Radio One pacing down after down quarter


Radio One's stock was down yesterday after it reported Q2 revenues down 6% to 86.1 million, with about half of that shortfall attributed to its Los Angeles station. Station operating income plunged 67% to 9.8 million. CEO Al Liggins noted that, except for in LA, Radio One slightly outperformed its markets in another tough quarter for the entire radio industry. He cited Radio One's Atlanta, Cincinnati and Dallas markets as being particularly strong in the quarter. CFO Scott Royster told analysts that excluding LA Q3 pacings are down in the low single digits and the company is forecasting that it will finish the quarter better than that. Including LA, the quarter is pacing down in the mid single digits.