Radio One, Inc. Reports Record Third Quarter Results.WASHINGTON Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. -- Radio One, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ROIAK and ROIA
--Net broadcast revenue increases 4% --Completes acquisition of KROI-FM (formerly KRTS-FM) in Houston Houston, city (1990 pop. 1,630,553), seat of Harris co., SE Tex., a deepwater port on the Houston Ship Channel; inc. 1837. Economy The fourth largest city in the nation and the largest in the entire South and Southwest, Houston is a port of entry; --Announces agreement to acquire WABZ-FM in Charlotte Radio One, Inc. (NASDAQ: ROIAK and ROIA) today reported its results for the quarter ended September September: see month. 30, 2004. Net broadcast revenue was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $84.4 million, an increase of 4% from the same period in 2003. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was approximately $38.6 million, an increase of 3% from the same period in 2003. Station operating income(1) was approximately $47.2 million, an increase of 4% from the same period in 2003. Net income was approximately $16.8 million or $0.11 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share from net income of approximately $16.7 million, or $0.11 per diluted share for the same period in 2003. Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (2) was $42.8 million from adjusted EBITDA of approximately $42.0 million for the same period in 2003. Alfred Alfred, 849–99, king of Wessex (871–99), sometimes called Alfred the Great, b. Wantage, Berkshire. Early Life The youngest son of King Æthelwulf, he was sent in 853 to Rome, where the pope gave him the title of Roman consul. C. Liggins, III, Radio One's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President stated, "Radio One continues to excel on virtually all metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite the difficult industry environment during the third quarter. We also completed the acquisition of radio station KROI-FM (formerly KRTS-FM) in Houston and announced our agreement to acquire the assets of WABZ-FM in Charlotte. While the radio industry continues to find its footing, we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that, with our ratings gains, new stations coming on line, and new initiatives, we are poised to continue to outperform Outperform An analyst recommendation meaning a stock is expected to do slightly better than the market return. Notes: Exact definitions vary by brokerage, but in general this rating is better than neutral and worse than buy or strong buy. the industry for the foreseeable fore·see tr.v. fore·saw , fore·seen , fore·see·ing, fore·sees To see or know beforehand: foresaw the rapid increase in unemployment. future and continue to increase the long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. value of Radio One."
RESULTS OF OPERATIONS
Three Months
Ended September Nine Months Ended
30, September 30,
2004 2003 2004 2003
-------- -------- --------- ---------
(unaudited) (unaudited)
----------------- -------------------
(in thousands, (in thousands,
except per share except per share
data) data)
----------------- -------------------
STATEMENT OF OPERATIONS DATA:
NET BROADCAST REVENUE $84,366 $81,456 $240,238 $225,798
-------- -------- --------- ---------
OPERATING EXPENSES:
Programming and technical
(exclusive of non-cash
compensation shown
separately below) 13,131 12,404 40,151 38,576
Selling, general and
administrative 23,988 23,450 70,691 69,468
Corporate expenses (exclusive
of non-cash compensation
shown separately below) 3,734 3,132 10,808 9,150
Non-cash compensation 545 425 2,062 1,319
Depreciation and amortization 4,368 4,555 13,359 13,586
-------- -------- --------- ---------
Total operating expenses 45,766 43,966 137,071 132,099
-------- -------- --------- ---------
Operating income 38,600 37,490 103,167 93,699
INTEREST INCOME 630 594 1,937 1,957
INTEREST EXPENSE 9,749 10,255 29,472 31,392
EQUITY IN NET LOSS OF AFFILIATED
COMPANY 2,144 939 5,942 939
OTHER INCOME (EXPENSE), NET (123) - 21 (2)
-------- -------- --------- ---------
Income before provision for
income taxes 27,214 26,890 69,711 63,323
PROVISION FOR INCOME TAXES 10,446 10,174 26,693 24,019
-------- -------- --------- ---------
Net income $16,768 $16,716 $43,018 $39,304
======== ======== ========= =========
Preferred stock dividend 5,035 5,035 15,105 15,105
-------- -------- --------- ---------
Net income applicable to
common stockholders(4) $11,733 $11,681 $27,913 $24,199
======== ======== ========= =========
Three Months
Ended Nine Months Ended
September 30, September 30,
2004 2003 2004 2003
-------- -------- --------- ---------
(unaudited) (unaudited)
----------------- -------------------
(in thousands, (in thousands,
except per share except per share
data) data)
----------------- -------------------
PER SHARE DATA - basic and
diluted:
Net income per share $0.16 $0.16 $0.41 $0.38
Preferred dividends per share 0.05 0.05 0.15 0.15
Net income per share
applicable to common
stockholders 0.11 0.11 0.26 0.23
SELECTED OTHER DATA:
Station operating income(1) $47,247 $45,602 $129,396 $117,754
Station operating income
margin (% of net revenue) 56% 56% 54% 52%
Station operating income
reconciliation:
Net income $16,768 $16,716 $43,018 $39,304
Plus: Depreciation and
amortization 4,368 4,555 13,359 13,586
Plus: Corporate expenses 3,734 3,132 10,808 9,150
Plus: Non-cash compensation 545 425 2,062 1,319
Plus: Equity in net loss of
affiliated company 2,144 939 5,942 939
Plus: Other (income) expense 123 --- (21) 2
Plus: Provision for income
taxes 10,446 10,174 26,693 24,019
Plus: Interest expense 9,749 10,255 29,472 31,392
Less: Interest income 630 594 1,937 1,957
-------- -------- --------- ---------
Station operating income $47,247 $45,602 $129,396 $117,754
-------- -------- --------- ---------
Adjusted EBITDA(2) $42,845 $42,045 $116,547 $107,283
Adjusted EBITDA
reconciliation:
Net income $16,768 $16,716 $43,018 $39,304
Plus: Depreciation and
amortization 4,368 4,555 13,359 13,586
Plus: Provision for income
taxes 10,446 10,174 26,693 24,019
Plus: Interest expense 9,749 10,255 29,472 31,392
Less: Interest income 630 594 1,937 1,957
-------- -------- --------- ---------
EBITDA 40,701 41,106 110,605 106,344
Plus: Equity in net loss of
affiliated company 2,144 939 5,942 939
-------- -------- --------- ---------
Adjusted EBITDA $42,845 $42,045 $116,547 $107,283
-------- -------- --------- ---------
Free cash flow(3) $25,991 $26,492 $69,360 $57,279
Free cash flow reconciliation:
Net income $16,768 $16,716 $43,018 $39,304
Plus: Depreciation and
amortization 4,368 4,555 13,359 13,586
Plus: Non-cash compensation 545 425 2,062 1,319
Plus: Non-cash interest expense 425 425 1,273 1,274
Plus: Deferred tax provision 10,303 9,953 26,265 23,581
Plus: Equity in net loss of
affiliated company 2,144 939 5,942 939
Plus: Loss on retirement of assets - - - 2
Less: Capital expenditures 3,527 1,486 7,454 7,621
Less: Preferred stock dividends 5,035 5,035 15,105 15,105
-------- -------- -------- --------
Free cash flow $25,991 $26,492 $69,360 $57,279
-------- -------- -------- --------
Weighted average shares
outstanding - basic(5) 104,987 104,649 104,935 104,611
Weighted average shares
outstanding - diluted(6) 105,303 105,185 105,478 105,049
September 30, December 31,
2004 2003
---------------- -------------
(unaudited)
----------------
SELECTED BALANCE SHEET DATA: (in thousands)
------------------------------
Cash and cash equivalents $12,700 $38,010
Short term investments 25,000 40,700
Intangible assets, net 1,884,449 1,782,258
Total assets 2,077,197 2,017,871
Total debt (including current
portion) 608,154 597,535
Total liabilities 767,747 739,452
Total stockholders' equity 1,309,450 1,278,419
Balance of
Scheduled Scheduled
2004 2005
Current Applicable Principal Principal
Amount Interest Payments Payments
Outstanding Rate (b) (c) (c)
----------- ------------- ----------- -----------
(in (in (in
thousands) thousands) thousands)
SELECTED LEVERAGE AND
SWAP DATA:
Senior bank term
debt (swap
matures
10/5/2006) $100,000 4.02%
Senior bank term
debt (swap
matures
12/5/2005) 50,000 3.64%
Senior bank term
debt (swap
matures
12/5/2004) 50,000 3.18%
Senior bank term
debt (at variable approximately
rates)(a) 108,125 2.47% $13,125 $70,000
8-7/8% senior
subordinated
notes (fixed
rate) 300,000 8.88%
(a) Subject to rolling 90-day LIBOR plus a spread currently at 0.63%
and incorporated into the rate set forth above. This tranche is
not covered by the swap agreements described in footnote (b).
(b) Under its swap agreement, Radio One pays a fixed rate plus a
spread based on the Company's leverage, as defined in its credit
agreement. That spread is currently 0.63% and is incorporated
into the applicable interest rates set forth above.
(c) Principal payments are due in equal quarterly installments.
Net broadcast revenue increased to approximately $84.4 million for the quarter ended September 30, 2004 from approximately $81.5 million for the quarter ended September 30, 2003 or 4%. This increase resulted from net broadcast revenue growth in several of Radio One's markets, including Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. , Baltimore Baltimore, city (1990 pop. 736,014), N central Md., surrounded by but politically independent of Baltimore co., on the Patapsco River estuary, an arm of Chesapeake Bay; inc. 1745. , Charlotte, Dallas Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. and Raleigh-Durham, partially offset by revenue declines in other markets, including Houston and Philadelphia Philadelphia, ancient cities Philadelphia, name of several ancient cities. One was in Lydia, W Asia Minor (now W Turkey). At the foot of Mt. Tmolus and near the location of modern Alaşehir, it was founded in the 2d cent. B.C. . Net broadcast revenue is net of agency commissions of $11.6 million and $11.2 million for the quarters ended September 30, 2004 and 2003, respectively. Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. excluding depreciation, amortization and non-cash compensation increased to approximately $40.9 million for the quarter ended September 30, 2004 from approximately $39.0 million for the quarter ended September 30, 2003 or 5%. This increase resulted primarily from additional professional fees to ensure compliance with new regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. associated with being a public company and an increase in sales force compensation associated with increased revenue during the quarter ended September 30, 2004. Furthermore, the Company realized a net reduction of approximately $0.6 million in expenses associated with broadcast rights and royalties Not to be confused with Royal family. Royalties (sometimes, running royalties) are usage-based payments made by one party (the "licensee") to another (the "licensor") for ongoing use of an asset, most typically an intellectual property (IP) right. during the quarter ended September 30, 2003. Interest expense decreased to approximately $9.7 million for the quarter ended September 30, 2004 from approximately $10.3 million for the quarter ended September 30, 2003 or 5%. This decrease resulted from lower average debt levels arising from regular quarterly principal payments made on our outstanding bank debt utilizing free cash flow. In addition, interest expense decreased due to lower interest rates on that bank debt as a result of declining leverage and lower market interest rates over the past year. The drawdown Drawdown The peak to trough decline during a specific record period of an investment or fund. It is usually quoted as the percentage between the peak to the trough. Notes: of $50 million on our bank credit facility during the third quarter of 2004 to fund the acquisition of KROI-FM did not significantly affect our interest expense for the period as the drawdown occurred near the end of the quarter. Equity in net loss of affiliated af·fil·i·ate v. af·fil·i·at·ed, af·fil·i·at·ing, af·fil·i·ates v.tr. 1. To adopt or accept as a member, subordinate associate, or branch: company was approximately $2.1 million for the quarter ended September 30, 2004 from approximately $0.9 million for the quarter ended September 30, 2003. This activity was associated with the financial results of our affiliated company, TV One, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . Radio One made its initial investment of $18.5 million in TV One in August 2003. Radio One accounts for this investment under the equity method of accounting. Radio One was not required to make any additional cash investment during the nine months ended September 30, 2004. Income before provision for income taxes increased to approximately $27.2 million for the quarter ended September 30, 2004 compared to income before provision for income taxes of approximately $26.9 million for the quarter ended September 30, 2003. This increase was due primarily to higher operating income and lower interest expense, partially offset by equity in higher net loss of affiliated company, as described above. Net income increased to approximately $16.8 million for the quarter ended September 30, 2004 from approximately $16.7 million for the quarter ended September 30, 2003. This increase was primarily due to higher income before provision for income taxes. Station operating income increased to approximately $47.2 million for the quarter ended September 30, 2004 from approximately $45.6 million for the quarter ended September 30, 2003 or 4%. This increase was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk primarily to the increase in net broadcast revenue offset by a similar increase in operating expenses during the third quarter of 2004 as described above. Other pertinent PERTINENT, evidence. Those facts which tend to prove the allegations of the party offering them, are called pertinent; those which have no such tendency are called impertinent, 8 Toull. n. 22. By pertinent is also meant that which belongs. Willes, 319. financial information for the third quarter of 2004 include capital expenditures of approximately $3.5 million (compared to approximately $1.5 million for the third quarter of 2003), drawdown of $50.0 million on the bank credit facility to finance the completion of the acquisition of KROI-FM, deferred portion of the income tax provision of approximately $10.3 million (or approximately 38% of pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income), and amortization of debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay costs, unamortized debt discount and deferred interest of approximately $0.4 million (included in interest expense on Radio One's income statement). As of September 30, 2004, Radio One had total debt (net of cash and short term investments balances) of approximately $570.5 million. Radio One Information and Guidance: In February February: see month. 2004, Radio One completed the acquisition of the assets of WSNJ-FM for approximately $35.0 million. Radio One is in the process of moving the station to new facilities in the Philadelphia metropolitan area. The Company expects to begin broadcasting WSNJ-FM in the fourth quarter of 2004. This acquisition increases the number of stations that the Company owns and operates in the Philadelphia market to three. In July July: see month. 2004, Radio One announced its agreement to acquire the assets of WABZ-FM, licensed to Albermarle, North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. (Charlotte area) for approximately $11.5 million. Radio One began operating the station in November November: see month. 2004 under a local management agreement. Radio One expects to complete this acquisition during the fourth quarter. In September 2004, Radio One completed the acquisition of the assets of KROI-FM, located in the Houston metropolitan area, for approximately $72.5 million. The Company made a deposit of approximately $3.6 million as of June June: see month. 30, 2004 and paid the balance during the three months ended September 30, 2004 by drawing down $50.0 million on its bank credit facility and utilizing approximately $18.9 million in available cash. This acquisition increases the number of stations that the Company owns and operates in the Houston market to three. In October October: see month. 2004, Radio One completed the acquisition of the outstanding stock of New Mableton Broadcast Corporation ("NMBC NMBC Nightmare Before Christmas NMBC National Missionary Baptist Convention ") for approximately $35.0 million. The Company made a deposit of $3.5 million as of September 30, 2004 and paid the balance in October 2004 by drawing down $25.0 million on its bank credit facility and utilizing approximately $6.5 million in available cash. NMBC owns radio station WAMJ-FM, located in the Atlanta, Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. metropolitan area. Radio One had been operating WAMJ-FM under a local management agreement since August 2001. This acquisition increases the number of stations that the Company owns and operates in the Atlanta market to four. For the fourth quarter of 2004, Radio One expects to report net broadcast revenue that will be in the low single-digits higher than the approximately $77.4 million of net broadcast revenue generated in the fourth quarter of 2003. Radio One also expects to make an additional cash investment of $18.5 million in TV One during the fourth quarter of 2004. Radio One will hold a conference call to discuss its results for the third quarter of 2004. This conference call is scheduled for Thursday Thursday: see week. , November 4, 2004 at 5:00 p.m. Eastern Standard Time. Interested parties should call 1-773-756-4619 at least five minutes prior to the scheduled time In rallying, the Scheduled Time of any crew is the time, calculated at the beginning of the event, that they should arrive at any given control. It is different from Due Time in that Due Time is dynamic, ie it can change throughout the event as competitors drop time; whereas of the call and provide the password A secret word or code used to serve as a security measure against unauthorized access to data. It is normally managed by the operating system or DBMS. However, the computer can only verify the legitimacy of the password, not the legitimacy of the user. See NCSC. "Radio One." The conference call will be recorded and made available for replay from 7:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. the day of the call, until 11:59 p.m. EST the following day. Interested parties may listen to the recording by calling 1-402-220-9727. Access to live audio and replay of the conference call will also be available on Radio One's corporate website at www.radio-one.com. The replay will be made available on the website for the seven day period following the call. Radio One, Inc. (www.radio-one.com) is the nation's seventh largest radio broadcasting The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. company (based on 2003 net broadcast revenue) and the largest company that primarily targets African-American and urban listeners. Proforma Proforma A financial projection based on assumptions. for all announced acquisitions, Radio One owns and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. operates 69 radio stations located in 22 urban markets in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and reaches greater than 13 million listeners every week. Radio One also programs "XM 139 THE POWER" on XM Satellite Radio and owns approximately 40% of TV One, LLC, an African-American targeted cable channel, which is a joint venture with Comcast Comcast Corporation, (NASDAQ: CMCSA) is the largest[1] cable television (CATV) company and the second largest Internet service provider in the United States. Corporation. Notes: This press release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Radio One's reports on Forms 10-K and 10-Q and other filings with the Securities and Exchange Commission. (1) