Not looking good for Radio One
Radio One Inc. widened its losses in the fourth quarter, citing the challenging advertising market.
The report comes a day after the Lanham-based broadcaster appointed a new chief financial officer.
Radio One (Nasdaq: ROIA) lost $386 million in the quarter ended Dec. 31, or $3.91 per share, compared with a $25 million loss, or 26 cents per share, in the year-ago quarter.
Fourth quarter revenue was $78 million, down 5 percent from $82 million in the comparable quarter a year ago.
The company said it adjusted 2006 numbers so that they account for discontinued operations.
Radio One blamed its declining revenue on a slide in the “overall radio industry revenue,” specifically in the Baltimore, Cleveland, Detroit, Houston and Philadelphia markets. (more…)
