lifestyle information, and entertainment. Built on iconic brands whose legacies extend back more than 100 years, its family of companies include Who's Who Publishing Company, the premiere platform for celebrating African American achievement, the nation's largest African-American owned and operated news organization including the Atlanta Daily World (www.AtlantaDailyWorld.com), Chicago Defender (www.ChicagoDefender.com), Michigan Chronicle (www.MichiganChronicle.com), FrontPage Detroit (www.FrontPageDetroit.com), Memphis Tri-State Defender (www.TSDMemphis.com), and New Pittsburgh Courier (www.NewPittsburghCourier.com) and RTM Digital Studios, , archival image licensing arm which houses more than 2 million photos, articles and other artifacts documenting the past 100 years of the African American experience.
ABOUT INTERACTIVE ONE
Interactive One is one of the fastest growing digital companies reaching millions of Black and Latino Americans each month. With approximately 3 billion annual page views on its suite of sites, the company has become the definitive online resource for the urban community through its suite of social, local radio and content offerings such as HelloBeautiful (www.HelloBeautiful.com), the fastest growing lifestyle resource for today's Black woman; NewsOne (www.NewsOne.com), which provides up to the minute, comprehensive coverage of newsworthy events relevant to Black Americans across the country and the world; TheUrbanDaily (www.TheUrbanDaily.com), the eyes and ears for the urban community looking for what's hot online, on the airwaves, in theaters, and on the street; GIANTlife (www.GiantLife.com), the definitive urban lifestyle brand for Next Generation tastemakers and icons Elev8 (www.Elev8.com) a site devoted to elevating the mind, body and spirit, ZONA de Sabor (www.Zonadesabor.com), the new online destination for today's urban Latino who wants to stay current on entertainment and celebrity news in the Latino community and our social platform anchored by the iconic BlackPlanet (www.BlackPlanet.com), the newly launched BlackPlanetNEXT (www.BlackPlanetNEXT.com), and the new BlackPlanet RADIO (www.BlackPlanetRadio.com), the digital industry's first social radio website created for the African American community.
Interactive One was launched by Radio One, Inc. in 2008 to complement Radio One's existing portfolio of media companies targeting Black Americans. Since its launch, Interactive One has quickly become the #1 online platform for the African American and urban community.
SOURCE Interactive One
Copyright 2013 PR Newswire
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http://ih.advfn.com/p.php?pid=nmona&article=58453403
ROIAK
Radio One, Inc. Reports First Quarter Results
WASHINGTON, May 9, 2013 /PRNewswire/ --
Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended March 31, 2013. Net revenue was approximately $99.1 million, a decrease of 3.7% from the same period in 2012, resulting primarily from a timing difference of two annual special events. Station operating income1 was approximately $35.9 million, an increase of 8.6% from the same period in 2012. The Company reported operating income of approximately $15.5 million for the three months ended March 31, 2013, compared to operating income of $13.8 million for the same period in 2012. Net loss was approximately $18.1 million or $0.36 per share compared to a net loss of $79.2 million or $1.58 per share, for the same period in 2012.
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Alfred C. Liggins, III, Radio One's CEO and President stated, "I was pleased with our Q1 core radio revenue growth of 4.9% in a flat market, which helped us to grow the radio division's adjusted EBITDA by 10.7%. Our two largest travel based events, the Tom Joyner Fantastic Voyage and One Love Gospel Getaway, are both taking place in Q2 2013 compared to Q1 in 2012, which effectively moves approximately $7.6 million of revenue and $594,000 of station operating profit from Q1 to Q2 compared to prior year. Our Cable Television segment had Q1 revenue and adjusted EBITDA growth of 11.6% and 27.7%, respectively, and continues its positive growth momentum. During the first quarter we integrated our syndicated shows and corporate sales into Reach Media, and I expect a strong return to profitability for that business unit in the second quarter. The Company repurchased almost 1.0 million shares at an average price of $1.59 during the quarter, and I believe that will generate a great long term return for shareholders. Core radio pacings for Q2 are currently up low single digits; we are seeing strong national performance, particularly in larger markets, but widespread softness in local business."
RESULTS OF OPERATIONS
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(a) Subject to variable Libor plus a spread currently at 7.50% and incorporated into the applicable interest rateset 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/A, 10-K, 10-Q/A, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Radio One does not undertake any duty to update any forward-looking statements.
