Radio One revenue down 16% - Washington Business Journal:

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The Lanham-based broadcasting company ROIAK) lost $59.4 million for the threes months endedMarch 31, or 84 cents per dilutedr share, compared to a net loss of approximatelyu $18.9 million, or 19 cents per diluted share, for the same perio in 2008. First-quarter revenue was $60.7 million, a decrease of 16 percent from the same periodd in 2008 when revenuewas $72.5 “We continued with our cost cutting and leveraged new and alternative revenue sources fueledr by the radio industry’s growth in digitapl and online dollars,” said Alfre Liggins, CEO and president.
“Though business continues to bookextremelg late, pacings indicate Q2 revenues will experience declinea similar to those in Q1. We will proactively continu to focus on radio share internet sales, further cost cuts and our balance sheet.” The compangy recorded a non-cash impairment charge agains t its Federal Communication Commission licenses of $49 million. That led to a net operatingf lossof $43.3 million. Radii One’s stations, which focus primarily on African-American and urba listeners, reported station operating earningsof $16.5 million, down 43 perceny from $29 million for the first quarter of 2008.
The compang said it posted net revenue declines in all but two of its with considerable declines in itslarger markets, includinyg D.C., Atlanta, Baltimore, and