Radio One Inc. recently reported its results for the quarter ended June 30, 2011, revealing a net revenue of approximately $97.1 million, which was an increase of 29.3 percent from the same period in 2010.
Station operating income was listed as approximately $34.8 million, an increase of 22.5 percent from the same period last year. The company also reported operating income of approximately $15.8 million compared to operating income of approximately $13.8 million for the same period in 2010. In addition, Radio One recorded a non-cash pre-tax gain of approximately $146.9 million resulting from its increased ownership and controlling interest in TV One.
"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 percent of the Company's revenues," Alfred C. Liggins, III, Radio One's CEO and presiden, said in a statement posted online at Target Market News.
"Our radio performance suffered from difficult competitive situations in Dallas and Houston, and sluggish economic recovery in our Mid-West markets," he continued. "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."