Radio One, Inc. Reports Fourth Quarter Results

                Radio One, Inc. Reports Fourth Quarter Results

PR Newswire

WASHINGTON, Feb. 20, 2013

WASHINGTON, Feb. 20, 2013 /PRNewswire/ -- Radio One, Inc. (NASDAQ: ROIAK and
ROIA) today reported its results for the quarter ended December 31, 2013. Net
revenue was approximately $111.6 million, an increase of 5.4% from the same
period in 2012. Station operating income^1 was approximately $39.1 million,
an increase of 9.9% from the same period in 2012. The Company reported
operating income of approximately $17.4 million compared to operating income
of approximately $14.6 million for the same period in 2012. Net loss was
approximately $16.4 million or $0.35 per share compared to net loss of $17.2
million or $0.34 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, "Our core radio
business remains very robust: excluding political advertising, revenue for our
combined radio and Reach Media segments increased approximately 5.0% over Q4
2012. Consolidated net revenue excluding political increased 10.6% over Q4
2012. I was pleased that once again we delivered a double digit increase in
Consolidated Adjusted EBITDA^2, which increased 10% year over year, and that
our Interactive division achieved profitability on an Adjusted EBITDA basis
for both the fourth quarter and the full year."

RESULTS OF OPERATIONS
                      Three Months Ended December  Year Ended December 31,
                      31,
                      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                       105,885                424,573
                      111,595                     448,700
 OPERATING EXPENSES
 Programming and
 technical, excluding 37,372        39,394         138,021       135,974
 stock-based
 compensation
 Selling, general and
 administrative,
 excluding            35,074        30,881         145,218       137,776
 stock-based
 compensation
 Corporate selling,
 general and
 administrative,      12,445        11,350         39,552        40,353
 excluding
 stock-based
 compensation
 Stock-based          46            44             191           171
 compensation
 Depreciation and     9,270         9,615          37,870        38,777
 amortization
 Impairment of        -             -              14,880        313
 long-lived assets
 Total operating      94,207        91,284         375,732       353,364
 expenses
          17,388        14,601         72,968        71,209
 Operating income
 INTEREST INCOME      80            93             245           248
 INTEREST EXPENSE     22,386        22,213         89,196        90,797
 OTHER (INCOME)       (208)         73             (307)         1,357
 EXPENSE, net
 Loss before
 provision for income
 taxes,
 noncontrolling
 interest in income   (4,710)       (7,592)        (15,676)      (20,697)
 of subsidiaries and
 (loss) income from
 discontinued
 operations
 PROVISION FOR INCOME 8,921         7,421          28,719        33,235
 TAXES
 Net loss from
 continuing           (13,631)      (15,013)       (44,395)      (53,932)
 operations
 (LOSS) INCOME FROM
 DISCONTINUED         (8)           (128)          885           (184)
 OPERATIONS, net of
 tax
 CONSOLIDATED NET     (13,639)      (15,141)       (43,510)      (54,116)
 LOSS
 NET INCOME
 ATTRIBUTABLE TO      2,801         2,086          18,471        12,749
 NONCONTROLLING
 INTERESTS
 CONSOLIDATED NET     $        $        $        $      
 LOSS ATTRIBUTABLE TO              (17,227)               (66,865)
 COMMON STOCKHOLDERS  (16,440)                    (61,981)
 AMOUNTS ATTRIBUTABLE
 TO COMMON
 STOCKHOLDERS
 NET LOSS FROM        $        $        $        $      
 CONTINUING                        (17,099)               (66,681)
 OPERATIONS           (16,432)                    (62,866)
 (LOSS) INCOME FROM
 DISCONTINUED         (8)           (128)          885           (184)
 OPERATIONS, net of
 tax
 CONSOLIDATED NET     $        $        $        $      
 LOSS ATTRIBUTABLE TO              (17,227)               (66,865)
 COMMON STOCKHOLDERS  (16,440)                    (61,981)
 Weighted average
 shares outstanding - 47,441,175    50,042,751     48,370,195    50,015,252
 basic^4
 Weighted average
 shares outstanding - 47,441,175    50,042,751     48,370,195    50,015,252
 diluted^5



