Radio One, Inc. Reports Second Quarter Results

                Radio One, Inc. Reports Second Quarter Results

PR Newswire

WASHINGTON, Aug. 13, 2013

WASHINGTON, Aug. 13, 2013 /PRNewswire/ --Radio One, Inc. (NASDAQ: ROIAK and
ROIA) today reported its results for the quarter ended June 30, 2013. Net
revenue was approximately $119.6 million, an increase of 13.0% from the same
period in 2012, resulting primarily from a timing difference of Reach Media's
annual cruise event as well as revenue improvements in both our Cable
Television and Internet segments. Station operating income^1 was
approximately $45.7 million, an increase of 10.4% from the same period in
2012. The Company reported operating income of approximately $18.4 million for
the three months ended June 30, 2013, compared to operating income of $21.5
million for the same period in 2012. Net loss was approximately $14.2 million
or $0.29 per share compared to net income of $42.7 million or $0.85 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, "Overall I am
pleased with our Adjusted EBITDA^2 growth of 19.5% for the quarter, which
demonstrates the benefits of our diversification strategy. Radio advertising
markets have been choppy, with a slowdown in June that took our core radio
revenues from low single digit positive to a –0.6% finish. July core radio
station net revenue was +5.0% and Q3 is currently pacing up low single digits.
TV One posted robust revenue and Adjusted EBITDA growth, up approximately
17.0% and 22.3% respectively, and Household ratings in prime were up 15%. Our
Interactive One business performed well, with positive Adjusted EBITDA of
$507,000 compared to a loss of $475,000 for the same period last year, and
remains on target to hit break-even for the year. The Tom Joyner Fantastic
Voyage was a success, and helped propel Reach Media to a positive Adjusted
EBITDA of approximately $1.9 million, which was a welcome turn-around from
last year's comparable loss of $89,000."

 RESULTS OF OPERATIONS
                        Three Months Ended June 30,  Six Months Ended June
                                                     30,
                        2013          2012           2013         2012
                                      (as                         (as
                                      adjusted)^3                 adjusted)^3
 STATEMENT OF           (unaudited)                  (unaudited)
 OPERATIONS
                        (in thousands, except share  (in thousands, except
                        data)                        share data)
                        $        $        $       $     
  NET REVENUE                        105,830               
                        119,602                     218,714     208,794
  OPERATING EXPENSES
  Programming and
  technical, excluding  32,897        32,916         63,370       64,028
  stock-based
  compensation
  Selling, general and
  administrative,       41,007        31,522         73,716       70,277
  excluding stock-based
  compensation
  Corporate selling,
  general and
  administrative,       7,975         9,824          17,423       19,390
  excluding stock-based
  compensation
  Stock-based           47            46             90           90
  compensation
  Depreciation and      9,467         9,742          19,007       19,427
  amortization
  Impairment of         9,800         313            11,170       313
  long-lived assets
  Total operating       101,193       84,363         184,776      173,525
  expenses
            18,409        21,467         33,938       35,269
  Operating income
  INTEREST INCOME       102           25             142          47
  INTEREST EXPENSE      22,406        22,928         44,652       46,675
  OTHER (INCOME)        (30)          610            (70)         603
  EXPENSE, net
  Loss before provision
  for (benefit from)
  income taxes,
  noncontrolling
  interest in income of (3,865)       (2,046)        (10,502)     (11,962)
  subsidiaries and
  income from
  discontinued
  operations
  PROVISION FOR
  (BENEFIT FROM) INCOME 4,702         (48,491)       11,383       16,763
  TAXES
  Net (loss) income
  from continuing       (8,567)       46,445         (21,885)     (28,725)
  operations
  INCOME FROM
  DISCONTINUED          15            20             918          5
  OPERATIONS, net of
  tax
  CONSOLIDATED NET      (8,552)       46,465         (20,967)     (28,720)
  (LOSS) INCOME
  NET INCOME
  ATTRIBUTABLE TO       5,662         3,797          11,353       7,854
  NONCONTROLLING
  INTERESTS
  CONSOLIDATED NET      $                       $       $     
  (LOSS) INCOME                    $                    
  ATTRIBUTABLE TO       (14,214)        42,668  (32,320)    (36,574)
  COMMON STOCKHOLDERS
  AMOUNTS ATTRIBUTABLE
  TO COMMON
  STOCKHOLDERS
  NET (LOSS) INCOME     $        $        $       $     
  FROM CONTINUING                     42,648              
  OPERATIONS            (14,229)                    (33,238)    (36,579)
  INCOME FROM
  DISCONTINUED          15            20             918          5
  OPERATIONS, net of
  tax
  CONSOLIDATED NET      $                       $       $     
  (LOSS) INCOME                    $                    
  ATTRIBUTABLE TO       (14,214)        42,668  (32,320)    (36,574)
  COMMON STOCKHOLDERS
  Weighted average
  shares outstanding -  48,737,941    50,006,085     49,299,953   49,997,752
  basic^4
  Weighted average
  shares outstanding -  48,737,941    50,124,418     49,299,953   49,997,752
  diluted^5



