Lanham-based Radio One, Inc. (NASDAQ: ROIAK and ROIA) has executed a number of strategies in the past several months to bring it closer to continuous profitability. In the second quarter of 2011 the company booked a record $98.5 million in net income. The influx of cash reported was due to consolidation of its TV One cable network into its operations.
It's also recently altered radio station formats in cities across the country including Houston, Philadelphia and Detroit.
The biggest change of all is the soon-to-be finalized corporate headquarters move from Lanham to Silver Spring. Even local radio station operations will relocate to the downtown area.
But for the third quarter ended September 30, 2011, Radio One posted a net loss $9.9 million or $-0.20 cents per share versus a net income of approximately $1.0 million or $0.02 per share for the third quarter of 2010.
Revenues are increasing though, with $104.4 million accrued in Q3 2011, a year-over-year increase of 40.3 percent from the $74.4 million in Q3 2010. TV One made up $35.8 million of that revenue. Radio One topped a revenue estimate of $103.30 million, the company had cash and cash equivalents of $33.2 million as of September 30, 2011 compared to $9.19 million at the end of December 31, 2010.