Radio One, Inc (Nasdaq: ROIAK; ROIA) has announced numerous quarters of losses sprinkled with minute profits in-between but the latest quarterly report for Q2 2011 could bring Radio One hefty earnings for the year; almost as large as all of its losses for the past four quarters combined.
The Lanham-based company reported increases overall in key areas. Revenue was up 29.3% to $97.1 Million in the quarter versus $75.1 Million in the prior period of 2010.
A near 4000% increase in net income amounted to $101.2 Million due to—according to the company, "a non-cash pre-tax gain of approximately $146.9 million resulting from its increased ownership and controlling interest in TV One". The TV One cable network is responsible for net income of $1.86 per diluted share and $1.94 per basic share contrasted with $0.04 cents per basic and diluted share in second quarter ended June 30, 2010.
"The addition of Cable Television to our segment reporting for the first time in Q2 demonstrates the continued evolution of Radio One: core radio revenues for Q2 now represent approximately 62% of the Company's revenues. Our radio performance suffered from difficult competitive situations in Dallas and Houston, and sluggish economic recovery in our Mid-West markets. Our on-line and mobile product offerings continue to develop, and our losses at Interactive One narrowed considerably from the same period last year. I anticipate radio revenues in the third quarter to remain relatively flat, and we continue to focus on controlling the cost base, while developing other revenue streams." stated Alfred C. Liggins, III, CEO and President of Radio One, Inc.
Radio One in Prince George's County, also increased its cash and cash equivalents to $29.88 Million, three times the amount held at the end of last year.
As one of the nation's largest radio broadcasting media companies, Radio One owns and operates 53 stations in 16 markets in the United States. The company also owns several online interactive and social media sites. It now has a controlling interest in cable network TV One based in Silver Spring.