                     Three Months Ended December  Year Ended December 31,
                     31,
                     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                      (0.34)               (1.33)
operations (basic)   (0.35)                      (1.30)
 (Loss) income
from discontinued    (0.00)        (0.00)         0.02         (0.00)
operations, net of
tax (basic)
 Consolidated net $                       $     
loss attributable to          $                 $       *
common stockholders  (0.35)         (0.34)    (1.28)        (1.34)
(basic)
 Net loss from    $        $        $       $      
continuing                      (0.34)               (1.33)
operations (diluted) (0.35)                      (1.30)
 (Loss) income
from discontinued    (0.00)        (0.00)         0.02         (0.00)
operations, net of
tax (diluted)
 Consolidated net $                       $     
loss attributable to          $                 $       *
common stockholders  (0.35)         (0.34)    (1.28)        (1.34)
(diluted)
SELECTED OTHER DATA
Station operating    $        $        $       $      
income ^1                       35,610                 150,823
                     39,149                      165,461
Station operating
income margin (% of  35.1%         33.6%          36.9%        35.5%
net revenue)
Station operating
income
reconciliation:
 Consolidated net $        $        $       $      
loss attributable to            (17,227)                 (66,865)
common stockholders  (16,440)                    (61,981)
 Add back
non-station
operating income
items included in
consolidated net
loss:
Interest income      (80)          (93)           (245)        (248)
Interest expense     22,386        22,213         89,196       90,797
Provision for income 8,921         7,421          28,719       33,235
taxes
Corporate selling,
general and          12,445        11,350         39,552       40,353
administrative
expenses
Stock-based          46            44             191          171
compensation
Other (income)       (208)         73             (307)        1,357
expense, net
Depreciation and     9,270         9,615          37,870       38,777
amortization
Noncontrolling
interest in income   2,801         2,086          18,471       12,749
of subsidiaries
Impairment of        -             -              14,880       313
long-lived assets
Loss (income) from
discontinued         8             128            (885)        184
operations, net of
tax
Station operating    $        $        $       $      
income                          35,610                 150,823
                     39,149                      165,461
                     $        $        $       $      
Adjusted EBITDA^2               24,260                 110,470
                     26,704                      125,909
Adjusted EBITDA
reconciliation:
 Consolidated net $        $        $       $      
loss attributable to            (17,227)                 (66,865)
common stockholders  (16,440)                    (61,981)
Interest income      (80)          (93)           (245)        (248)
Interest expense     22,386        22,213         89,196       90,797
Provision for income 8,921         7,421          28,719       33,235
taxes
Depreciation and     9,270         9,615          37,870       38,777
amortization
                     $        $        $       $      
EBITDA                          21,929                 95,696
                     24,057                      93,559
Stock-based          46            44             191          171
compensation
Other (income)       (208)         73             (307)        1,357
expense, net
Noncontrolling
interest in income   2,801         2,086          18,471       12,749
of subsidiaries
Impairment of        -             -              14,880       313
long-lived assets
Loss (income) from
discontinued         8             128            (885)        184
operations, net of
tax
                     $        $        $       $      
Adjusted EBITDA                 24,260                 110,470
                     26,704                      125,909
*Per share amounts
do not add due to
rounding.



                                      December 31, 2013    December 31, 2012
                                      (unaudited)
                                      (in thousands)
SELECTED BALANCE SHEET DATA:
 Cash and cash equivalents            $           $         
                                      56,676              57,255
 Intangible assets, net               1,147,017            1,202,562
 Total assets                         1,414,355            1,460,195
 Total debt (including current        815,635              818,718
 portion)
 Total liabilities                    1,117,381            1,092,844
 Total equity                         284,975              354,498
 Redeemable noncontrolling interest   11,999               12,853
 Noncontrolling interest              207,026              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 $3.9 million (subject  369,601
 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 currently at 7.50% and
incorporated into the applicable interest rate set forth above.



