Radio One, Inc. Reports Fourth Quarter Results

                Radio One, Inc. Reports Fourth Quarter Results

PR Newswire

WASHINGTON, Feb. 20, 2013

WASHINGTON, Feb. 20, 2013 /PRNewswire/ -- Radio One, Inc. (NASDAQ: ROIAK and
ROIA) today reported its results for the quarter ended December 31, 2012.
Giving effect to the consolidation of TV One, net revenue was approximately
$105.9 million, an increase of 8.0% from the same period in 2011. Also giving
effect to the consolidation of TV One, station operating income^1 was
approximately $35.7 million, an increase of 0.6% from the same period in 2011.
The Company reported operating income of approximately $14.7 million compared
to an operating loss of approximately $8.8 million for the same period in
2011. Net loss was approximately $17.2 million or $0.34 per share compared to
net loss of $21.5 million or $0.43 per share, for the same period in 2011.

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Alfred C. Liggins, III, Radio One's CEO and President stated, "I was pleased
with our Fourth Quarter radio division performance; core radio revenues were
up by 11.0% and we outperformed the markets in which we operate by 820 Bps.
Normalizing for political revenues, Q4 was +2.9%. Adjusted EBITDA for the
Radio Division increased 33% over prior year. Forward pacings for radio remain
encouraging, with Q1 currently pacing up mid-single digits ahead of prior
year. Fourth Quarter revenues from our Cable Television division increased
6.8% from the prior period, and we were able to absorb additional programming
amortization expenses and severance costs, while still delivering
approximately $40 million of Adjusted EBITDA for the full year. During the
quarter, we reorganized our syndicated programming and syndicated programming
sales effort under the experienced and capable management of David Kantor at
Reach Media, and I look forward to seeing positive results from that
initiative in 2013."





RESULTS OF OPERATIONS
                      Three Months Ended December  Year Ended December 31,
                      31,
                      2012          2011           2012            2011
                                    (as                            (as
                                    adjusted)^2                    adjusted)^2
STATEMENT OF          (unaudited)                  (unaudited)     (audited)
OPERATIONS
                      (in thousands, except share  (in thousands, except share
                      data)                        data)
                      $        $        $         $     
 NET REVENUE                        98,044    424,573      
                      105,885                                     364,239
 OPERATING EXPENSES
 Programming and
 technical, excluding 39,347        32,825         135,781         114,912
 stock-based
 compensation
 Selling, general and
 administrative,
 excluding            30,868        29,754         137,725         125,459
 stock-based
 compensation
 Corporate selling,
 general and
 administrative,      11,350        8,482          40,353          33,696
 excluding
 stock-based
 compensation
 Stock-based          44            2,251          171             5,146
 compensation
 Depreciation and     9,603         11,243         38,715          37,069
 amortization
 Impairment of        -             22,331         313             22,331
 long-lived assets
 Total operating      91,212        106,886        353,058         338,613
 expenses
 
 Operating income     14,673        (8,842)        71,515          25,626
 (loss)
 INTEREST INCOME      93            234            248             354
 INTEREST EXPENSE     22,296        23,108         91,150          88,330
 GAIN ON INVESTMENT
 IN AFFILIATED        -             -              -               146,879
 COMPANY
 LOSS ON RETIREMENT   -             -              -               7,743
 OF DEBT
 EQUITY IN INCOME OF  -             -              -               3,287
 AFFILIATED COMPANY
 OTHER EXPENSE, net   73            321            1,357           324
 (Loss) income before
 provision for
 (benefit from)
 income taxes,
 noncontrolling       (7,603)       (32,037)       (20,744)        79,749
 interest in income
 of subsidiaries and
 loss from
 discontinued
 operations
 PROVISION FOR
 (BENEFIT FROM)       7,421         (15,219)       33,235          66,686
 INCOME TAXES
 Net (loss) income
 from continuing      (15,024)      (16,818)       (53,979)        13,063
 operations
 LOSS FROM
 DISCONTINUED         (117)         (109)          (137)           (160)
 OPERATIONS, net of
 tax
 CONSOLIDATED NET     (15,141)      (16,927)       (54,116)        12,903
 (LOSS) INCOME
 NET INCOME
 ATTRIBUTABLE TO      2,086         4,611          12,749          10,014
 NONCONTROLLING
 INTERESTS
 CONSOLIDATED NET     $                                       $     
 (LOSS) INCOME                   $        $             
 ATTRIBUTABLE TO      (17,227)       (21,538)    (66,865)   2,889
 COMMON STOCKHOLDERS
 AMOUNTS ATTRIBUTABLE
 TO COMMON
 STOCKHOLDERS
 NET (LOSS) INCOME   $        $        $         $     
 FROM CONTINUING                   (21,429)    (66,728)       
 OPERATIONS           (17,110)                                    3,049
 LOSS FROM
 DISCONTINUED         (117)         (109)          (137)           (160)
 OPERATIONS, net of
 tax
 CONSOLIDATED NET     $                                       $     
 (LOSS) INCOME                   $        $             
 ATTRIBUTABLE TO      (17,227)       (21,538)    (66,865)   2,889
 COMMON STOCKHOLDERS
 Weighted average
 shares outstanding - 50,042,751    49,782,016     50,015,252      50,739,447
 basic^3
 Weighted average
 shares outstanding - 50,042,751    49,782,016     50,015,252      52,294,322
 diluted^4





