Radio One, Inc. Reports Third Quarter Results

                Radio One, Inc. Reports Third Quarter Results

PR Newswire

WASHINGTON, Nov. 7, 2013

WASHINGTON, Nov. 7, 2013 /PRNewswire/ --Radio One, Inc. (NASDAQ: ROIAK and
ROIA) today reported its results for the quarter ended September 30, 2013.
Net revenue was approximately $118.4 million, an increase of 7.7% from the
same period in 2012. Station operating income^1 was approximately $44.8
million, an increase of 9.7% from the same period in 2012. The Company
reported operating income of approximately $21.8 million for the three months
ended September 30, 2013, compared to operating income of $21.5 million for
the same period in 2012. Net loss was approximately $13.2 million or $0.28 per
share compared to a net loss of $13.1 million or $0.26 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 12.5% increase in adjusted EBITDA^2. Our radio business,
including Reach Media, grew revenues by 3.4% year-to-year despite the
toughening political comparatives. Propelled by strong summer ratings, TV One
posted revenue and adjusted EBITDA growth of 13.7% and 37.2% respectively, and
our internet division showed solid progress. Excluding political,our Q4 radio
revenues are currently pacing up mid-single digits. Despite the $6.1 million
of cyclical political revenue that we booked in Q4 2012, we expect Q4 radio
revenues to finish approximately flat, which will be quite an achievement
given that 2012 was a record year for our political revenues. As a result of
our EBITDA growth, we have steadily been improving our leverage profile, and
for the first time since Q1 2009, our total leverage ratio as measured by our
credit agreement has dropped below 7.0x; our focus remains to continue this
positive trend."

RESULTS OF OPERATIONS
                      Three Months Ended           Nine Months Ended September
                      September 30,                30,
                      2013          2012           2013          2012
                                    (as                          (as
                                    adjusted)^3                  adjusted)^3
STATEMENT OF          (unaudited)                  (unaudited)
OPERATIONS
                      (in thousands, except share  (in thousands, except share
                      data)                        data)
                      $        $        $        $      
 NET REVENUE                       109,894                318,688
                      118,391                     337,105
 OPERATING EXPENSES
 Programming and
 technical, excluding 37,176        32,454         100,649       96,582
 stock-based
 compensation
 Selling, general and
 administrative,
 excluding            36,400        36,593         110,143       106,894
 stock-based
 compensation
 Corporate selling,
 general and
 administrative,      9,684         9,613          27,107        29,003
 excluding
 stock-based
 compensation
 Stock-based          55            37             145           127
 compensation
 Depreciation and     9,571         9,699          28,600        29,161
 amortization
 Impairment of        3,710         -              14,880        313
 long-lived assets
 Total operating      96,596        88,396         281,524       262,080
 expenses
 Operating income     21,795        21,498         55,581        56,608
 INTEREST INCOME      23            108            165           155
 INTEREST EXPENSE     22,336        22,089         66,811        68,584
 OTHER (INCOME)       (29)          681            (99)          1,284
 EXPENSE, net
 Loss before
 provision for income
 taxes,
 noncontrolling
 interest in income   (489)         (1,164)        (10,966)      (13,105)

 of subsidiaries and
 income (loss) from
 discontinued
 operations
 PROVISION FOR INCOME 8,415         9,051          19,798        25,814
 TAXES
 Net loss from
 continuing           (8,904)       (10,215)       (30,764)      (38,919)
 operations
 INCOME (LOSS) FROM
 DISCONTINUED         -             (40)           893           (56)
 OPERATIONS, net of
 tax
 CONSOLIDATED NET     (8,904)       (10,255)       (29,871)      (38,975)
 LOSS
 NET INCOME
 ATTRIBUTABLE TO      4,317         2,809          15,670        10,663
 NONCONTROLLING
 INTERESTS
 CONSOLIDATED NET     $        $        $        $      
 LOSS ATTRIBUTABLE TO              (13,064)               (49,638)
 COMMON STOCKHOLDERS  (13,221)                    (45,541)
 AMOUNTS ATTRIBUTABLE
 TO COMMON
 STOCKHOLDERS
 NET LOSS FROM        $        $        $        $      
 CONTINUING                        (13,024)               (49,582)
 OPERATIONS           (13,221)                    (46,434)
 INCOME (LOSS) FROM
 DISCONTINUED         -             (40)           893           (56)
 OPERATIONS, net of
 tax
 CONSOLIDATED NET     $        $        $        $      
 LOSS ATTRIBUTABLE TO              (13,064)               (49,638)
 COMMON STOCKHOLDERS  (13,221)                    (45,541)
 Weighted average
 shares outstanding - 47,443,031    50,019,048     48,680,979    50,010,406
 basic^4
 Weighted average
 shares outstanding - 47,443,031    50,019,048     48,680,979    50,010,406
 diluted^5



