Radio One, Inc. Reports First Quarter Results

                Radio One, Inc. Reports First Quarter Results

PR Newswire

WASHINGTON, May 9, 2013

WASHINGTON, May 9, 2013 /PRNewswire/ --Radio One, Inc. (NASDAQ: ROIAK and
ROIA) today reported its results for the quarter ended March 31, 2013. Net
revenue was approximately $99.1 million, a decrease of 3.7% from the same
period in 2012, resulting primarily from a timing difference of two annual
special events. Station operating income^1 was approximately $35.9 million,
an increase of 8.6% from the same period in 2012. The Company reported
operating income of approximately $15.5 million for the three months ended
March 31, 2013, compared to operating income of $13.8 million for the same
period in 2012. Net loss was approximately $18.1 million or $0.36 per share
compared to a net loss of $79.2 million or $1.58 per share, for the same
period in 2012.

(Logo: http://photos.prnewswire.com/prnh/20090806/PH57529LOGO )

Alfred C. Liggins, III, Radio One's CEO and President stated, "I was pleased
with our Q1 core radio revenue growth of 4.9% in a flat market, which helped
us to grow the radio division's adjusted EBITDA by 10.7%. Our two largest
travel based events, the Tom Joyner Fantastic Voyage and One Love Gospel
Getaway, are both taking place in Q2 2013 compared to Q1 in 2012, which
effectively moves approximately $7.6 million of revenue and $594,000 of
station operating profit from Q1 to Q2 compared to prior year. Our Cable
Television segment had Q1 revenue and adjusted EBITDA growth of 11.6% and
27.7%, respectively, and continues its positive growth momentum. During the
first quarter we integrated our syndicated shows and corporate sales into
Reach Media, and I expect a strong return to profitability for that business
unit in the second quarter. The Company repurchased almost 1.0 million shares
at an average price of $1.59 during the quarter, and I believe that will
generate a great long term return for shareholders. Core radio pacings for Q2
are currently up low single digits; we are seeing strong national performance,
particularly in larger markets, but widespread softness in local business."

RESULTS OF OPERATIONS
                                             Three Months Ended March 31,
                                             2013              2012
                                                               (as adjusted)^2
STATEMENT OF OPERATIONS                      (unaudited)
                                             (in thousands, except share data)
 NET REVENUE                                 $    99,112   $  102,964
 OPERATING EXPENSES
 Programming and technical, excluding        30,473            31,112
 stock-based compensation
 Selling, general and administrative,        32,709            38,755
 excluding stock-based compensation
 Corporate selling, general and
 administrative, excluding stock-based       9,448             9,566
 compensation
 Stock-based compensation                    43                44
 Depreciation and amortization              9,540             9,685
 Impairment of long-lived assets             1,370             -
 Total operating expenses                   83,583            89,162
  Operating income               15,529            13,802
 INTEREST INCOME                             40                22
 INTEREST EXPENSE                            22,246            23,747
 OTHER INCOME, net                           (40)              (7)
 (Loss) income before provision for income
 taxes, noncontrolling interest              (6,637)           (9,916)
 in income of subsidiaries and income (loss)
 from discontinued operations
 PROVISION FOR INCOME TAXES                  6,681             65,254
 Net loss from continuing operations         (13,318)          (75,170)
 INCOME (LOSS) FROM DISCONTINUED OPERATIONS, 903               (15)
 net of tax
 CONSOLIDATED NET LOSS                       (12,415)          (75,185)
 NET INCOME ATTRIBUTABLE TO NONCONTROLLING   5,691             4,057
 INTERESTS
 CONSOLIDATED NET LOSS ATTRIBUTABLE TO       $   (18,106)   $  (79,242)
 COMMON STOCKHOLDERS
 AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS
 NET LOSS FROM CONTINUING OPERATIONS         $   (19,009)   $  (79,227)
 INCOME (LOSS) FROM DISCONTINUED OPERATIONS, 903               (15)
 net of tax
 CONSOLIDATED NET LOSS ATTRIBUTABLE TO       $   (18,106)   $  (79,242)
 COMMON STOCKHOLDERS
 Weighted average shares outstanding -       49,861,964        49,994,974
 basic^3
 Weighted average shares outstanding -       49,861,964        49,994,974
 diluted^3