                      Three Months Ended June     Six Months Ended June 30,
                      30,
                      2013         2012           2013          2012
                                   (as                          (as
                                   adjusted)^3                  adjusted)^3
 PER SHARE DATA -     (unaudited)                 (unaudited)
 basic and diluted:
                      (in thousands, except per   (in thousands, except per
                      share data)                 share data)
  Net (loss)       $                      $     
 income from                  $                  $      
 continuing           (0.29)         0.85    (0.67)         (0.73)
 operations (basic)
  Income from
 discontinued         0.00         0.00           0.02          0.00
 operations, net of
 tax (basic)
  Consolidated net
 (loss) income        $       $        $        $      
 attributable to                 0.85            *   (0.73)
 common stockholders  (0.29)                     (0.66)
 (basic)
  Net (loss)       $                      $     
 income from                  $                  $      
 continuing           (0.29)         0.85    (0.67)         (0.73)
 operations (diluted)
  Income from
 discontinued         0.00         0.00           0.02          0.00
 operations, net of
 tax (diluted)
  Consolidated net
 (loss) income        $       $        $        $      
 attributable to                 0.85            *   (0.73)
 common stockholders  (0.29)                     (0.66)
 (diluted)
 SELECTED OTHER DATA
 Station operating    $       $        $        $      
 income ^1                      41,392                  74,489
                      45,698                     81,628
 Station operating
 income margin (% of  38.2%        39.1%          37.3%         35.7%
 net revenue)
 Station operating
 income
 reconciliation:
 Consolidated net   $                      $     
 (loss) income                  $                    $      
 attributable to      (14,214)     42,668      (32,320)     (36,574)
 common stockholders
 Add back
 non-station
 operating income
 items included in
 consolidated net
 (loss) income:
  Interest income    (102)        (25)           (142)         (47)
  Interest expense   22,406       22,928         44,652        46,675
  Provision for
 (benefit from)       4,702        (48,491)       11,383        16,763
 income taxes
  Corporate selling,
 general and          7,975        9,824          17,423        19,390
 administrative
 expenses
  Stock-based        47           46             90            90
 compensation
  Other (income)     (30)         610            (70)          603
 expense, net
  Depreciation and   9,467        9,742          19,007        19,427
 amortization
  Noncontrolling
 interest in income   5,662        3,797          11,353        7,854
 of subsidiaries
  Impairment of      9,800        313            11,170        313
 long-lived assets
  Income from
 discontinued         (15)         (20)           (918)         (5)
 operations, net of
 tax
  Station operating  $       $        $        $      
 income                         41,392                  74,489
                      45,698                     81,628
                      $       $        $        $      
 Adjusted EBITDA^2              31,568                  55,099
                      37,723                     64,205
 Adjusted EBITDA
 reconciliation:
 Consolidated net   $                      $     
 (loss) income                  $                    $      
 attributable to      (14,214)     42,668      (32,320)     (36,574)
 common stockholders
  Interest income    (102)        (25)           (142)         (47)
  Interest expense   22,406       22,928         44,652        46,675
  Provision for
 (benefit from)       4,702        (48,491)       11,383        16,763
 income taxes
  Depreciation and   9,467        9,742          19,007        19,427
 amortization
                      $       $        $        $      
  EBITDA                       26,822                  46,244
                      22,259                     42,580
  Stock-based        47           46             90            90
 compensation
  Other (income)     (30)         610            (70)          603
 expense, net
  Noncontrolling
 interest in income   5,662        3,797          11,353        7,854
 of subsidiaries
  Impairment of      9,800        313            11,170        313
 long-lived assets
  Income from
 discontinued         (15)         (20)           (918)         (5)
 operations, net of
 tax
                      $       $        $        $      
  Adjusted EBITDA              31,568                  55,099
                      37,723                     64,205
 *Per share amounts
 do not add due to
 rounding.