                     Three Months Ended September  Nine Months Ended September
                     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 from    $        $        $        $      
continuing                        (0.26)                (0.99)
operations (basic)   (0.28)                       (0.95)
 Income (loss)
from discontinued    0.00           (0.00)         0.02          (0.00)
operations, net of
tax (basic)
 Consolidated net $                       $     
loss attributable to            $                * $      
common stockholders  (0.28)          (0.26)    (0.94)         (0.99)
(basic)
 Net loss from    $        $        $        $      
continuing                        (0.26)                (0.99)
operations (diluted) (0.28)                       (0.95)
 Income (loss)
from discontinued    0.00           (0.00)         0.02          (0.00)
operations, net of
tax (diluted)
 Consolidated net $                       $     
loss attributable to            $                * $      
common stockholders  (0.28)          (0.26)    (0.94)         (0.99)
(diluted)
SELECTED OTHER DATA
Station operating    $        $        $        $      
income ^1               44,815   40,847                  115,212
                                                   126,313
Station operating
income margin (% of  37.9%          37.2%          37.5%         36.2%
net revenue)
Station operating
income
reconciliation:
 Consolidated net $        $        $        $      
loss attributable to   (13,221)  (13,064)                  (49,638)
common stockholders                                (45,541)
 Add back
non-station
operating income
items included in
consolidated net
loss:
Interest income      (23)           (108)          (165)         (155)
Interest expense     22,336         22,089         66,811        68,584
Provision for income 8,415          9,051          19,798        25,814
taxes
Corporate selling,
general and          9,684          9,613          27,107        29,003
administrative
expenses
Stock-based          55             37             145           127
compensation
Other (income)       (29)           681            (99)          1,284
expense, net
Depreciation and     9,571          9,699          28,600        29,161
amortization
Noncontrolling
interest in income   4,317          2,809          15,670        10,663
of subsidiaries
Impairment of        3,710          -              14,880        313
long-lived assets
Loss (income) from
discontinued         -              40             (893)         56
operations, net of
tax
Station operating    $        $        $        $      
income                  44,815   40,847                  115,212
                                                   126,313
                     $        $        $        $      
Adjusted EBITDA^2       35,131   31,234                  86,209
                                                   99,206
Adjusted EBITDA
reconciliation:
 Consolidated net $        $        $        $      
loss attributable to   (13,221)  (13,064)                  (49,638)
common stockholders                                (45,541)
Interest income      (23)           (108)          (165)         (155)
Interest expense     22,336         22,089         66,811        68,584
Provision for income 8,415          9,051          19,798        25,814
taxes
Depreciation and     9,571          9,699          28,600        29,161
amortization
                     $        $        $        $      
EBITDA                  27,078   27,667                  73,766
                                                   69,503
Stock-based          55             37             145           127
compensation
Other (income)       (29)           681            (99)          1,284
expense, net
Noncontrolling
interest in income   4,317          2,809          15,670        10,663
of subsidiaries
Impairment of        3,710          -              14,880        313
long-lived assets
Loss (income) from
discontinued         -              40             (893)         56
operations, net of
tax
                     $        $        $        $      
Adjusted EBITDA         35,131   31,234                  86,209
                                                   99,206
*Per share amounts
do not add due to
rounding.



