Radio One Inc (ROIAK) saw its loss narrow to $3.37 million, or $0.07 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $24.35 million, or $0.50 a share.
Revenue during the quarter grew 3.81 percent to $113.56 million from $109.38 million in the previous year period. Gross margin for the quarter contracted 9 basis points over the previous year period to 67.23 percent. Operating margin for the quarter period stood at positive 15.04 percent as compared to a negative 10.34 percent for the previous year period.
Operating income for the quarter was $17.08 million, compared with an operating loss of $11.30 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $30.64 million compared with $28.91 million in the prior year period. At the same time, adjusted EBITDA margin improved 55 basis points in the quarter to 26.98 percent from 26.43 percent in the last year period.
Alfred C. Liggins, III, Radio One's chief executive officer and president stated, "Political advertising helped our radio broadcasting segment achieve both revenue and Adjusted EBITDA growth compared to the fourth quarter of 2015. Together with a nice rebound in TV advertising revenue, which was up 18%, this helped drive our 6% growth in consolidated Adjusted EBITDA. During the fourth quarter we booked our first income from MGM National Harbor, which had a strong opening in December. Overall I was pleased with our performance for the year, which was towards the upper end of EBITDA guidance. First quarter radio revenues have been understandably soft, given the political comps from 2016, and we are currently pacing down approximately 5%. While we expect both Radio and Reach Media to struggle against tough comps in the first quarter, our TV business and MGM investment should offset these declines, and we will be able to grow our Adjusted EBITDA again in 2017. TV One's ratings are rebounding from last year's loss of Martin, and for fourth quarter total day households were up 2% and Persons 25-54 were up 3% compared to Q4 2015. The positive ratings momentum is continuing into the first quarter of 2017, where we are up 7% and 5% in total day households and Persons 25-54, respectively."
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
