Radio One, Inc. Second Quarter Results Conference Call
Prior to that call, the Company is pleased to announce that, for the second quarter, it will achieve the highest revenue and broadcast cash flow (BCF) in its history and exceed its previously published second quarter guidance of:
Net Revenue: $79.5 million BCF: $41.0 million EBITDA: $38.0 million ATCF per share: $0.19 cents Net Income per share: $0.11 centsFurthermore, the Company expects to report quarterly EBITDA minus Capital Expenditures in excess of $35.0 million and quarterly Free Cash Flow (as defined below) in excess of $15.0 million. The Company also expects to end the quarter with more than $45.0 million of cash on hand. The net revenue results equate to double-digit growth (year-over-year) on both a same station and pro forma basis.
This conference call is scheduled for Wednesday, July 31, 2002 at 10:00 a.m. Eastern Daylight Time. Interested parties should call 816-650-0742 at least five minutes prior to the scheduled time of the call and identify "Radio One Second Quarter Results Conference Call." The conference call will be recorded and made available for replay at 12:00 p.m. EDT, the day of the call, until 11:59 p.m. EDT, the following day. Interested parties may listen to the recording by calling 402-220-2491 and entering access code 12883612.
Radio One is the nation's seventh largest radio broadcasting company (based on 2001 pro forma revenue) in the United States and the largest primarily targeting African-American and urban listeners. Pro forma for all announced acquisitions and operating agreements, the Company owns and/or operates 65 radio stations located in 22 of the largest markets in the United States and programs five channels on the XM Satellite Radio system.
Free Cash Flow is defined as EBITDA minus capital expenditures, cash interest, cash taxes, preferred dividends and plus interest income.
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. Because these statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially, including the absence of a combined operating history with an acquired company or radio station and the potential inability to integrate acquired businesses, need for additional financing, high degree of leverage, seasonal nature of the business, granting of rights to acquire certain portions of the acquired company's or radio station's operations, market ratings, variable economic conditions and consumer tastes, as well as restrictions imposed by existing debt and future payment obligations. Important factors that could cause actual results to differ materially are described in the Company's reports on Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission.
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CONTACT: Scott R. Royster, Executive Vice President and Chief Financial Officer of Radio One, Inc., +1-301-429-2642 URL: http://www.prnewswire.com
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