                                         Three Months Ended March 31,
                                         2013                  2012
                                                               (as adjusted)^2
PER SHARE DATA - basic and diluted:      (unaudited)
                                         (in thousands, except per share data)
 Net loss from continuing operations  $      (0.38)   $    (1.58)
(basic)
 Income (loss) from discontinued      0.02                  (0.00)
operations, net of tax (basic)
 Consolidated net loss attributable   $      (0.36)   $    (1.58)
to common stockholders (basic)
 Net loss from continuing operations  $      (0.38)   $    (1.58)
(diluted)
 Income (loss) from discontinued      0.02                  (0.00)
operations, net of tax (diluted)
 Consolidated net loss attributable   $      (0.36)   $    (1.58)
to common stockholders (diluted)
SELECTED OTHER DATA
Station operating income ^1              $     35,930     $   33,097
Station operating income margin (% of    36.3%                 32.1%
net revenue)
Station operating income reconciliation:
 Consolidated net loss attributable   $    (18,106)     $  (79,242)
to common stockholders
 Add back non-station operating
income items included in consolidated
net loss:
Interest income                          (40)                  (22)
Interest expense                         22,246                23,747
Provision for income taxes               6,681                 65,254
Corporate selling, general and           9,448                 9,566
administrative expenses
Stock-based compensation                 43                    44
Other income, net                        (40)                  (7)
Depreciation and amortization            9,540                 9,685
Noncontrolling interest in income of     5,691                 4,057
subsidiaries
Impairment of long-lived assets          1,370                 -
(Income) loss from discontinued          (903)                 15
operations, net of tax
Station operating income                 $     35,930     $   33,097
Adjusted EBITDA^4                        $     26,482     $   23,531
Adjusted EBITDA reconciliation:
 Consolidated net loss attributable   $    (18,106)     $  (79,242)
to common stockholders
Interest income                          (40)                  (22)
Interest expense                         22,246                23,747
Provision for income taxes               6,681                 65,254
Depreciation and amortization            9,540                 9,685
EBITDA                                   $     20,321     $   19,422
Stock-based compensation                 43                    44
Other income, net                        (40)                  (7)
Noncontrolling interest in income of     5,691                 4,057
subsidiaries
Impairment of long-lived assets          1,370                 -
(Income) loss from discontinued          (903)                 15
operations, net of tax
Adjusted EBITDA                          $     26,482     $   23,531





                                          March 31, 2013     December 31, 2012
                                          (unaudited)
                                          (in thousands)
SELECTED BALANCE SHEET DATA:
 Cash and cash equivalents                $     46,426  $     57,255
 Intangible assets, net                   1,190,665          1,202,562
 Total assets                             1,442,060          1,460,195
 Total debt (including current portion)   817,376            818,718
 Total liabilities                        1,096,456          1,092,844
 Total equity                             332,592            354,498
 Redeemable noncontrolling interest       13,012             12,853
 Noncontrolling interest                  208,747            210,698
                                          Current Amount     Applicable
                                          Outstanding        Interest
                                                             Rate
                                          (in thousands)
SELECTED LEVERAGE DATA:
 Senior bank term debt, net of original
 issue discount of approximately          $    371,341   7.50%
 $5.0 million (subject to variable rates)
 (a)
 12 ^1/[2]%/15% senior subordinated      327,035            12.50%
 notes (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 decreased to approximately $99.1 million for the quarter ended
March 31, 2013, from approximately $103.0 million for the same period in 2012,
a decrease of 3.7%. Adjusting for the impact of moving our syndicated
programming to Reach Media, net revenues from our Radio Broadcasting segment
for the quarter ended March 31, 2013, increased 1.4% from the same period in
2012. Furthermore, adjusting for the timing difference for the Company's
annual Gospel Cruise event held in March 2012 versus during the second quarter
of 2013, our core radio revenue from our stations increased 4.9% for the
quarter ended March 31, 2013, compared to the same period in 2012. Adjusting
for the impact of moving our syndicated programming to Reach Media, Reach
Media's net revenues decreased 44.0% in the first quarter 2013 compared to the
same period in 2012 primarily due to the timing of the "Tom Joyner Fantastic
Voyage" which took place during the three months ended March 31, 2012, and
generated revenue of approximately $5.9 million for Reach Media during that
time. Further, adjusting for the timing difference for the "Tom Joyner
Fantastic Voyage," Reach Media's revenue decreased 13.9% for the quarter ended
March 31, 2013, compared to the same period in 2012. We recognized
approximately $36.0 million and $32.2 million of revenue from our Cable
Television segment during the three months ended March 31, 2013, and 2012,
respectively. Net revenues for our internet business decreased 12.7% for the
three months ended March 31, 2013, compared to the same period in 2012.