Cautionary Note Regarding Forward-Looking Statements

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

Net revenue increased to approximately $111.6 million for the quarter ended
December 31, 2013, from approximately $105.9 million for the same period in
2012, an increase of 5.4%. Net revenue from the radio business, including
Reach Media, decreased 2.2% for the quarter ended December 31, 2013, compared
to the same period in 2012 due to tough political comparatives. Excluding
political, revenue for our combined radio and Reach Media segments, increased
5.0% for the fourth quarter compared to the same quarter 2012 to approximately
$66.4 million from approximately $63.2 million. Excluding political,
consolidated net revenue increased 10.6% for the fourth quarter compared to
the same quarter 2012 to approximately $111.0 million from approximately
$100.4 million. We recognized approximately $38.0 million of revenue from our
cable television segment during the three months ended December 31, 2013,
compared to approximately $33.5 million for the same period in 2012, the
increase due primarily from an increase in advertising sales. Finally, net
revenues for our internet business increased 54.6% for the three months ended
December 31, 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
$84.9 million for the quarter ended December 31, 2013, up 4.0% from the
approximately $81.6 million incurred for the comparable quarter in 2012. TV
One incurred higher selling, general and administrative expenses related to
higher marketing and promotional expenses to advertise and promote various TV
One shows in addition to a higher intercompany management fee paid to Radio
One. During the fourth quarter of 2012, there were no new shows to promote.
This increase in expense was partially offset by a decrease in programming and
technical expenses, primarily related to lower content amortization incurred
by TV One for the quarter ended December 31, 2013 compared to the same period
in 2012. The decrease in TV One content amortization is a result of
accelerated amortization of programming content that was recorded in the prior
period.

Depreciation and amortization expense decreased to approximately $9.3 million
compared to approximately $9.6 million for the quarters ended December 31,
2013 and 2012, respectively, a decrease of 3.6%. The decrease was due to the
completion of depreciation and amortization for certain assets.

Interest expense increased marginally to approximately $22.4 million for the
quarter ended December 31, 2013, compared to approximately $22.2 million for
the same period in 2012. The Company made cash interest payments of
approximately $21.0 million for the quarter ended December 31, 2013 compared
to cash interest payments of approximately $21.3 million for the quarter ended
December 31, 2012.

The provision for income taxes for the quarter ended December 31, 2013 was
approximately $8.9 million compared to approximately $7.4 million for the
comparable period in 2012, primarily attributable to the recognition of
deferred tax expense associated with 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 December 31, 2013 and 2012.The Company paid $53,000 and
$187,000 in taxes for the quarters ended December 31, 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 December 31, 2013, compared to the 2012 period.

Other pertinent financial information includes capital expenditures of
approximately $2.0 million and $2.9 million for the quarters ended December
31, 2013 and 2012, respectively. The Company received dividends in the amount
of approximately $4.1 million for the quarter ended December 31, 2013, and
approximately $22.6 million for the year ended December 31, 2013. The Company
did not receive dividends for the quarter ended December 31, 2012, and
received approximately $8.1 million in dividends for the year ended December
31, 2012. As of December 31, 2013, the Company had total debt (net of cash
balances) of approximately $759.0 million. The Company's cash and cash
equivalents by segment are as follows: Radio and Internet, approximately
$27.6 million; Reach Media, approximately $5.9 million; and Cable Television,
approximately $23.2 million. In addition to cash and cash equivalents, the
Cable Television segment also has short-term investments of approximately $2.3
million and long-term investments of $170,000. There were no stock repurchases
made during the quarter ended December 31, 2013. During the year ended
December 31, 2013, the Company repurchased 2,630,574 shares of Class D common
stock in the amount of $5,397,734 and 32,669 shares of Class A common stock in
the amount of $70,986. There were no stock repurchases made during the quarter
or year ended December 31, 2012.

Other Matters

As previously announced, the Company closed a private offering of $335.0
million aggregate principal amount of 9.25% senior subordinated notes due 2020
(the "Notes") on February 10, 2014. The Notes were offered at an original
issue price of 100.00% plus accrued interest from February 10, 2014. The
Notes will mature on February 15, 2020. Interest on the Notes accrues at the
rate of 9.25% per annum and is payable semiannually in arrears on February 15
and August 15, commencing on August 15, 2014. The Notes are guaranteed by
certain of the Company's existing and future domestic subsidiaries and any
other subsidiaries that guarantee the existing senior credit facility or any
of the Issuer's other syndicated bank indebtedness or capital markets
securities.

The Company is using the net proceeds from the offering to repurchase or
otherwise redeem all of the amounts currently outstanding under its
12.5%/15.0% Senior Subordinated Notes due 2016 (the " 2016 Notes") and to pay
the related accrued interest, premiums, fees and expenses associated
therewith.