                                     June 30, 2013        December 31, 2012
                                     (unaudited)
                                     (in thousands)
 SELECTED BALANCE SHEET DATA:
  Cash and cash equivalents          $           $         
                                     40,223              57,255
  Intangible assets, net             1,170,548            1,202,562
  Total assets                       1,428,809            1,460,195
  Total debt (including current      816,788              818,718
  portion)
  Total liabilities                  1,098,466            1,092,844
  Total equity                       318,478              354,498
  Redeemable noncontrolling interest 11,865               12,853
  Noncontrolling interest            210,156              210,698
                                     Current Amount       Applicable Interest
                                     Outstanding          Rate
                                     (in thousands)
 SELECTED LEVERAGE DATA:
  Senior bank term debt, net of
  original issue discount of         $        
  approximately                      370,754             7.50%
  $4.6 million (subject to variable
  rates) (a)
  12 1/2%/15% senior subordinated   327,034              12.50%
  notes (fixed rate)
  10% Senior Secured TV One Notes    119,000              10.00%
  due March 2016 (fixed rate)

(a) Subject to variable Libor plus a spread that is 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 $119.6 million for the quarter ended
June 30, 2013, from approximately $105.8 million for the same period in 2012,
an increase of 13.0%. Adjusting for the impact of moving our syndicated
programming to our Reach Media segment, net revenues from our Radio
Broadcasting segment increased 0.4% for the quarter ended June 30, 2013, from
the same period in 2012. However, adjusting for the timing difference for the
Company's annual Gospel Cruise event held in the first quarter of 2012 versus
during the second quarter of 2013, our Radio Broadcasting segment revenues
decreased 0.6% for the quarter ended June 30, 2013, compared to the same
period in 2012. Within the Reach Media segment, adjusting for moving our
syndicated programming out of the Radio Broadcasting segment and into the
Reach Media segment, Reach Media's net revenues increased 54.1% in the second
quarter 2013, compared to the same period in 2012. This increase is primarily
attributable to the timing of the "Tom Joyner Fantastic Voyage" which took
place during the second quarter of 2013 versus being held during the first
quarter of 2012. The event generated revenue of approximately $7.2 million
for Reach Media during the second quarter of 2013. Adjusting for the timing
difference for the "Tom Joyner Fantastic Voyage," Reach Media's revenue
decreased 7.2% for the quarter ended June 30, 2013, compared to the same
period in 2012. Within our Cable Television segment, we recognized
approximately $37.7 million of revenue during the three months ended June 30,
2013, versus approximately $32.3 million of revenue during the comparable
period in 2012. Finally, net revenues for our internet business increased
45.5% for the three months ended June 30, 2013, compared to the same period in
2012 driven primarily from a new customer agreement that didn't previously
exist.

Operating expenses, excluding depreciation and amortization, stock-based
compensation and impairment of long-lived assets increased to approximately
$81.9 million for the quarter ended June 30, 2013, from approximately $74.3
million for the quarter ended June 30, 2012, an increase of 10.2%. The
increase for the three months ended June 30, 2013, compared to the same period
in 2012 is primarily due to timing of the Company's annual Gospel Cruise
event, which was a land event in 2013, and Reach Media's "Tom Joyner Fantastic
Voyage" event, both of which were held in the second quarter of 2013. These
events generated expenses of approximately $6.7 million for the quarter ended
June 30, 2013.

Depreciation and amortization expense decreased to approximately $9.5 million
compared to approximately $9.7 million for the quarters ended June 30, 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 June 30, 2013,
increased to approximately $9.8 million and related to a non-cash impairment
charge recorded to reduce the carrying value of our Cincinnati, Cleveland and
Philadelphia radio broadcasting licenses. The Company recorded a non-cash
impairment charge of $313,000 for the three months ended June 30, 2012, to
reduce the carrying value of our Charlotte radio broadcasting licenses.