                                      September 30, 2013   December 31, 2012
                                      (unaudited)
                                      (in thousands)
SELECTED BALANCE SHEET DATA:
 Cash and cash equivalents            $           $         
                                      48,317              57,255
 Intangible assets, net               1,157,126            1,202,562
 Total assets                         1,420,031            1,460,195
 Total debt (including current        816,208              818,718
 portion)
 Total liabilities                    1,105,715            1,092,844
 Total equity                         301,670              354,498
 Redeemable noncontrolling interest   12,646               12,853
 Noncontrolling interest              208,188              210,698
                                      Current Amount       Applicable Interest
                                      Outstanding          Rate
                                      (in thousands)
SELECTED LEVERAGE DATA:
 Senior bank term debt, net of
 original issue discount of           $            7.50%
 approximately $4.2 million (subject  370,174
 to variable rates) (a)
 12 ^1/[2]%/15% senior subordinated   327,034              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 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 $118.4 million for the quarter ended
September 30, 2013, from approximately $109.9 million for the same period in
2012, an increase of 7.7%. Net revenue from the radio business, including
Reach Media, increased 3.4% for the quarter ended September 30, 2013 compared
to the same period in 2012. Within our Cable Television segment, we recognized
approximately $37.8 million of revenue during the three months ended September
30, 2013, versus approximately $33.2 million of revenue during the comparable
period in 2012. Finally, net revenues for our internet business increased
37.6% for the three months ended September 30, 2013, compared to the same
period in 2012 due to growth in advertising and studio services, where
Interactive One provides services to other publishers.

Operating expenses, excluding depreciation and amortization, stock-based
compensation and impairment of long-lived assets increased to approximately
$83.3 million for the quarter ended September 30, 2013, from approximately
$78.7 million for the quarter ended September 30, 2012, an increase of 5.8%.
The increase for the three months ended September 30, 2013, compared to the
same period in 2012 is primarily due to an increase in programming and
technical expenses related to higher content amortization as TV One continues
to expand its content programming.

Depreciation and amortization expense decreased to approximately $9.6 million
compared to approximately $9.7 million for the quarters ended September 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 September 30, 2013,
increased to approximately $3.7 million and related to a non-cash impairment
charge recorded to reduce the carrying value of our Boston and Cleveland radio
broadcasting licenses.

Interest expense increased to approximately $22.3 million for the quarter
ended September 30, 2013, from approximately $22.1 million for the same period
in 2012, an increase of 1.1%. The Company made cash interest payments of
approximately $20.9 million for the quarter ended September 30, 2013, compared
to cash interest payments of approximately $21.0 million for the quarter ended
September 30, 2012. Through May 14, 2012, interest on the Company's 12
1/2%/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 12 1/2% and was payable in cash. We
continually evaluate opportunities based upon market conditions to refinance
our outstanding indebtedness in order to reduce our borrowing costs, extend
maturities and/or increase our operating flexibility. There can be no
guarantee that any such refinancing opportunities will be available on
acceptable terms or at all.

The provision for income taxes for the quarter ended September 30, 2013, was
approximately $8.4 million compared to approximately $9.1 million for the
comparable period in 2012, 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 periods ended
September 30, 2013 and 2012.The Company paid $221,000 and $271,000 in taxes
for the quarters ended September 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 September 30, 2013, compared to the 2012 period.

Other pertinent financial information includes capital expenditures of
approximately $1.3 million and $2.8 million for the quarters ended September
30, 2013 and 2012, respectively. The Company received dividends from TV One
in the amount of approximately $6.2 million and $2.0 million for the quarters
ended September 30, 2013 and 2012, respectively. As of September 30, 2013, the
Company had total debt (net of cash balances) of approximately $767.9 million.
The Company's cash and cash equivalents by segment are as follows: Radio and
Internet, approximately $24.8 million; Reach Media, approximately $4.8
million; and Cable Television, approximately $18.7 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 September 30, 2013, the Company
repurchased 512,300 shares of Class D common stock in the amount of $1,209,108
and 1,100 shares of Class A common stock in the amount of $2,655. There were
no stock repurchases made during the three months ended September 30, 2012.