The Notes and the related guarantees were offered only to "qualified
institutional buyers" pursuant to Rule144A under the Securities Act and to
certain persons outside of the United States in compliance with RegulationS
under the Securities Act. The Notes and the related guarantees have not been
registered under the Securities Act, or the securities laws of any state or
other jurisdiction, and may not be offered or sold in the United States
without registration or an applicable exemption from the Securities Act and
applicable state securities or blue sky laws and foreign securities laws.

Finally, as also previously announced, on February 10, 2014 (the "Early
Settlement Date"), the Company closed upon early settlement of its cash tender
offer (the "Tender Offer") to purchase any and all of its outstanding 2016
Notes. The Tender Offer included a concurrent consent solicitation (the
"Consent Solicitation") soliciting consents from holders of the 2016 Notes to
certain amendments to the Indenture, dated as of November 24, 2010, by and
among the Company, the guarantors party thereto, and Wilmington Trust Company,
as trustee (the "Trustee"), pursuant to which the 2016 Notes were issued (as
amended and supplemented, the "Indenture") and related provisions of the 2016
Notes, that eliminated substantially all of the restrictive covenants and
certain events of default.

As reported by D.F. King & Co., Inc., the tender agent and information agent,
as of February 10, 2014, tenders and corresponding consents were delivered
with respect to $207,151,189 aggregate principal amount of the 2016 Notes,
which 2016 Notes had been validly tendered and not validly withdrawn as of
5:00 p.m., New York City time on February 7, 2014 (the "Early Tender Time").
As a result, the requisite consents were obtained with respect to all of the
Indenture amendments.

In conjunction with receiving the requisite consents, the Company, the
guarantors party thereto, and the Trustee executed a third supplemental
indenture with respect to the Indenture (the "Third Supplemental Indenture")
effecting the amendments to eliminate substantially all of the restrictive
covenants and certain events of default. The Third Supplemental Indenture
became operative upon acceptance of the 2016 Notes for purchase by the Company
on the Early Settlement Date pursuant to the terms and conditions described in
the Offer Documents (as defined below).

As previously announced, the Tender Offer will expire at 11:59 p.m. New York
City time on February 24, 2014, unless the Tender Offer is extended or earlier
terminated (the "Expiration Time"). Under the terms of the Tender Offer,
holders of the 2016 Notes who validly tender and do not validly withdraw their
2016 Notes and consents after the Early Tender Time but prior to the
Expiration Time will receive an amount equal to $977.50 per $1,000.00 in
principal amount of Notes validly tendered. Holders whose 2016 Notes are
purchased in the Tender Offer will also be paid accrued and unpaid interest
from the most recent interest payment date on the Notes to, but not including,
the applicable settlement date. Holders may not tender their 2016 Notes in the
Tender Offer without delivering their consents under the Consent Solicitation,
and holders may not deliver their consents under the Consent Solicitation
without tendering their 2016 Notes pursuant to the Tender Offer.

Any 2016 Notes not tendered and purchased pursuant to the Tender Offer will
remain outstanding until redeemed as described below and the holders thereof
will be bound by the amendments contained in the Third Supplemental Indenture
eliminating substantially all restrictive covenants, certain events of default
and certain related provisions contained in the Indenture even though they
have not consented to the amendments.

Immediately following the Early Settlement Date, $119,883,421 aggregate
principal amount of 2016 Notes remained outstanding. The Company has given the
required notice under the Indenture to redeem any 2016 Notes that remain
outstanding at a redemption price equal to $1,000.00 for each $1,000 principal
amount of 2016 Notes in accordance with the Indenture.

Nothing in this press release constitutes a notice of redemption under the
optional redemption provisions of the Indenture, nor does it constitute an
offer to sell, or a solicitation of an offer to buy, any security. No offer,
solicitation, or sale will be made in any jurisdiction in which such an offer,
solicitation, or sale would be unlawful.

The complete terms and conditions of the Tender Offer and Consent Solicitation
are set forth in an Offer to Purchase and Consent Solicitation Statement dated
January 27, 2014 and the related Consent and Letter of Transmittal (the "Offer
Documents") that were sent to holders of the 2016 Notes. In any jurisdiction
where the laws require the Tender Offer and Consent Solicitation to be made by
a licensed broker or dealer, the Tender Offer and Consent Solicitation will be
deemed made on behalf of the Company by Credit Suisse Securities (USA) LLC, or
one or more registered brokers or dealers under the laws of such jurisdiction.