                      Three Months Ended          Year Ended December 31,
                      December 31,
                      2012         2011           2012            2011
                                   (as                            (as
                                   adjusted)^2                    adjusted)^2
 PER SHARE DATA -     (unaudited)                 (unaudited)     (audited)
 basic and diluted:
                      (in thousands, except per   (in thousands, except per
                      share data)                 share data)
  Net (loss)       $                                      $     
 income from                  $        $            
 continuing           (0.34)        (0.43)       (1.33)   0.06
 operations (basic)
  Loss from
 discontinued         (0.00)       (0.00)         (0.00)          (0.00)
 operations, net of
 tax (basic)
  Consolidated net
 (loss) income
 attributable to      $       $        $         $     
 common                         (0.43)       (1.34) *    
                      (0.34)                                     0.06
 stockholders
 (basic)
  Net (loss)       $                                      $     
 income from                  $        $            
 continuing           (0.34)        (0.43)       (1.33)   0.06
 operations (diluted)
  Loss from
 discontinued         (0.00)       (0.00)         (0.00)          (0.00)
 operations, net of
 tax (diluted)
  Consolidated net
 (loss) income
 attributable to      $       $        $         $     
 common                         (0.43)       (1.34) *    
                      (0.34)                                     0.06
  stockholders
 (diluted)
 SELECTED OTHER DATA
 Station operating    $       $        $         $     
 income ^1                      35,465       151,067       123,868
                      35,670
 Station operating
 income margin (% of  33.7%        36.2%          35.6%           34.0%
 net revenue)
 Station operating
 income
 reconciliation:
  Consolidated net
 (loss) income        $     
 attributable to                $        $         $     
 common               (17,227)    (21,538)       (66,865)        2,889

 stockholders
  Add back
 non-station
 operating income
 items included in

 consolidated net
 (loss) income:
 Interest income      (93)         (234)          (248)           (354)
 Interest expense     22,296       23,108         91,150          88,330
 Provision for
 (benefit from)       7,421        (15,219)       33,235          66,686
 income taxes
 Corporate selling,
 general and          11,350       8,482          40,353          33,696
 administrative
 expenses
 Stock-based          44           2,251          171             5,146
 compensation
 Gain on investment
 in affiliated        -            -              -               (146,879)
 company
 Loss on retirement   -            -              -               7,743
 of debt
 Equity in income of  -            -              -               (3,287)
 affiliated company
 Other expense, net   73           321            1,357           324
 Depreciation and     9,603        11,243         38,715          37,069
 amortization
 Noncontrolling
 interest in income   2,086        4,611          12,749          10,014
 of subsidiaries
 Impairment of        -            22,331         313             22,331
 long-lived assets
 Loss from
 discontinued         117          109            137             160
 operations, net of
 tax
 Station operating    $       $        $         $     
 income                         35,465       151,067       123,868
                      35,670
                      $       $        $         $     
 Adjusted EBITDA^5              26,983       110,714        90,172
                      24,320
 Adjusted EBITDA
 reconciliation:
  Consolidated net
 (loss) income        $     
 attributable to                $        $         $     
 common              (17,227)    (21,538)       (66,865)        2,889

  stockholders
 Interest income      (93)         (234)          (248)           (354)
 Interest expense     22,296       23,108         91,150          88,330
 Provision for
 (benefit from)       7,421        (15,219)       33,235          66,686
 income taxes
 Depreciation and     9,603        11,243         38,715          37,069
 amortization
                      $       $        $         $     
 EBITDA                         (2,640)       95,987      194,620
                      22,000
 Stock-based          44           2,251          171             5,146
 compensation
 Gain on investment
 in affiliated        -            -              -               (146,879)
 company
 Loss on retirement   -            -              -               7,743
 of debt
 Equity in income of  -            -              -               (3,287)
 affiliated company
 Other expense, net   73           321            1,357           324
 Noncontrolling
 interest in income   2,086        4,611          12,749          10,014
 of subsidiaries
 Impairment of        -            22,331         313             22,331
 long-lived assets
 Loss from
 discontinued         117          109            137             160
 operations, net of
 tax
                      $       $        $         $     
 Adjusted EBITDA                26,983       110,714        90,172
                      24,320
 *Per share amounts
 do not add due to
 rounding.