Interest expense decreased to approximately $22.4 million for the quarter
ended June 30, 2013, from approximately $22.9 million for the same period in
2012, a decrease of 2.2%. The Company made cash interest payments of
approximately $21.0 million for the quarter ended June 30, 2013, compared to
cash interest payments of approximately $15.5 million for the quarter ended
June 30, 2012. The primary driver of the decrease was that through May 14,
2012, interest on the Company's 12½%/15% Senior Subordinated Notes ("Senior
Subordinated Notes") was payable, at our election, at an all-inclusive rate of
15%, 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 14, 2012, and interest accruing on the Senior Subordinated
Notes from and after May 15, 2012, accrued at a lower rate of 12½% and was
payable in cash.

Other income of $30,000 for the quarter ended June 30, 2013, compared to other
expense of $610,000 for the quarter ended June 30, 2012. Other expense for the
quarter ended June 30, 2012, was primarily due to the disposal of assets
associated with the Company's corporate office move.

Provision for income taxes for the three months ended June 30, 2013, was
approximately $4.7 million, primarily attributable to the deferred tax
liability for indefinite-lived intangible assets. For the three months ended
June 30, 2012, the benefit from income taxes was approximately $48.5 million,
primarily due to adjusting the year-to-date income tax provision based on the
actual effective tax rate as of June 30, 2012. 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 periods ended June 30, 2013 and 2012,
respectively. The Company paid $73,000 and $287,000 in taxes for the quarters
ended June 30, 2013 and 2012, respectively.

Income from discontinued operations, net of tax, includes the results of
operations for sold radio stations or stations made the subject of a local
marketing agreement. Income from discontinued operations, net of tax, was
$15,000 and $20,000 for the quarters ended June 30, 2013 and 2012,
respectively.

The increase in noncontrolling interests in income of subsidiaries is due
primarily to greater net income generated by TV One and Reach Media during the
three months ended June 30, 2013, compared to the 2012 period.

Other pertinent financial information includes capital expenditures of
approximately $3.6 million and $3.8 million for the quarters ended June 30,
2013 and 2012, respectively. The Company received dividends from TV One in
the amount of approximately $4.1 million and $1.8 million for the quarters
ended June 30, 2013 and 2012, respectively. As of June 30, 2013, the Company
had total debt (net of cash balances) of approximately $776.6 million. The
Company's cash and cash equivalents by segment are as follows: Radio and
Internet, approximately $17.3 million; Reach Media, approximately $3.4
million; and Cable Television, approximately $19.5 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
$72,000. During the three months ended June 30, 2013, the Company repurchased
24,419 shares of Class A common stock in the amount of $57,306 and 1,166,300
shares of Class D common stock in the amount of $2,673,723. During the six
months ended June 30, 2013, the Company repurchased 31,569 shares of Class A
common stock in the amount of $68,331 and 2,118,274 shares of Class D common
stock in the amount of $4,188,625. There were no stock repurchases made
during the three or six month periods ended June 30, 2012.

In connection with preparing the quarterly report on Form 10-Q for the quarter
ended June 30, 2013, management of Radio One, Inc. (the "Company") discovered
misclassifications in its condensed consolidating financial statements in the
notes to its previously filed financial statements in its quarterly report on
Form 10-Q for the quarter ended March 31, 2013 (the "First Quarter 10-Q") and
in its annual report on Form 10-K for the fiscal year ended December 31, 2012
(the "2012 10-K"). The misclassifications primarily relate to: (i) including
TV One, LLC ("TV One") in the "Radio One, Inc." column in the condensed
consolidating financial statements in each of the 2012 10-K and the First
Quarter 10-Q although TV One is a non-guarantor subsidiary of the Company
under its outstanding notes registered under the Securities Act of 1933, (ii)
including Reach Media, Inc. ("Reach Media") in the "Radio One, Inc." column in
the condensed consolidating financial statements in the 2012 10-K although
Reach Media was a non-guarantor subsidiary for that reporting period, and
(iii) after Reach Media became a guarantor under the Company's outstanding
registered notes on February 14, 2013, including Reach Media in the "Combined
Guarantor Subsidiaries" column in the condensed consolidating financial
statements in the First Quarter 10-Q and the comparative period in 2012 rather
than a separate column for "non-wholly owned guarantor subsidiaries".
Additionally the Company is reviewing whether separate financial statements of
Reach Media should have been included in the First Quarter 10-Q because it is
not wholly owned by the Company. Management is currently evaluating the need
to amend the previously filed financial statements in its 2012 10-K and First
Quarter 2013 10-Q and the extent to which such financial statements may
continue to be relied upon. The amendment will have no impact on the
Company's consolidated balance sheets, consolidated statements of operations,
consolidated statements of changes in equity or consolidated statements of
cash flows for any previously reported period.

