Radio One has reported its financial results for the second quarter of 2012, with net revenue up 9.1 percent following the consolidation of the TV One division. Net revenue reached $105.9 million in Q2, Also giving effect to the consolidation of TV One, station operating income was approximately $41.4 million, an increase of 19 percent from the same period in 2011. The company reported operating income of approximately $21.5 million compared to operating income of approximately $15.8 million for Q2 '11. Net income was approximately $42.7 million in Q2 compared to net income of $98.6 million a year ago.
Alfred C. Liggins, III, Radio One CEO/President stated, "I was pleased with our second quarter core radio revenue growth of 6.5 percent year over year. While the timing of the One Love Gospel Cruise and other corporate revenues brought the headline radio revenue growth rate down to 2.7 percent, I believe we strongly outperformed the markets in which we operate. We expect this trend to continue into the third quarter, where we are currently pacing up high single digits, with political revenues likely to strengthen as we move closer to the Presidential election. TV One continued its growth trajectory with Quarterly EBITDA of $11.7 million, up 32.8 percent from the same period last year. The dividends received from TV One remain an important source of cash-flow for Radio One, and we intend to manage this aspect of the business prudently, with a view towards managing our bank covenant step-downs in 2013. Our Internet division had a somewhat weaker than expected second quarter, with a lack of tent-pole events around which to build revenue. I expect their progress towards profitability to resume in the third quarter."