From WashingtonPost.com:
The Lanham company said it earned $14.2 million (25 cents a share) in the third quarter, compared with a loss of $266.1 million ($2.81) a year earlier. The results for the year-ago period were affected by a one-time write-down of $337.9 million on the value of its broadcasting licenses.
Shares of Radio One jumped more than 27 percent on the news, gaining 39 cents to close at $1.83.
“It’s a pretty decent result,” said industry analyst Mark R. Fratrik of BIA Financial. “They are moving in the right direction. But like every other radio company, there are both long-term and short-term challenges.”
Founded in 1980, Radio One owns and operates 53 radio stations across the United States aimed at African American and urban listeners. The company has struggled in recent years, and the recession has magnified its difficulties.
However, this summer, Radio One ended a six-quarter losing streak by reporting a $7.2 million profit for the April-through-June period, as it reduced operating expenses.
[Disclosure: NewsOne.com is part of the Interactive One family of websites, which are owned by parent company Radio One.]