Supplemental Financial Information:

For comparative purposes, the following more detailed, unaudited statements of
operations for the three and six months ended June 30, 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 the
Reach Media segment. 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 and six
months ended June 30, 2012, has been reclassified to conform to the current
period presentation.

                    Three Months Ended June 30, 2013
                    (in thousands, unaudited)
                                                                                   Corporate/
                                   Radio        Reach               Cable        Eliminations/
                    Consolidated   Broadcasting   Media    Internet   Television   Other
 STATEMENT OF
 OPERATIONS:
  NET REVENUE     $ 119,602      $ 58,759       $ 18,015 $ 6,434    $ 37,729     $ (1,335)
  OPERATING
  EXPENSES:
  Programming and   32,897         10,735         7,451    2,050      13,960       (1,299)
  technical
  Selling,
  general and       41,007         22,137         7,573    3,877      7,683        (263)
  administrative
  Corporate
  selling,          7,975          -              1,075    -          1,821        5,079
  general and
  administrative
  Stock-based       47             9              -        -          -            38
  compensation
  Depreciation
  and               9,467          1,511          352      605        6,583        416
  amortization
  Impairment of
  long-lived        9,800          9,800          -        -          -            -
  assets
  Total operating   101,193        44,192         16,451   6,532      30,047       3,971
  expenses
  
  Operating         18,409         14,567         1,564    (98)       7,682        (5,306)
  income (loss)
  INTEREST INCOME   102            -              -        -          17           85
  INTEREST          22,406         400            -        -          3,039        18,967
  EXPENSE
  OTHER INCOME,     (30)           -              -        -          -            (30)
  net
   (Loss) income
   before
   provision for
   income taxes,
   noncontrolling
   interest in      (3,865)        14,167         1,564    (98)       4,660        (24,158)
   income of
   subsidiaries
   and income
   from
   discontinued
   operations
  PROVISION FOR     4,702          4,543          159      -          -            -
  INCOME TAXES
   Net (loss)
   income from      (8,567)        9,624          1,405    (98)       4,660        (24,158)
   continuing
   operations
  INCOME FROM
  DISCONTINUED      15             15             -        -          -            -
  OPERATIONS, net
  of tax
  CONSOLIDATED
  NET (LOSS)        (8,552)        9,639          1,405    (98)       4,660        (24,158)
  INCOME
  NET INCOME
  ATTRIBUTABLE TO   5,662          -              -        -          -            5,662
  NONCONTROLLING
  INTERESTS
  NET (LOSS)
  INCOME
  ATTRIBUTABLE TO $ (14,214)     $ 9,639        $ 1,405  $ (98)     $ 4,660      $ (29,820)
  COMMON
  STOCKHOLDERS
  Adjusted        $ 37,723       $ 25,887       $ 1,916  $ 507      $ 14,265     $ (4,852)
  EBITDA^2



                    Three Months Ended June 30, 2012
                    (in thousands, unaudited, as adjusted)^3
                                                                                   Corporate/
                                   Radio        Reach               Cable        Eliminations/
                    Consolidated   Broadcasting   Media    Internet   Television   Other
 STATEMENT OF
 OPERATIONS:
  NET REVENUE     $ 105,830      $ 58,531       $ 11,688 $ 4,423    $ 32,254     $ (1,066)
  OPERATING
  EXPENSES:
  Programming and   32,916         10,978         8,060    2,026      12,879       (1,027)
  technical
  Selling,
  general and       31,522         21,511         1,674    2,872      5,719        (254)
  administrative
  Corporate
  selling,          9,824          -              2,043    -          1,994        5,787
  general and
  administrative
  Stock-based       46             15             -        -          -            31
  compensation
  Depreciation
  and               9,742          1,592          324      823        6,762        241
  amortization
  Impairment of
  long-lived        313            313            -        -          -            -
  assets
  Total operating   84,363         34,409         12,101   5,721      27,354       4,778
  expenses
  