Net revenue decreased to approximately $99.1 million for the quarter ended March 31, 2013, from approximately $103.0 million for the same period in 2012, a decrease of 3.7%. Adjusting for the impact of moving our syndicated programming to Reach Media, net revenues from our Radio Broadcasting segment for the quarter ended March 31, 2013, increased 1.4% from the same period in 2012. Furthermore, adjusting for the timing difference for the Company's annual Gospel Cruise event held in March 2012 versus during the second quarter of 2013, our core radio revenue from our stations increased 4.9% for the quarter ended March 31, 2013, compared to the same period in 2012. Adjusting for the impact of moving our syndicated programming to Reach Media, Reach Media's net revenues decreased 44.0% in the first quarter 2013 compared to the same period in 2012 primarily due to the timing of the "Tom Joyner Fantastic Voyage" which took place during the three months ended March 31, 2012, and generated revenue of approximately $5.9 million for Reach Media during that time. Further, adjusting for the timing difference for the "Tom Joyner Fantastic Voyage," Reach Media's revenue decreased 13.9% for the quarter ended March 31, 2013, compared to the same period in 2012. We recognized approximately $36.0 million and $32.2 million of revenue from our Cable Television segment during the three months ended March 31, 2013, and 2012, respectively. Net revenues for our internet business decreased 12.7% for the three months ended March 31, 2013, compared to the same period in 2012.
Operating expenses, excluding depreciation and amortization and stock-based compensation decreased to approximately $72.6 million for the quarter ended March 31, 2013, from approximately $79.4 million for the quarter ended March 31, 2012, a decrease of 8.6%. The decreased expense for the three months ended March 31, 2013, compared to the same period in 2012 is primarily due to timing of the Company's annual Gospel Cruise event and Reach Media's "Tom Joyner Fantastic Voyage" event, both held in March 2012. Reach Media's event and the One Love Gospel Getaway generated expenses of approximately $7.0 million for the quarter ended March 31, 2012.
Depreciation and amortization expense decreased to approximately $9.5 million compared to approximately $9.7 million for the quarters ended March 31, 2013 and 2012, respectively. The decrease was due to the completion of amortization for certain intangible assets and the completion of useful lives for certain assets.
Impairment of long-lived assets for the three months ended March 31, 2013, increased to approximately $1.4 million and related to a non-cash impairment charge recorded to reduce the carrying value of our Cincinnati radio broadcasting licenses.
Interest expense decreased to approximately $22.2 million for the quarter ended March 31, 2013, from approximately $23.7 million for the same period in 2012, a decrease of 6.3%. The Company made cash interest payments of approximately $20.7 million for the quarter ended March 31, 2013, compared to cash interest payments of approximately $15.5 million for the quarter ended March 31, 2012. The primary driver of the increase was that through May 15, 2012, interest on the Company's 12½%/15% Senior Subordinated Notes ("Senior Subordinated Notes") was payable, at our election, partially in cash and partially through the issuance of additional Senior Subordinated Notes (a "PIK Election") on a quarterly basis. The PIK Election expired on May 15, 2012, and interest accruing on the Senior Subordinated Notes from and after May 15, 2012, accrued at a rate of 12½% and was payable in cash.
The provision for income taxes for the quarter ended March 31, 2013, was approximately $6.7 million, primarily attributable to the deferred tax liability ("DTL") for indefinite-lived intangible assets. Because our income tax expense does not have a correlation to our pre-tax earnings, changes in those earnings can have a significant impact on the income tax expense we recognize. As a result, we believe the actual effective tax rate best represents the estimated effective rate for the three month period ended March 31, 2013. Accordingly, the Company used the actual effective tax rate as of March 31, 2013. This is a change from the method used for the $65.3 million recognized during the period ended March 31, 2012, which was based on the estimated annual effective tax rate. The Company paid $8,000 and $60,000 in taxes for the quarters ended March 31, 2013 and 2012, respectively.
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). Income from discontinued operations, net of tax, was $903,000 for the quarter ended March 31, 2013, compared to a loss from discontinued operations, net of tax, of $15,000 for the same period in 2012. The activity for the three months ended March 31, 2013, resulted primarily from the sale of our Columbus, Ohio radio station, WJKR-FM (The Jack, 98.9 FM) in February 2013 which resulted in a gain of $893,000. The income (loss) from discontinued operations, net of tax, includes no tax provision for the three months ended March 31, 2013 and 2012.