Supplemental Financial Information:

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

                   Three Months Ended September 30, 2013
                   (in thousands, unaudited)
                                                                                  Corporate/
                                  Radio        Reach               Cable        Eliminations/
                   Consolidated   Broadcasting   Media    Internet   Television   Other
STATEMENT OF
OPERATIONS:
 NET REVENUE     $ 118,391      $ 59,281       $ 16,872 $ 6,125    $ 37,786     $ (1,673)
 OPERATING
 EXPENSES:
 Programming and   37,176         10,946         8,088    2,160      17,541       (1,559)
 technical
 Selling,
 general and       36,400         21,074         4,445    3,948      7,260        (327)
 administrative
 Corporate
 selling,          9,684          -              1,168    -          1,669        6,847
 general and
 administrative
 Stock-based       55             14             -        -          -            41
 compensation
 Depreciation
 and               9,571          1,645          310      588        6,555        473
 amortization
 Impairment of
 long-lived        3,710          3,710          -        -          -            -
 assets
 Total operating   96,596         37,389         14,011   6,696      33,025       5,475
 expenses
 
 Operating         21,795         21,892         2,861    (571)      4,761        (7,148)
 income (loss)
 INTEREST INCOME   23             -              -        -          17           6
 INTEREST          22,336         303            -        -          3,039        18,994
 EXPENSE
 OTHER INCOME,     (29)           -              -        -          -            (29)
 net
  (Loss) income
  before
  provision for
  income taxes,
  noncontrolling
  interest in      (489)          21,589         2,861    (571)      1,739        (26,107)
  income of
  subsidiaries
  and income
  from
  discontinued
  operations
 PROVISION FOR     8,415          7,387          1,028    -          -            -
 INCOME TAXES
  Net (loss)
  income from      (8,904)        14,202         1,833    (571)      1,739        (26,107)
  continuing
  operations
 INCOME FROM
 DISCONTINUED      -              -              -        -          -            -
 OPERATIONS, net
 of tax
 CONSOLIDATED
 NET (LOSS)        (8,904)        14,202         1,833    (571)      1,739        (26,107)
 INCOME
 NET INCOME
 ATTRIBUTABLE TO   4,317          -              -        -          -            4,317
 NONCONTROLLING
 INTERESTS
 NET (LOSS)
 INCOME
 ATTRIBUTABLE TO $ (13,221)     $ 14,202       $ 1,833  $ (571)    $ 1,739      $ (30,424)
 COMMON
 STOCKHOLDERS
 Adjusted        $ 35,131       $ 27,261       $ 3,171  $ 17       $ 11,316     $ (6,634)
 EBITDA^2



                   Three Months Ended September 30, 2012
                   (in thousands, unaudited, as adjusted)^3
                                                                                  Corporate/
                                  Radio        Reach               Cable        Eliminations/
                   Consolidated   Broadcasting   Media    Internet   Television   Other
STATEMENT OF
OPERATIONS:
 NET REVENUE     $ 109,894      $ 58,353       $ 15,321 $ 4,452    $ 33,232     $ (1,464)
 OPERATING
 EXPENSES:
 Programming and   32,454         10,510         7,683    2,104      13,168       (1,011)
 technical
 Selling,
 general and       36,593         21,097         4,175    2,784      9,263        (726)
 administrative
 Corporate
 selling,          9,613          -              1,875    -          2,552        5,186
 general and
 administrative
 Stock-based       37             20             -        -          -            17
 compensation
 Depreciation
 and               9,699          1,574          323      795        6,707        300
 amortization
 Impairment of
 long-lived        -              -              -        -          -            -
 assets
 Total operating   88,396         33,201         14,056   5,683      31,690       3,766
 expenses
 