Operating expenses, excluding depreciation and amortization and stock-based
compensation decreased to approximately $72.6 million for the quarter ended
March 31, 2013, from approximately $79.4 million for the quarter ended March
31, 2012, a decrease of 8.6%. The decreased expense for the three months ended
March 31, 2013, compared to the same period in 2012 is primarily due to timing
of the Company's annual Gospel Cruise event and Reach Media's "Tom Joyner
Fantastic Voyage" event, both held in March 2012. Reach Media's event and the
One Love Gospel Getaway generated expenses of approximately $7.0 million for
the quarter ended March 31, 2012.

Depreciation and amortization expense decreased to approximately $9.5 million
compared to approximately $9.7 million for the quarters ended March 31, 2013
and 2012, respectively. 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 three months ended March 31, 2013,
increased to approximately $1.4 million and related to a non-cash impairment
charge recorded to reduce the carrying value of our Cincinnati radio
broadcasting licenses.

Interest expense decreased to approximately $22.2 million for the quarter
ended March 31, 2013, from approximately $23.7 million for the same period in
2012, a decrease of 6.3%. The Company made cash interest payments of
approximately $20.7 million for the quarter ended March 31, 2013, compared to
cash interest payments of approximately $15.5 million for the quarter ended
March 31, 2012. The primary driver of the increase was that 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 March 31, 2013, was
approximately $6.7 million, primarily attributable to the deferred tax
liability ("DTL") for indefinite-lived intangible assets. Because our income
tax expense does not have a correlation to our pre-tax earnings, changes in
those earnings can have a significant impact on the income tax expense we
recognize. As a result, we believe the actual effective tax rate best
represents the estimated effective rate for the three month period ended March
31, 2013. Accordingly, the Company used the actual effective tax rate as of
March 31, 2013. This is a change from the method used for the $65.3 million
recognized during the period ended March 31, 2012, which was based on
theestimated annual effective tax rate. The Company paid $8,000 and $60,000
in taxes for the quarters ended March 31, 2013 and 2012, respectively.

Income (loss) from discontinued operations, net of tax, includes the results
of operations for our sold radio stations (or stations made the subject of a
local marketing agreement). Income from discontinued operations, net of tax,
was $903,000 for the quarter ended March 31, 2013, compared to a loss from
discontinued operations, net of tax, of $15,000 for the same period in 2012.
The activity for the three months ended March 31, 2013, resulted primarily
from the sale of our Columbus, Ohio radio station, WJKR-FM (The Jack, 98.9 FM)
in February 2013 which resulted in a gain of $893,000. The income (loss) from
discontinued operations, net of tax, includes no tax provision for the three
months ended March 31, 2013 and 2012.