The increase in noncontrolling interests in income of subsidiaries is due primarily to greater net income generated by TV One during the three months ended March 31, 2013, compared to the same period in 2012.
Other pertinent financial information includes capital expenditures of approximately $2.2 million and $3.0 million for the quarters ended March 31, 2013 and 2012, respectively. The Company received dividends from TV One in the amount of approximately $8.2 million and $4.3 million for the quarters ended March 31, 2013 and 2012, respectively. As of March 31, 2013, the Company had total debt (net of cash balances) of approximately $771.0 million. The Company's cash and cash equivalents by segment are as follows: Radio and Internet, approximately $23.8 million; Reach Media, approximately $1.6 million; and Cable Television, approximately $21.0 million. In addition to cash and cash equivalents, the cable television segment also has short-term investments of approximately $3.2 million and long-term investments of $68,000. During the quarter ended March 31, 2013, the Company repurchased 7,150 shares of Class A common stock in the amount of $11,026 and 951,974 shares of Class D common stock in the amount of $1,514,903. There were no stock repurchases made during the quarter ended March 31, 2012.
Supplemental Financial Information:
For comparative purposes, the following more detailed, unaudited statements of operations for the three months ended March 31, 2013 and 2012 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.
Effective January 1, 2013, the Radio Broadcasting segment contributed the assets and operations of its Syndication One urban programming line-up to Reach Media. We consolidated our syndication operations within Reach Media to leverage that platform to create the leading syndicated radio network targeted to the African-American audience. In connection with the consolidation, we shifted our syndicated programming sales to an internal sales force operating out of Reach Media. Segment data for the three months ended March 31, 2012, has been reclassified to conform to the current period presentation.
Radio One, Inc. will hold a conference call to discuss its results for first fiscal quarter of 2013. This conference call is scheduled for Thursday, May 9, 2013, at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-800-230-1096; international callers may dial direct (+1) 612-288-0337.
A replay of the conference call will be available from 12:00 p.m. EDTMay 09, 2013, until 11:59 p.m.May 12, 2013. 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 292146. 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., together with its subsidiaries (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 and/or operating 54 broadcast stations located in 16 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates syndicated programming including the Tom Joyner Morning Show, 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", and the Reverend Al Sharpton Show. Beyond its core radio broadcasting franchise, Radio One owns Interactive One (http://www.interactiveone.com/), an online platform serving the African-American community through social content, news, information, and entertainment. Interactive One operates a number of branded sites, including News One, UrbanDaily, HelloBeautiful and social networking 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 income (loss) to station operating income has been provided in this release.
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." In addition, certain reclassifications have been made associated with the transfer and consolidation of our syndication operations within Reach Media. These reclassifications occurred between the Radio Broadcasting segment, Reach Media segment and Corporate/Eliminations/Other.
3 For the quarters ended March 31, 2013 and 2012, Radio One had 49,861,964 and 49,994,974 shares of common stock outstanding on a weighted average basis for both basic and diluted, respectively.
4 "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 income (loss) to EBITDA and Adjusted EBITDA has been provided in this release.
SOURCE Radio One
Read more: http://www.nasdaq.com/article/radio-one-inc-reports-first-quarter-results-20130509-00138#ixzz2SneZF2Un
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Radio One, Inc. ( http://www.radio-one.com/ ) is one of the nation's largest radio broadcasting companies and the largest radio broadcasting company that primarily targets African-American and urban listeners. Pro forma for recently announced transactions, Radio One owns and/or operates 53 radio stations located in 16 urban markets in the United States. Additionally, Radio One owns Magazine One, Inc. (d/b/a Giant Magazine), interests in TV One, LLC , a cable/satellite network programming primarily to African-Americans and Reach Media, Inc., owner of the Tom Joyner Morning Show and other businesses associated with Tom Joyner.
The Radio One Family of Properties: http://www.radio-one.com/our-properties/
Radio One Latest Annual Report: http://www.radio-one.com/investor-relations/sec-filings/
Stream Radio One stations while reviewing the board: http://www.radio-one.com/streaming/
Radio One Investor Facts: http://www.radio-one.com/investor-relations/f-a-q/s:
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