 Operating         21,498         25,152         1,265    (1,231)    1,542        (5,230)
 income (loss)
 INTEREST INCOME   108            -              1        -          34           73
 INTEREST          22,089         218            -        -          3,039        18,832
 EXPENSE
 OTHER EXPENSE     681            5              -        -          604          72
 (INCOME), net
  (Loss) income
  before
  provision for
  income taxes,
  noncontrolling
  interest in      (1,164)        24,929         1,266    (1,231)    (2,067)      (24,061)
  income of
  subsidiaries
  and loss from
  discontinued
  operations
 PROVISION FOR     9,051          8,809          242      -          -            -
 INCOME TAXES
  Net (loss)
  income from      (10,215)       16,120         1,024    (1,231)    (2,067)      (24,061)
  continuing
  operations
 LOSS FROM
 DISCONTINUED      (40)           (40)           -        -          -            -
 OPERATIONS, net
 of tax
 CONSOLIDATED
 NET (LOSS)        (10,255)       16,080         1,024    (1,231)    (2,067)      (24,061)
 INCOME
 NET INCOME
 ATTRIBUTABLE TO   2,809          -              -        -          -            2,809
 NONCONTROLLING
 INTERESTS
 NET (LOSS)
 INCOME
 ATTRIBUTABLE TO $ (13,064)     $ 16,080       $ 1,024  $ (1,231)  $ (2,067)    $ (26,870)
 COMMON
 STOCKHOLDERS
 Adjusted        $ 31,234       $ 26,746       $ 1,588  $ (436)    $ 8,249      $ (4,913)
 EBITDA^2



                   Nine Months Ended September 30, 2013
                   (in thousands, unaudited)
                                                                                  Corporate/
                                  Radio        Reach               Cable        Eliminations/
                   Consolidated   Broadcasting   Media    Internet   Television   Other
STATEMENT OF
OPERATIONS:
 NET REVENUE     $ 337,105      $ 167,898      $ 44,428 $ 17,612   $ 111,506    $ (4,339)
 OPERATING
 EXPENSES:
 Programming and   100,649        32,690         23,003   6,142      42,873       (4,059)
 technical
 Selling,
 general and       110,143        63,938         13,762   11,445     21,927       (929)
 administrative
 Corporate
 selling,          27,107         -              3,382    -          5,899        17,826
 general and
 administrative
 Stock-based       145            38             -        -          -            107
 compensation
 Depreciation
 and               28,600         4,720          950      1,902      19,773       1,255
 amortization
 Impairment of
 long-lived        14,880         14,880         -        -          -            -
 assets
 Total operating   281,524        116,266        41,097   19,489     90,472       14,200
 expenses
 
 Operating         55,581         51,632         3,331    (1,877)    21,034       (18,539)
 income (loss)
 INTEREST INCOME   165            -              -        -          44           121
 INTEREST          66,811         888            -        -          9,117        56,806
 EXPENSE
 OTHER INCOME,     (99)           (11)           -        -          -            (88)
 net
  (Loss) income
  before
  provision for
  income taxes,
  noncontrolling
  interest in      (10,966)       50,755         3,331    (1,877)    11,961       (75,136)
  income of
  subsidiaries
  and income
  from
  discontinued
  operations
 PROVISION FOR     19,798         18,298         1,500    -          -            -
 INCOME TAXES
  Net (loss)
  income from      (30,764)       32,457         1,831    (1,877)    11,961       (75,136)
  continuing
  operations
 INCOME FROM
 DISCONTINUED      893            893            -        -          -            -
 OPERATIONS, net
 of tax
 CONSOLIDATED
 NET (LOSS)        (29,871)       33,350         1,831    (1,877)    11,961       (75,136)
 INCOME
 NET INCOME
 ATTRIBUTABLE TO   15,670         -              -        -          -            15,670
 NONCONTROLLING
 INTERESTS
 NET (LOSS)
 INCOME
 ATTRIBUTABLE TO $ (45,541)     $ 33,350       $ 1,831  $ (1,877)  $ 11,961     $ (90,806)
 COMMON
 STOCKHOLDERS
 Adjusted        $ 99,206       $ 71,270       $ 4,281  $ 25       $ 40,807     $ (17,177)
 EBITDA^2