  Operating         21,467         24,122         (413)    (1,298)    4,900        (5,844)
  income (loss)
  INTEREST INCOME   25             -              2        -          8            15
  INTEREST          22,928         250            -        -          3,039        19,639
  EXPENSE
  OTHER EXPENSE     610            (7)            -        -          -            617
  (INCOME), net
   (Loss) income
   before benefit
   from income
   taxes,
   noncontrolling
   interest         (2,046)        23,879         (411)    (1,298)    1,869        (26,085)
   in income of
   subsidiaries
   and income
   from
   discontinued
   operations
  BENEFIT FROM      (48,491)       (48,358)       (133)    -          -            -
  INCOME TAXES
   Net income
   (loss) from      46,445         72,237         (278)    (1,298)    1,869        (26,085)
   continuing
   operations
  INCOME FROM
  DISCONTINUED      20             20             -        -          -            -
  OPERATIONS, net
  of tax
  CONSOLIDATED
  NET INCOME        46,465         72,257         (278)    (1,298)    1,869        (26,085)
  (LOSS)
  NET INCOME
  ATTRIBUTABLE TO   3,797          -              -        -          -            3,797
  NONCONTROLLING
  INTERESTS
  NET INCOME
  (LOSS)
  ATTRIBUTABLE TO $ 42,668       $ 72,257       $ (278)  $ (1,298)  $ 1,869      $ (29,882)
  COMMON
  STOCKHOLDERS
  Adjusted        $ 31,568       $ 26,042       $ (89)   $ (475)    $ 11,662     $ (5,572)
  EBITDA^2



                    Six Months Ended June 30, 2013
                    (in thousands, unaudited)
                                                                                   Corporate/
                                   Radio        Reach               Cable        Eliminations/
                    Consolidated   Broadcasting   Media    Internet   Television   Other
 STATEMENT OF
 OPERATIONS:
  NET REVENUE     $ 218,714      $ 108,616      $ 27,556 $ 11,486   $ 73,721     $ (2,665)
  OPERATING
  EXPENSES:
  Programming and   63,370         21,641         14,915   3,982      25,333       (2,501)
  technical
  Selling,
  general and       73,716         42,836         9,317    7,498      14,667       (602)
  administrative
  Corporate
  selling,          17,423         -              2,214    -          4,230        10,979
  general and
  administrative
  Stock-based       90             24             -        -          -            66
  compensation
  Depreciation
  and               19,007         3,054          640      1,314      13,217       782
  amortization
  Impairment of
  long-lived        11,170         11,170         -        -          -            -
  assets
  Total operating   184,776        78,725         27,086   12,794     57,447       8,724
  expenses
  
  Operating         33,938         29,891         470      (1,308)    16,274       (11,389)
  income (loss)
  INTEREST INCOME   142            -              -        -          27           115
  INTEREST          44,652         763            -        -          6,078        37,811
  EXPENSE
  OTHER INCOME,     (70)           (11)           -        -          -            (59)
  net
   (Loss) income
   before
   provision for
   income taxes,
   noncontrolling
   interest in      (10,502)       29,139         470      (1,308)    10,223       (49,026)
   income of
   subsidiaries
   and income
   from
   discontinued
   operations
  PROVISION FOR     11,383         11,242         141      -          -            -
  INCOME TAXES
   Net (loss)
   income from      (21,885)       17,897         329      (1,308)    10,223       (49,026)
   continuing
   operations
  INCOME FROM
  DISCONTINUED      918            918            -        -          -            -
  OPERATIONS, net
  of tax
  CONSOLIDATED
  NET (LOSS)        (20,967)       18,815         329      (1,308)    10,223       (49,026)
  INCOME
  NET INCOME
  ATTRIBUTABLE TO   11,353         -              -        -          -            11,353
  NONCONTROLLING
  INTERESTS
  NET (LOSS)
  INCOME
  ATTRIBUTABLE TO $ (32,320)     $ 18,815       $ 329    $ (1,308)  $ 10,223     $ (60,379)
  COMMON
  STOCKHOLDERS
  Adjusted        $ 64,205       $ 44,139       $ 1,110  $ 6        $ 29,491     $ (10,541)
  EBITDA^2