The increase in noncontrolling interests in income of subsidiaries is due
primarily to greater net income generated by TV One during the three months
ended March 31, 2013, compared to the same period in 2012.

Other pertinent financial information includes capital expenditures of
approximately $2.2 million and $3.0 million for the quarters ended March 31,
2013 and 2012, respectively. The Company received dividends from TV One in
the amount of approximately $8.2 million and $4.3 million for the quarters
ended March 31, 2013 and 2012, respectively. As of March 31, 2013, the
Company had total debt (net of cash balances) of approximately $771.0 million.
The Company's cash and cash equivalents by segment are as follows: Radio and
Internet, approximately $23.8 million; Reach Media, approximately $1.6
million; and Cable Television, approximately $21.0 million. In addition to
cash and cash equivalents, the cable television segment also has short-term
investments of approximately $3.2 million and long-term investments of
$68,000. During the quarter ended March 31, 2013, the Company repurchased
7,150 shares of Class A common stock in the amount of $11,026 and 951,974
shares of Class D common stock in the amount of $1,514,903. There were no
stock repurchases made during the quarter ended March 31, 2012.

Supplemental Financial Information:

For comparative purposes, the following more detailed, unaudited statements of
operations for the three months ended March 31, 2013 and 2012 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.

Effective January 1, 2013, the Radio Broadcasting segment contributed the
assets and operations of its Syndication One urban programming line-up to
Reach Media. We consolidated our syndication operations within Reach Media to
leverage that platform to create the leading syndicated radio network targeted
to the African-American audience. In connection with the consolidation, we
shifted our syndicated programming sales to an internal sales force operating
out of Reach Media. Segment data for the three months ended March 31, 2012,
has been reclassified to conform to the current period presentation.

                    Three Months Ended March 31, 2013
                    (in thousands, unaudited)
                                                                                    Corporate/
                                   Radio        Reach                Cable        Eliminations/
                    Consolidated   Broadcasting   Media     Internet   Television   Other
STATEMENT OF
OPERATIONS:
  NET REVENUE     $ 99,112       $ 49,858       $ 9,541   $ 5,052    $ 35,991     $ (1,330)
  OPERATING
  EXPENSES:
  Programming and   30,473         10,906         7,464     1,931      11,374       (1,202)
  technical
  Selling,
  general and       32,709         20,700         1,745     3,621      6,983        (340)
  administrative
  Corporate
  selling,          9,448          -              1,138     -          2,409        5,901
  general and
  administrative
  Stock-based       43             15             -         -          -            28
  compensation
  Depreciation
  and               9,540          1,543          287       710        6,633        367
  amortization
  Impairment of
  long-lived        1,370          1,370          -         -          -            -
  assets
  Total operating   83,583         34,534         10,634    6,262      27,399       4,754
  expenses
  
  Operating         15,529         15,324         (1,093)   (1,210)    8,592        (6,084)
  income (loss)
  INTEREST INCOME   40             -              -         -          11           29
  INTEREST          22,246         363            -         -          3,039        18,844
  EXPENSE
  OTHER INCOME,     (40)           (11)           -         -          -            (29)
  net
   (Loss) income
   before
   provision for
   (benefit from)
   income taxes,
   noncontrolling
   interest in      (6,637)        14,972         (1,093)   (1,210)    5,564        (24,870)
   income of
   subsidiaries
   and income
   from
   discontinued
   operations
  PROVISION FOR
  (BENEFIT FROM)    6,681          6,698          (17)      -          -            -
  INCOME TAXES
   Net (loss)
   income from      (13,318)       8,274          (1,076)   (1,210)    5,564        (24,870)
   continuing
   operations
  INCOME FROM
  DISCONTINUED      903            903            -         -          -            -
  OPERATIONS, net
  of tax
  CONSOLIDATED
  NET (LOSS)        (12,415)       9,177          (1,076)   (1,210)    5,564        (24,870)
  INCOME
  NET INCOME
  ATTRIBUTABLE TO   5,691          -              -         -          -            5,691
  NONCONTROLLING
  INTERESTS
  NET (LOSS)
  INCOME
  ATTRIBUTABLE TO $ (18,106)     $ 9,177        $ (1,076) $ (1,210)  $ 5,564      $ (30,561)
  COMMON
  STOCKHOLDERS
  Adjusted        $ 26,482       $ 18,252       $ (806)   $ (500)    $ 15,225     $ (5,689)
  EBITDA^4