                   Nine Months Ended September 30, 2012
                   (in thousands, unaudited, as adjusted)^3
                                                                                  Corporate/
                                  Radio        Reach               Cable        Eliminations/
                   Consolidated   Broadcasting   Media    Internet   Television   Other
STATEMENT OF
OPERATIONS:
 NET REVENUE     $ 318,688      $ 166,064      $ 44,038 $ 14,659   $ 97,722     $ (3,795)
 OPERATING
 EXPENSES:
 Programming and   96,582         32,964         23,303   6,183      37,269       (3,137)
 technical
 Selling,
 general and       106,894        64,376         12,836   9,067      21,954       (1,339)
 administrative
 Corporate
 selling,          29,003         -              6,228    -          6,670        16,105
 general and
 administrative
 Stock-based       127            52             -        -          -            75
 compensation
 Depreciation
 and               29,161         4,774          979      2,432      20,219       757
 amortization
 Impairment of
 long-lived        313            313            -        -          -            -
 assets
 Total operating   262,080        102,479        43,346   17,682     86,112       12,461
 expenses
 
 Operating         56,608         63,585         692      (3,023)    11,610       (16,256)
 income (loss)
 INTEREST INCOME   155            -              5        -          48           102
 INTEREST          68,584         537            -        -          9,117        58,930
 EXPENSE
 OTHER EXPENSE     1,284          (10)           -        -          605          689
 (INCOME), net
  (Loss) income
  before
  provision for
  (benefit from)
  income taxes,
  noncontrolling   (13,105)       63,058         697      (3,023)    1,936        (75,773)
  interest in
  income of
  subsidiaries
  and loss from
  discontinued
  operations
 PROVISION FOR
 (BENEFIT FROM)    25,814         26,196         (382)    -          -            -
 INCOME TAXES
  Net (loss)
  income from      (38,919)       36,862         1,079    (3,023)    1,936        (75,773)
  continuing
  operations
 LOSS FROM
 DISCONTINUED      (56)           (56)           -        -          -            -
 OPERATIONS, net
 of tax
 CONSOLIDATED
 NET (LOSS)        (38,975)       36,806         1,079    (3,023)    1,936        (75,773)
 INCOME
 NET INCOME
 ATTRIBUTABLE TO   10,663         -              -        -          -            10,663
 NONCONTROLLING
 INTERESTS
 NET (LOSS)
 INCOME
 ATTRIBUTABLE TO $ (49,638)     $ 36,806       $ 1,079  $ (3,023)  $ 1,936      $ (86,436)
 COMMON
 STOCKHOLDERS
 Adjusted        $ 86,209       $ 68,724       $ 1,671  $ (591)    $ 31,829     $ (15,424)
 EBITDA^2



Radio One, Inc. will hold a conference call to discuss its results for third
fiscal quarter of 2013. This conference call is scheduled for Thursday,
November 7, 2013 at 10:00 a.m. Eastern Standard Time. To participate on this
call, U.S. callers may dial toll-free 1-800-230-1059; international callers
may dial direct (+1) 612-234-9959.

A replay of the conference call will be available from 12:00 p.m. EST November
07, 2013 until 11:59 p.m. November 10, 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 305381. 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 and MiGente. 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.

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

4 For the three months ended September 30, 2013 and 2012, Radio
One had 47,443,031 and 50,019,048 shares of common stock outstanding on a
weighted average basis (basic), respectively. For the nine months ended
September 30, 2013 and 2012, Radio One had 48,680,979 and 50,010,406 shares of
common stock outstanding on a weighted average basis (basic), respectively.

5 For the three months ended September 30, 2013 and 2012, Radio
One had 47,443,031 and 50,019,048 shares of common stock outstanding on a
weighted average basis (fully diluted), for outstanding stock options,
respectively. For the nine months ended September 30, 2013 and 2012, Radio
One had 48,680,979 and 50,010,406 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
 
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