The Company's obligation to accept for purchase and to pay for 2016 Notes
validly tendered and not validly withdrawn and consents validly delivered, and
not validly revoked, pursuant to the Tender Offer and Consent Solicitation,
was subject to and conditioned upon the satisfaction of or, where applicable,
the Company's waiver of, certain conditions, including a financing condition.
As of February 10, 2014, those conditions had been satisfied and the 2016
Notes validly tendered and not validly withdrawn as of the Early Tender Time
were accepted for purchase by the Company.

Credit Suisse Securities (USA) LLC acted as dealer manager and solicitation
agent for the Tender Offer and Consent Solicitation. D.F. King & Co., Inc.
continues to act as the tender agent and information agent for the Tender
Offer and Consent Solicitation. Questions regarding the Tender Offer and
Consent Solicitation may be directed to Credit Suisse Securities (USA) LLC at
(800) 820-1653 (toll-free) or at (212) 325-2476 (collect). Requests for the
Offer Documents may be directed to D.F. King & Co., Inc. at (212) 269-5550
(for bankers and brokers) or (888) 628-9011 (for all others).

Supplemental Financial Information:

For comparative purposes, the following more detailed, unaudited statements of
operations for the three months and year ended December 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 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 months
and year ended December 31, 2012, has been reclassified to conform to the
current period presentation.



                   Three Months Ended December 31, 2013
                   (in thousands, unaudited)
                                                                                  Corporate/
                                  Radio        Reach               Cable        Eliminations/
                   Consolidated   Broadcasting   Media    Internet   Television   Other
STATEMENT OF
OPERATIONS:
 NET REVENUE     $ 111,595      $ 54,646       $ 12,313 $ 8,027    $ 37,966     $ (1,357)
 OPERATING
 EXPENSES:
 Programming and   37,372         10,698         8,212    2,058      18,091       (1,687)
 technical
 Selling,
 general and       35,074         20,633         1,468    5,673      8,841        (1,541)
 administrative
 Corporate
 selling,          12,445         -              1,006    -          2,485        8,954
 general and
 administrative
 Stock-based       46             5              -        -          -            41
 compensation
 Depreciation
 and               9,270          1,350          292      588        6,552        488
 amortization
 Total operating   94,207         32,686         10,978   8,319      35,969       6,255
 expenses
 
 Operating         17,388         21,960         1,335    (292)      1,997        (7,612)
 income (loss)
 INTEREST INCOME   80             -              -        -          34           46
 INTEREST          22,386         356            -        -          3,039        18,991
 EXPENSE
 OTHER INCOME,     (208)          (18)           -        -          -            (190)
 net
  (Loss) income
  before
  provision for
  income taxes,
  noncontrolling
  interest in      (4,710)        21,622         1,335    (292)      (1,008)      (26,367)
  income of
  subsidiaries
  and (loss)
  income from
  discontinued
  operations
 PROVISION FOR     8,921          8,502          419      -          -            -
 INCOME TAXES
  Net (loss)
  income from      (13,631)       13,120         916      (292)      (1,008)      (26,367)
  continuing
  operations
 (LOSS) INCOME
 FROM
 DISCONTINUED      (8)            14             -        (22)       -            -
 OPERATIONS, net
 of tax
 CONSOLIDATED
 NET (LOSS)        (13,639)       13,134         916      (314)      (1,008)      (26,367)
 INCOME
 NET INCOME
 ATTRIBUTABLE TO   2,801          -              -        -          -            2,801
 NONCONTROLLING
 INTERESTS
 NET (LOSS)
 INCOME
 ATTRIBUTABLE TO $ (16,440)     $ 13,134       $ 916    $ (314)    $ (1,008)    $ (29,168)
 COMMON
 STOCKHOLDERS
 Adjusted        $ 26,704       $ 23,315       $ 1,627  $ 296      $ 8,549      $ (7,083)
 EBITDA^2



                   Three Months Ended December 31, 2012
                   (in thousands, unaudited, as adjusted)^3
                                                                                   Corporate/
                                  Radio        Reach                Cable        Eliminations/
                   Consolidated   Broadcasting   Media     Internet   Television   Other
STATEMENT OF
OPERATIONS:
 NET REVENUE     $ 105,885      $ 57,341       $ 11,115  $ 5,193    $ 33,455     $ (1,219)
 OPERATING
 EXPENSES:
 Programming and   39,394         10,771         7,685     1,452      20,826       (1,340)
 technical
 Selling,
 general and       30,881         21,665         2,092     4,478      2,814        (168)
 administrative
 Corporate
 selling,          11,350         -              2,024     -          1,829        7,497
 general and
 administrative
 Stock-based       44             15             -         -          -            29
 compensation
 Depreciation
 and               9,615          1,534          322       778        6,645        336
 amortization
 Total operating   91,284         33,985         12,123    6,708      32,114       6,354
 expenses
 