                                      December 31, 2012    December 31, 2011
                                      (unaudited)
                                      (in thousands)
SELECTED BALANCE SHEET DATA:
 Cash and cash equivalents            $           $         
                                      57,255              35,939
 Intangible assets, net               1,202,562            1,244,861
 Total assets                         1,460,770            1,486,482
 Total debt (including current        818,718              808,904
 portion)
 Total liabilities                    1,093,419            1,055,541
 Total equity                         354,498              410,598
 Redeemable noncontrolling interest   12,853               20,343
 Noncontrolling interest              210,698              205,063
                                      Current Amount       Applicable Interest
                                      Outstanding          Rate
                                      (in thousands)
SELECTED LEVERAGE DATA:
 Senior bank term debt, net of
 original issue discount of           $            7.50%
 approximately $5.4 million (subject  371,937
 to variable rates) (a)
 12 1/2%/15% senior subordinated     327,034              12.50%
 notes (fixed rate)
 6 3/8% senior subordinated notes     747                  6.38%
 (fixed rate)
 10% Senior Secured TV One Notes due  119,000              10.00%
 March 2016 (fixed rate)
 (a) Subject to variable Libor plus a spread currently at 7.50% and
 incorporated into the applicable interest rate set forth above.





Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Forward-looking statements represent management's
current expectations and are based upon information available to Radio One at
the time of this release. These forward-looking statements involve known and
unknown risks, uncertainties and other factors, some of which are beyond Radio
One's control, that may cause the actual results to differ materially from any
future results, performance or achievements expressed or implied by such
forward-looking statements. Important factors that could cause actual results
to differ materially are described in Radio One's reports on Forms 10-K/A,
10-K, 10-Q/A, 10-Q, 8-K and other filings with the Securities and Exchange
Commission (the "SEC"). Radio One does not undertake any duty to update any
forward-looking statements.

Net revenue increased to approximately $105.9 million for the quarter ended
December 31, 2012, from approximately $98.0 million for the same period in
2011, an increase of 8.0%. We recognized approximately $33.5 million of
revenue from our cable television segment during the three months ended
December 31, 2012 compared to approximately $31.3 million for the same period
in 2011. Net revenues from our radio segment, including syndicated
programming, increased 11.0% for the quarter ended December 31, 2012 compared
to the same period in 2011. Reach Media's net revenues decreased 20.9% in the
fourth quarter 2012 compared to the same period in 2011 partially due to
changes to certain of Reach Media's affiliate agreements as well as
advertisers who deferred spending during the quarter. Net revenues for our
internet business increased 7.7% for the three months ended December 31, 2012
compared to the same period in 2011.

Operating expenses, excluding depreciation and amortization, stock-based
compensation and impairment of long-lived assets, increased to approximately
$81.6 million for the quarter ended December 31, 2012, up 14.8% from the
approximately $71.1 million incurred for the comparable quarter in 2011.
Approximately $7.6 million of the increase is a result of additional
programming and technical expenses, primarily additional content amortization
incurred by TV One for the quarter ended December 31, 2012 compared to the
same period in 2011. The increase in TV One content amortization is a result
of an increased investment in original programming as well as accelerated
amortization based on programming genre. In addition, approximately $3.2
million of the increase is due to higher payroll costs associated with
corporate bonuses that were earned in 2012. Corporate bonuses had not
previously been accrued or paid since 2010.

Stock-based compensation decreased to $44,000 for the quarter ended December
31, 2012, compared to approximately $2.3 million for the same period in 2011.
Increased stock-based compensation expense for the quarter ended December 31,
2011 was due to the accelerated vesting of approximately 1,000,000 shares of
restricted stock representing the final portion of shares pursuant to a
long-term incentive plan granted to officers and certain key employees in
January 2010. Stock-based compensation requires measurement of compensation
costs for all stock-based awards at fair value on date of grant and
recognition of compensation expense over the service period for which awards
are expected to vest.

Depreciation and amortization expense decreased to approximately $9.6 million
compared to approximately $11.2 million for the quarters ended December 31,
2012 and 2011, respectively, a decrease of 14.6%. The decrease was due to the
completion of amortization for certain intangible assets and the completion of
useful lives for certain assets.