                   Three Months Ended March 31, 2012
                   (in thousands, unaudited, as adjusted)^2
                                                                                  Corporate/
                                  Radio        Reach               Cable        Eliminations/
                   Consolidated   Broadcasting   Media    Internet   Television   Other
STATEMENT OF
OPERATIONS:
 NET REVENUE     $ 102,964      $ 49,179       $ 17,029 $ 5,785    $ 32,236     $ (1,265)
 OPERATING
 EXPENSES:
 Programming and   31,112         11,376         7,560    2,054      11,222       (1,100)
 technical
 Selling,
 general and       38,755         21,745         6,987    3,410      6,972        (359)
 administrative
 Corporate
 selling,          9,566          -              2,309    -          2,124        5,133
 general and
 administrative
 Stock-based       44             17             -        -          -            27
 compensation
 Depreciation
 and               9,685          1,574          332      814        6,748        217
 amortization
 Total operating   89,162         34,712         17,188   6,278      27,066       3,918
 expenses
 
 Operating         13,802         14,467         (159)    (493)      5,170        (5,183)
 income (loss)
 INTEREST INCOME   22             -              2        -          6            14
 INTEREST          23,747         249            -        -          3,039        20,459
 EXPENSE
 OTHER (INCOME)    (7)            (8)            -        -          1            -
 EXPENSE , net
  (Loss) income
  before
  provision for
  (benefit from)
  income taxes,
  noncontrolling   (9,916)        14,226         (157)    (493)      2,136        (25,628)
  interest in
  income of
  subsidiaries
  and loss from
  discontinued
  operations
 PROVISION FOR
 (BENEFIT FROM)    65,254         65,746         (492)    -          -            -
 INCOME TAXES
  Net (loss)
  income from      (75,170)       (51,520)       335      (493)      2,136        (25,628)
  continuing
  operations
 LOSS FROM
 DISCONTINUED      (15)           (15)           -        -          -            -
 OPERATIONS, net
 of tax
 CONSOLIDATED
 NET (LOSS)        (75,185)       (51,535)       335      (493)      2,136        (25,628)
 INCOME
 NET INCOME
 ATTRIBUTABLE TO   4,057          -              -        -          -            4,057
 NONCONTROLLING
 INTERESTS
 NET (LOSS)
 INCOME
 ATTRIBUTABLE TO $ (79,242)     $ (51,535)     $ 335    $ (493)    $ 2,136      $ (29,685)
 COMMON
 STOCKHOLDERS
 Adjusted        $ 23,531       $ 16,058       $ 173    $ 321      $ 11,918     $ (4,939)
 EBITDA^4

Radio One, Inc. will hold a conference call to discuss its results for first
fiscal quarter of 2013. This conference call is scheduled for Thursday, May 9,
2013, at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial
toll-free 1-800-230-1096; international callers may dial direct (+1)
612-288-0337.

A replay of the conference call will be available from 12:00 p.m. EDT May 09,
2013, until 11:59 p.m. May 12, 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 292146. 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.

2 Certain 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." In addition,
certain reclassifications have been made associated with the transfer and
consolidation of our syndication operations within Reach Media. These
reclassifications occurred between the Radio Broadcasting segment, Reach Media
segment and Corporate/Eliminations/Other.

3 For the quarters ended March 31, 2013 and 2012, Radio One had
49,861,964 and 49,994,974 shares of common stock outstanding on a weighted
average basis for both basic and diluted, respectively.

4 "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

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