 Operating         14,601         23,356         (1,008)   (1,515)    1,341        (7,573)
 income (loss)
 INTEREST INCOME   93             -              1         -          57           35
 INTEREST          22,213         317            -         -          3,039        18,857
 EXPENSE
 OTHER EXPENSE     73             (5)            -         -          -            78
 (INCOME), net
  (Loss) income
  before
  provision for
  (benefit from)
  income taxes,
  noncontrolling   (7,592)        23,044         (1,007)   (1,515)    (1,641)      (26,473)
  interest in
  income of
  subsidiaries
  and loss from
  discontinued
  operations
 PROVISION FOR
 (BENEFIT FROM)    7,421          7,739          (318)     -          -            -
 INCOME TAXES
  Net (loss)
  income from      (15,013)       15,305         (689)     (1,515)    (1,641)      (26,473)
  continuing
  operations
 LOSS FROM
 DISCONTINUED      (128)          (128)          -         -          -            -
 OPERATIONS, net
 of tax
 CONSOLIDATED
 NET (LOSS)        (15,141)       15,177         (689)     (1,515)    (1,641)      (26,473)
 INCOME
 NET INCOME
 ATTRIBUTABLE TO   2,086          -              -         -          -            2,086
 NONCONTROLLING
 INTERESTS
 NET (LOSS)
 INCOME
 ATTRIBUTABLE TO $ (17,227)     $ 15,177       $ (689)   $ (1,515)  $ (1,641)    $ (28,559)
 COMMON
 STOCKHOLDERS
 Adjusted        $ 24,260       $ 24,905       $ (686)   $ (737)    $ 7,986      $ (7,208)
 EBITDA^2



                   Year Ended December 31, 2013
                   (in thousands, unaudited)
                                                                                  Corporate/
                                  Radio        Reach               Cable        Eliminations/
                   Consolidated   Broadcasting   Media    Internet   Television   Other
STATEMENT OF
OPERATIONS:
 NET REVENUE     $ 448,700      $ 222,544      $ 56,741 $ 25,639   $ 149,472    $ (5,696)
 OPERATING
 EXPENSES:
 Programming and   138,021        43,388         31,215   8,201      60,965       (5,748)
 technical
 Selling,
 general and       145,218        84,570         15,230   17,118     30,768       (2,468)
 administrative
 Corporate
 selling,          39,552         -              4,388    -          8,384        26,780
 general and
 administrative
 Stock-based       191            43             -        -          -            148
 compensation
 Depreciation
 and               37,870         6,071          1,242    2,490      26,324       1,743
 amortization
 Impairment of
 long-lived        14,880         14,880         -        -          -            -
 assets
 Total operating   375,732        148,952        52,075   27,809     126,441      20,455
 expenses
 
 Operating         72,968         73,592         4,666    (2,170)    23,031       (26,151)
 income (loss)
 INTEREST INCOME   245            -              -        -          79           166
 INTEREST          89,196         1,244          -        -          12,156       75,796
 EXPENSE
 OTHER INCOME,     (307)          (29)           -        -          -            (278)
 net
  (Loss) income
  before
  provision for
  income taxes,
  noncontrolling
  interest in      (15,676)       72,377         4,666    (2,170)    10,954       (101,503)
  income of
  subsidiaries
  and income
  (loss) from
  discontinued
  operations
 PROVISION FOR     28,719         26,800         1,919    -          -            -
 INCOME TAXES
  Net (loss)
  income from      (44,395)       45,577         2,747    (2,170)    10,954       (101,503)
  continuing
  operations
 INCOME (LOSS)
 FROM
 DISCONTINUED      885            907            -        (22)       -            -
 OPERATIONS, net
 of tax
 CONSOLIDATED
 NET (LOSS)        (43,510)       46,484         2,747    (2,192)    10,954       (101,503)
 INCOME
 NET INCOME
 ATTRIBUTABLE TO   18,471         -              -        -          -            18,471
 NONCONTROLLING
 INTERESTS
 NET (LOSS)
 INCOME
 ATTRIBUTABLE TO $ (61,981)     $ 46,484       $ 2,747  $ (2,192)  $ 10,954     $ (119,974)
 COMMON
 STOCKHOLDERS
 Adjusted        $ 125,909      $ 94,586       $ 5,908  $ 320      $ 49,355     $ (24,260)
 EBITDA^2