Impairment of long-lived assets for the quarter ended December31, 2012 was
$0, compared to approximately $22.3 million for the same period in 2011, a
decrease of 100.0%. Our annual 2011 impairment testing resulted in a non-cash
impairment charge to goodwill in our Columbus market as well as a non-cash
charge associated with Reach Media's intangible assets.

Interest expense decreased to approximately $22.3 million for the quarter
ended December 31, 2012 compared to approximately $23.1 million for the same
period in 2011. The Company made cash interest payments of approximately $21.3
million for the quarter ended December 31, 2012 compared to cash interest
payments of approximately $15.5 million for the quarter ended December 31,
2011. Through May 15, 2012, interest on the Company's 12½%/15% Senior
Subordinated Notes ("Senior Subordinated Notes") was payable, at our election,
partially in cash and partially through the issuance of additional Senior
Subordinated Notes (a "PIK Election") on a quarterly basis. The PIK Election
expired on May 15, 2012 and interest accruing on the Senior Subordinated Notes
from and after May 15, 2012 accrued at a rate of 12½% and was payable in cash.

The provision for income taxes for the quarter ended December 31, 2012 was
approximately $7.4 million compared to a benefit from income taxes of
approximately $15.2 million for the comparable period in 2011. The increase is
primarily attributable totheincrease in the deferred tax liability resulting
from the continued tax amortization of indefinite-lived intangible assetsas
of December 31, 2012.The benefit for income taxes of approximately $15.2
million for the same period in 2011 was attributable to changes in the
estimated annual effective rate based on the increase in the deferred tax
liability resulting from the continued tax amortization of indefinite-lived
intangible assets and expected pre-tax income of the Company due to the impact
of the consolidation of TV One. The Company paid $187,000 in taxes for the
quarter ended December 31, 2012.

Loss from discontinued operations, net of tax, for the quarter ended December
31, 2012 includes the results of operations for our sold radio stations (or
stations made the subject of a local marketing agreement). Loss from
discontinued operations, net of tax, was $117,000 for the quarter ended
December 31, 2012, compared $109,000 for the same period in 2011. The activity
for the three months ended December 31, 2012 and 2011 resulted primarily from
our remaining station in our Boston market as well as a station in our
Columbus market entering into an LMA. The loss from discontinued operations,
net of tax, includes no tax provision for either of the three month periods
ended December 31, 2012 or 2011.

The decrease in noncontrolling interests in income of subsidiaries was due
primarily to lower net income generated by TV One during the three months
ended December 31, 2012 compared to the same period in 2011 in addition to a
loss generated by Reach Media during the three months ended December 31, 2012
compared to income for the same period in 2011.

Other pertinent financial information includes capital expenditures of
approximately $2.9 million and $4.0 million for the quarters ended December
31, 2012 and 2011, respectively. The Company did not receive dividends for
the quarter ended December 31, 2012 and received approximately $8.1 million in
dividends for the year ended December 31, 2012. The Company received dividends
in the amount of approximately $5.1 million for the quarter ended December 31,
2011 and approximately $14.6 million for the year ended December 31, 2011. As
of December 31, 2012, the Company had total debt (net of cash balances) of
approximately $761.5 million. The Company's cash and cash equivalents by
segment are as follows: Radio and Internet: approximately $23.9 million;
Reach Media: approximately $2.4 million; and Cable Television: approximately
$31.0 million. In addition to cash and cash equivalents, the cable television
segment also has short-term investments of approximately $1.6 million and
long-term investments of $97,000. During the quarter ended December 31, 2011,
the Company repurchased 25,250 shares of Class A common stock in the amount of
$32,000 and 752,132 shares of Class D common stock in the amount of $926,000.
There were no stock repurchases made during the quarter or year ended December
31, 2012.

Other Matters

The Company also announced that its Board of Directors has approved a stock
repurchase authorization. The Company has been authorized, but is not
obligated, to repurchase up to $2 million worth of its Class A and/or Class D
common stock in support of its stock price. Repurchases will be made from time
to time in the open market or in privately negotiated transactions in
accordance with applicable laws and regulations. The timing and extent of any
repurchases will depend upon prevailing market conditions, the trading price
of the Company's Class A and/or Class D common stock and other factors, and
subject to restrictions under applicable law. Radio One expects to implement
this stock repurchase program in a manner consistent with market conditions
and the interests of the stockholders, including maximizing stockholder value.
Based on the closing stock prices of Radio One's Class A and Class D common
stock on February 15, 2013, the newly authorized repurchase would represent
approximately 2.7% of the Company's outstanding shares.

