Radio One plunges on wider Q4 loss
Radio One, Inc. (Nasdaq: ROIAK) shares are plunging after the radio broadcasting company posted a fourth-quarter loss of $386.4 million, or $3.91 per share, down substantially from a loss of $25.5 million, or $0.26 per share, a year earlier. Wall Street analysts were expecting Radio One to earn $0.03 per share.
Quarterly revenue totaled $78 million, down 5% from $82.3 million during the year-ago period. Analysts, on average, predicted revenue of $83.7 million.
“As predicted, the industry experienced a soft fourth quarter, with the markets in which we operate down 5% year to year,” CEO Alfred Liggins said in a statement. “The market continues to be challenging, particularly at the national level; however, we are seeing some good local revenue numbers and are optimistic that there may be a halt to the overall revenue decline in first quarter.”
In afternoon trading, ROIAK shares are down 19.88%, or $0.33, at $1.33. Over the last 52 weeks, shares have ranged from $1.32 to $7.73.