                   Year Ended December 31, 2012
                   (in thousands, unaudited, as adjusted)^3
                                                                                  Corporate/
                                  Radio        Reach               Cable        Eliminations/
                   Consolidated   Broadcasting   Media    Internet   Television   Other
STATEMENT OF
OPERATIONS:
 NET REVENUE     $ 424,573      $ 223,404      $ 55,154 $ 19,852   $ 131,178    $ (5,015)
 OPERATING
 EXPENSES:
 Programming and   135,974        43,733         30,990   7,636      58,094       (4,479)
 technical
 Selling,
 general and       137,776        86,043         14,928   13,543     24,768       (1,506)
 administrative
 Corporate
 selling,          40,353         -              8,250    -          8,499        23,604
 general and
 administrative
 Stock-based       171            67             -        -          -            104
 compensation
 Depreciation
 and               38,777         6,308          1,302    3,210      26,864       1,093
 amortization
 Impairment of
 long-lived        313            313            -        -          -            -
 assets
 Total operating   353,364        136,464        55,470   24,389     118,225      18,816
 expenses
 
 Operating         71,209         86,940         (316)    (4,537)    12,953       (23,831)
 income (loss)
 INTEREST INCOME   248            -              5        -          106          137
 INTEREST          90,797         853            -        -          12,156       77,788
 EXPENSE
 OTHER EXPENSE     1,357          (15)           -        -          605          767
 (INCOME), net
  (Loss) income
  before
  provision for
  (benefit from)
  income taxes,
  noncontrolling   (20,697)       86,102         (311)    (4,537)    298          (102,249)
  interest in
  income of
  subsidiaries
  and loss from
  discontinued
  operations
 PROVISION FOR
 (BENEFIT FROM)    33,235         33,935         (700)    -          -            -
 INCOME TAXES
  Net (loss)
  income from      (53,932)       52,167         389      (4,537)    298          (102,249)
  continuing
  operations
 LOSS FROM
 DISCONTINUED      (184)          (184)          -        -          -            -
 OPERATIONS, net
 of tax
 CONSOLIDATED
 NET (LOSS)        (54,116)       51,983         389      (4,537)    298          (102,249)
 INCOME
 NET INCOME
 ATTRIBUTABLE TO   12,749         -              -        -          -            12,749
 NONCONTROLLING
 INTERESTS
 NET (LOSS)
 INCOME
 ATTRIBUTABLE TO $ (66,865)     $ 51,983       $ 389    $ (4,537)  $ 298        $ (114,998)
 COMMON
 STOCKHOLDERS
 Adjusted        $ 110,470      $ 93,628       $ 986    $ (1,327)  $ 39,817     $ (22,634)
 EBITDA^2



Radio One, Inc. will hold a conference call to discuss its results for fourth
quarter of 2013, as well as full year 2013. This conference call is scheduled
for Thursday, February 20, 2014 at 10:00 a.m. EST. To participate on this
call, U.S. callers may dial toll-free 1-800-230-1085; international callers
may dial direct (+1) 612-332-0107.

A replay of the conference call will be available from 12:00 p.m. EST February
20, 2014 until 11:59 p.m. EST February 22, 2014. 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 316355. 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 53 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 December 31, 2013 and 2012, Radio One had
47,441,175 and 50,042,751 shares of common stock outstanding on a weighted
average basis (basic), respectively. For the year ended December 31, 2013 and
2012, Radio One had 48,370,195 and 50,015,252 shares of common stock
outstanding on a weighted average basis (basic), respectively.

^5 For the three months ended December 31, 2013 and 2012, Radio One had
47,441,175 and 50,042,751 shares of common stock outstanding on a weighted
average basis (fully diluted), for outstanding stock options, respectively.
For the year ended December 31, 2013 and 2012, Radio One had 48,370,195 and
50,015,252 shares of common stock outstanding on a weighted average basis
(fully diluted), for outstanding stock options, respectively.



SOURCE Radio One

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