Finally, the Company announced that it closed on the previously announced sale
of the assets of one of its Columbus, Ohio radio stations, WJKR-FM (The Jack,
98.9 FM), to Salem Media of Ohio, Inc., a subsidiary of Salem Communications
("Salem"). The Company sold the assets of WJKR for $4 million and the
transaction closed on February 15, 2013. The transaction was originally
announced in connection with the Company's quarterly report on Form 10-Q filed
November 13, 2012.

Supplemental Financial Information:

For comparative purposes, the following more detailed, unaudited statements of
operations for the three months and year ended December 31, 2012 and 2011 are
included. These detailed, unaudited and adjusted statements of operations
include certain reclassifications associated with accounting for discontinued
operations. These reclassifications had no effect on previously reported net
income or loss, or any other previously reported statements of operations,
balance sheet or cash flow amounts.





                   Three Months Ended December 31, 2012
                   (in thousands, unaudited)
                                                                                   Corporate/
                                  Radio        Reach                Cable        Eliminations/
                   Consolidated   Broadcasting   Media     Internet   Television   Other
STATEMENT OF
OPERATIONS:
 NET REVENUE     $ 105,885      $ 60,184       $ 8,272   $ 5,193    $ 33,455     $ (1,219)
 OPERATING
 EXPENSES:
 Programming and   39,347         12,486         5,923     1,452      20,826       (1,340)
 technical
 Selling,
 general and       30,868         22,238         1,506     4,478      2,814        (168)
 administrative
 Corporate
 selling,          11,350         -              1,666     -          1,829        7,855
 general and
 administrative
 Stock-based       44             15             -         -          -            29
 compensation
 Depreciation
 and               9,603          1,553          291       778        6,645        336
 amortization
 Total operating   91,212         36,292         9,386     6,708      32,114       6,712
 expenses
 
 Operating         14,673         23,892         (1,114)   (1,515)    1,341        (7,931)
 income (loss)
 INTEREST INCOME   93             -              1         -          57           35
 INTEREST          22,296         400            -         -          3,039        18,857
 EXPENSE
 OTHER EXPENSE     73             (5)            -         -          -            78
 (INCOME), net
  (Loss) income
  before
  provision for
  (benefit from)
  income taxes,
  noncontrolling   (7,603)        23,497         (1,113)   (1,515)    (1,641)      (26,831)
  interest in
  income of
  subsidiaries
  and loss from
  discontinued
  operations
 PROVISION FOR
 (BENEFIT FROM)    7,421          7,739          (318)     -          -            -
 INCOME TAXES
  Net (loss)
  income from      (15,024)       15,758         (795)     (1,515)    (1,641)      (26,831)
  continuing
  operations
 LOSS FROM
 DISCONTINUED      (117)          (117)          -         -          -            -
 OPERATIONS, net
 of tax
 CONSOLIDATED
 NET (LOSS)        (15,141)       15,641         (795)     (1,515)    (1,641)      (26,831)
 INCOME
 NET INCOME
 ATTRIBUTABLE TO   2,086          -              -         -          -            2,086
 NONCONTROLLING
 INTERESTS
 NET (LOSS)
 INCOME
 ATTRIBUTABLE TO $ (17,227)     $ 15,641       $ (795)   $ (1,515)  $ (1,641)    $ (28,917)
 COMMON
 STOCKHOLDERS
 Adjusted        $ 24,320       $ 25,460       $ (823)   $ (737)    $ 7,986      $ (7,566)
 EBITDA^5



                   Three Months Ended December 31, 2011
                   (in thousands, unaudited, as adjusted)^2
                                                                                   Corporate/
                                  Radio        Reach                Cable        Eliminations/
                   Consolidated   Broadcasting   Media     Internet   Television   Other
STATEMENT OF
OPERATIONS:
 NET REVENUE     $ 98,044       $ 54,196       $ 10,454  $ 4,823    $ 31,313     $ (2,742)
 OPERATING
 EXPENSES:
 Programming and   32,825         14,058         5,287     1,872      13,628       (2,020)
 technical
 Selling,
 general and       29,754         20,994         1,876     3,132      4,963        (1,211)
 administrative
 Corporate
 selling,          8,482          -              1,517     -          1,974        4,991
 general and
 administrative
 Stock-based       2,251          384            -         75         -            1,792
 compensation
 Depreciation
 and               11,243         1,615          989       819        7,582        238
 amortization
 Impairment of
 long-lived        22,331         14,509         7,822     -          -            -
 assets
 Total operating   106,886        51,560         17,491    5,898      28,147       3,790
 expenses
 
 Operating         (8,842)        2,636          (7,037)   (1,075)    3,166        (6,532)
 (loss) income
 INTEREST INCOME   234            -              3         -          198          33
 INTEREST          23,108         426            18        -          2,424        20,240
 EXPENSE
 OTHER EXPENSE     321            321            -         -          8            (8)
 (INCOME), net
  (Loss) income
  before benefit
  from income
  taxes,
  noncontrolling
  interest in      (32,037)       1,889          (7,052)   (1,075)    932          (26,731)
  income of
  subsidiaries
  and (loss)
  income from
  discontinued
  operations
 BENEFIT FROM      (15,219)       (12,664)       (2,555)   -          -            -
 INCOME TAXES
  Net (loss)
  income from      (16,818)       14,553         (4,497)   (1,075)    932          (26,731)
  continuing
  operations
 (LOSS) INCOME
 FROM
 DISCONTINUED      (109)          (111)          -         2          -            -
 OPERATIONS, net
 of tax
 CONSOLIDATED
 NET (LOSS)        (16,927)       14,442         (4,497)   (1,073)    932          (26,731)
 INCOME
 NET INCOME
 ATTRIBUTABLE TO   4,611          -              -         -          -            4,611
 NONCONTROLLING
 INTERESTS
 NET (LOSS)
 INCOME
 ATTRIBUTABLE TO $ (21,538)     $ 14,442       $ (4,497) $ (1,073)  $ 932        $ (31,342)
 COMMON
 STOCKHOLDERS
 Adjusted        $ 26,983       $ 19,144       $ 1,774   $ (181)    $ 10,748     $ (4,502)
 EBITDA^5





                   Year Ended December 31, 2012
                   (in thousands, unaudited)
                                                                                   Corporate/
                                  Radio        Reach                Cable        Eliminations/
                   Consolidated   Broadcasting   Media     Internet   Television   Other
STATEMENT OF
OPERATIONS:
 NET REVENUE     $ 424,573      $ 236,278      $ 42,280  $ 19,852   $ 131,178    $ (5,015)
 OPERATING
 EXPENSES:
 Programming and   135,781        50,664         23,865    7,636      58,094       (4,478)
 technical
 Selling,
 general and       137,725        87,799         13,121    13,543     24,768       (1,506)
 administrative
 Corporate
 selling,          40,353         -              6,740     -          8,499        25,114
 general and
 administrative
 Stock-based       171            67             -         -          -            104
 compensation
 Depreciation
 and               38,715         6,371          1,177     3,210      26,864       1,093
 amortization
 Impairment of
 long-lived        313            313            -         -          -            -
 assets
 Total operating   353,058        145,214        44,903    24,389     118,225      20,327
 expenses
 
 Operating         71,515         91,064         (2,623)   (4,537)    12,953       (25,342)
 income (loss)
 INTEREST INCOME   248            -              5         -          106          137
 INTEREST          91,150         1,206          -         -          12,156       77,788
 EXPENSE
 OTHER EXPENSE     1,357          (15)           -         -          605          767
 (INCOME), net
  (Loss) income
  before
  provision for
  (benefit from)
  income taxes,
  noncontrolling   (20,744)       89,873         (2,618)   (4,537)    298          (103,760)
  interest in
  income of
  subsidiaries
  and loss from
  discontinued
  operations
 PROVISION FOR
 (BENEFIT FROM)    33,235         33,935         (700)     -          -            -
 INCOME TAXES
  Net (loss)
  income from      (53,979)       55,938         (1,918)   (4,537)    298          (103,760)
  continuing
  operations
 LOSS FROM
 DISCONTINUED      (137)          (137)          -         -          -            -
 OPERATIONS, net
 of tax
 CONSOLIDATED
 NET (LOSS)        (54,116)       55,801         (1,918)   (4,537)    298          (103,760)
 INCOME
 NET INCOME
 ATTRIBUTABLE TO   12,749         -              -         -          -            12,749
 NONCONTROLLING
 INTERESTS
 NET (LOSS)
 INCOME
 ATTRIBUTABLE TO $ (66,865)     $ 55,801       $ (1,918) $ (4,537)  $ 298        $ (116,509)
 COMMON
 STOCKHOLDERS
 Adjusted        $ 110,714      $ 97,815       $ (1,446) $ (1,327)  $ 39,817     $ (24,145)
 EBITDA^5





                   Year Ended December 31, 2011
                   (in thousands, unaudited, as adjusted)^2
                                                                                   Corporate/
                                  Radio        Reach                Cable        Eliminations/
                   Consolidated   Broadcasting   Media     Internet   Television   Other
STATEMENT OF
OPERATIONS:
 NET REVENUE     $ 364,239      $ 221,026      $ 48,382  $ 17,529   $ 86,024     $ (8,722)
 OPERATING
 EXPENSES:
 Programming and   114,912        53,618         21,206    8,563      39,082       (7,557)
 technical
 Selling,
 general and       125,459        83,997         14,105    11,342     19,016       (3,001)
 administrative
 Corporate
 selling,          33,696         -              6,115     -          3,271        24,310
 general and
 administrative
 Stock-based       5,146          836            -         157        -            4,153
 compensation
 Depreciation
 and               37,069         6,705          3,952     3,694      21,790       928
 amortization
 Impairment of
 long-lived        22,331         14,509         7,822     -          -            -
 assets
 Total operating   338,613        159,665        53,200    23,756     83,159       18,833
 expenses
 
 Operating         25,626         61,361         (4,818)   (6,227)    2,865        (27,555)
 income (loss)
 INTEREST INCOME   354            -              15        -          303          36
 INTEREST          88,330         426            64        -          8,611        79,229
 EXPENSE
 GAIN ON
 INVESTMENT IN     146,879        -              -         -          -            146,879
 AFFILIATED
 COMPANY
 LOSS ON
 RETIREMENT OF     7,743          -              -         -          -            7,743
 DEBT
 EQUITY IN
 INCOME OF         3,287          -              -         -          -            3,287
 AFFILIATED
 COMPANY
 OTHER EXPENSE,   324            266            -         -          8            50
 net
  Income (loss)
  before
  provision for
  (benefit from)
  income taxes,
  noncontrolling
  interest in      79,749         60,669         (4,867)   (6,227)    (5,451)      35,625
  income of
  subsidiaries
  and (loss)
  income from
  discontinued
  operations
 PROVISION FOR
 (BENEFIT FROM)    66,686         68,655         (1,969)   -          -            -
 INCOME TAXES
  Net income
  (loss) from      13,063         (7,986)        (2,898)   (6,227)    (5,451)      35,625
  continuing
  operations
 (LOSS) INCOME
 FROM
 DISCONTINUED      (160)          (164)          -         4          -            -
 OPERATIONS, net
 of tax
 CONSOLIDATED
 NET INCOME        12,903         (8,150)        (2,898)   (6,223)    (5,451)      35,625
 (LOSS)
 NET INCOME
 ATTRIBUTABLE TO   10,014         -              -         -          -            10,014
 NONCONTROLLING
 INTERESTS
 NET INCOME
 (LOSS)
 ATTRIBUTABLE TO $ 2,889        $ (8,150)      $ (2,898) $ (6,223)  $ (5,451)    $ 25,611
 COMMON
 STOCKHOLDERS
 Adjusted        $ 90,172       $ 83,411       $ 6,956   $ (2,376)  $ 24,655     $ (22,474)
 EBITDA^5



Radio One, Inc. will hold a conference call to discuss its results for fourth
quarter of 2012, as well as full year 2012. This conference call is scheduled
for Wednesday, February 20, 2013 at 10:00 a.m. EST. To participate on this
call, U.S. callers may dial toll-free 1-800-230-1951; international callers
may dial direct (+1) 612-332-0418.

A replay of the conference call will be available from 12:00 p.m. EST February
20, 2013 until 11:59 p.m. February 24, 2013. Callers may access the replay by
calling 1-800-475-6701; international callers may dial direct (+1)
320-365-3844. The replay Access Code is 279038. Access to live audio and a
replay of the conference call will also be available on Radio One's corporate
website at http://www.radio-one.com/. The replay will be made available on the
website for seven days after the call.

Radio One, Inc., together with its subsidiaries (http://www.radio-one.com/),
is a diversified media company that primarily targets African-American and
urban consumers. The Company is one of the nation's largest radio broadcasting
companies, currently owning and/or operating 54 broadcast stations located in
16 urban markets in the United States. Through its controlling interest in
Reach Media, Inc. (http://www.blackamericaweb.com/), the Company also operates
syndicated programming including the Tom Joyner Morning Show, the Russ Parr
Morning Show, the Yolanda Adams Morning Show, the Rickey Smiley Morning Show,
CoCo Brother Live, CoCo Brother's "Spirit" program, Bishop T.D. Jakes'
"Empowering Moments", and the Reverend Al Sharpton Show. Beyond its core radio
broadcasting franchise, Radio One owns Interactive One
(http://www.interactiveone.com/), an online platform serving the
African-American community through social content, news, information, and
entertainment. Interactive One operates a number of branded sites, including
News One, UrbanDaily, HelloBeautiful and social networking websites, including
BlackPlanet, MiGente, and Asian Avenue. In addition, the Company owns a
controlling interest in TV One, LLC (http://www.tvoneonline.com/), a
cable/satellite network programming primarily to African-Americans.

Notes:

^1 "Station operating income" consists of net loss before depreciation and
amortization, corporate expenses, stock-based compensation, equity in income
of affiliated company, income taxes, noncontrolling interest in income (loss)
of subsidiaries, interest expense, impairment of long-lived assets, other
(income) expense, loss (gain) on retirement of debt, (income) loss from
discontinued operations, net of tax, interest income and gain on purchase of
affiliated company. Station operating income is not a measure of financial
performance under generally accepted accounting principles. Nevertheless
station operating income is a significant basis used by our management to
measure the operating performance of our stations within the various markets
because station operating income provides helpful information about our
results of operations apart from expenses associated with our fixed assets and
long-lived intangible assets, income taxes, investments, debt financings and
retirements, overhead, stock-based compensation, impairment charges, and asset
sales. Our measure of station operating income may not be comparable to
similarly titled measures of other companies as our definition includes the
results of all four segments (radio broadcasting, Reach Media, internet and
cable television). Station operating income does not purport to represent
operating income or cash flow from operating activities, as those terms are
defined under generally accepted accounting principles, and should not be
considered as an alternative to those measurements as an indicator of our
performance. A reconciliation of net income (loss) to station operating income
has been provided in this release.

^2Certain reclassifications associated with accounting for discontinued
operations have been made to prior period balances to conform to the current
presentation. These reclassifications had no effect on any other previously
reported or consolidated net income or loss or any other statement of
operations, balance sheet or cash flow amounts. Where applicable, these
financial statements have been identified as "as adjusted." 

^3For the three months ended December 31, 2012 and 2011, Radio One had
50,042,751 and 49,782,016 shares of common stock outstanding on a weighted
average basis (basic), respectively. For the year ended December 31, 2012 and
2011, Radio One had 50,015,252 and 50,739,447 shares of common stock
outstanding on a weighted average basis (basic), respectively.

^4For the three months ended December 31, 2012 and 2011, Radio One had
50,042,751 and 49,782,016 shares of common stock outstanding on a weighted
average basis (fully diluted), for outstanding stock options, respectively.
For the year ended December 31, 2012 and 2011, Radio One had 50,015,252 and
52,294,322 shares of common stock outstanding on a weighted average basis
(fully diluted), for outstanding stock options, respectively.

^5"Adjusted EBITDA" consists of net loss plus (1) depreciation,
amortization, income taxes, interest expense, noncontrolling interest in
income of subsidiaries, impairment of long-lived assets, stock-based
compensation, loss on retirement of debt, loss from discontinued operations,
net of tax, less (2) equity in income of affiliated company, other income,
interest income, gain on retirement of debt and gain on purchase of affiliated
company. Net income before interest income, interest expense, income taxes,
depreciation and amortization is commonly referred to in our business as
"EBITDA." Adjusted EBITDA and EBITDA are not measures of financial performance
under generally accepted accounting principles. We believe Adjusted EBITDA is
often a useful measure of a company's operating performance and is a
significant basis used by our management to measure the operating performance
of our business because Adjusted EBITDA excludes charges for depreciation,
amortization and interest expense that have resulted from our acquisitions and
debt financing, our taxes, impairment charges, as well as our equity in
(income) loss of our affiliated company, gain on retirements of debt, and any
discontinued operations. Accordingly, we believe that Adjusted EBITDA provides
useful information about the operating performance of our business, apart from
the expenses associated with our fixed assets and long-lived intangible
assets, capital structure or the results of our affiliated company. Adjusted
EBITDA is frequently used as one of the bases for comparing businesses in our
industry, although our measure of Adjusted EBITDA may not be comparable to
similarly titled measures of other companies. Adjusted EBITDA and EBITDA do
not purport to represent operating income or cash flow from operating
activities, as those terms are defined under generally accepted accounting
principles, and should not be considered as alternatives to those measurements
as an indicator of our performance. A reconciliation of net income (loss) to
EBITDA and Adjusted EBITDA has been provided in this release.



SOURCE Radio One, Inc.

Website: http://www.radio-one.com
Contact: Peter D. Thompson, EVP and CFO, +1-301-429-4638