                    Six Months Ended June 30, 2012
                    (in thousands, unaudited, as adjusted)^3
                                                                                   Corporate/
                                   Radio        Reach               Cable        Eliminations/
                    Consolidated   Broadcasting   Media    Internet   Television   Other
 STATEMENT OF
 OPERATIONS:
  NET REVENUE     $ 208,794      $ 107,711      $ 28,717 $ 10,207   $ 64,490     $ (2,331)
  OPERATING
  EXPENSES:
  Programming and   64,028         22,354         15,620   4,079      24,101       (2,126)
  technical
  Selling,
  general and       70,277         43,256         8,660    6,283      12,691       (613)
  administrative
  Corporate
  selling,          19,390         -              4,353    -          4,118        10,919
  general and
  administrative
  Stock-based       90             32             -        -          -            58
  compensation
  Depreciation
  and               19,427         3,166          655      1,637      13,511       458
  amortization
  Impairment of
  long-lived        313            313            -        -          -            -
  assets
  Total operating   173,525        69,121         29,288   11,999     54,421       8,696
  expenses
  
  Operating         35,269         38,590         (571)    (1,792)    10,069       (11,027)
  income (loss)
  INTEREST INCOME   47             -              4        -          14           29
  INTEREST          46,675         499            -        -          6,078        40,098
  EXPENSE
  OTHER EXPENSE     603            (15)           -        -          1            617
  (INCOME), net
   (Loss) income
   before
   provision for
   (benefit from)
   income taxes,
   noncontrolling
   interest in      (11,962)       38,106         (567)    (1,792)    4,004        (51,713)
   income of
   subsidiaries
   and income
   from
   discontinued
   operations
  PROVISION FOR
  (BENEFIT FROM)    16,763         17,387         (624)    -          -            -
  INCOME TAXES
   Net (loss)
   income from      (28,725)       20,719         57       (1,792)    4,004        (51,713)
   continuing
   operations
  INCOME FROM
  DISCONTINUED      5              5              -        -          -            -
  OPERATIONS, net
  of tax
  CONSOLIDATED
  NET (LOSS)        (28,720)       20,724         57       (1,792)    4,004        (51,713)
  INCOME
  NET INCOME
  ATTRIBUTABLE TO   7,854          -              -        -          -            7,854
  NONCONTROLLING
  INTERESTS
  NET (LOSS)
  INCOME
  ATTRIBUTABLE TO $ (36,574)     $ 20,724       $ 57     $ (1,792)  $ 4,004      $ (59,567)
  COMMON
  STOCKHOLDERS
  Adjusted        $ 55,099       $ 42,101       $ 84     $ (155)    $ 23,580     $ (10,511)
  EBITDA^2

Radio One, Inc. will hold a conference call to discuss its results for second
fiscal quarter of 2013. This conference call is scheduled for Tuesday, August
13, 2013 at 10:00 a.m. Eastern Daylight Time. To participate on this call,
U.S. callers may dial toll-free 1-800-230-1074; international callers may dial
direct (+1) 612-332-0107.

A replay of the conference call will be available from 12:00 p.m. EDT August
13, 2013 until 11:59 p.m. August 16, 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 299447. 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,
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 "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. However, 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 as our definition includes the results of
all four segments (Radio Broadcasting, Reach Media, Internet and Cable
Television). 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.

3Certain 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, the Reach
Media segment and Corporate/Eliminations/Other.

4For the three months ended June 30, 2013 and 2012, Radio One had 48,737,941
and 50,006,085 shares of common stock outstanding on a weighted average basis
(basic), respectively. For the six months ended June 30, 2013 and 2012, Radio
One had 49,299,953 and 49,997,752 shares of common stock outstanding on a
weighted average basis (basic), respectively.

5For the three months ended June 30, 2013 and 2012, Radio One had 48,737,941
and 50,124,418 shares of common stock outstanding on a weighted average basis
(fully diluted), for outstanding stock options, respectively. For the six
months ended June 30, 2013 and 2012, Radio One had 49,299,953 and 49,997,752
shares of common stock outstanding on a weighted average basis (fully
diluted), for outstanding stock options, respectively.

SOURCE Radio One, Inc.

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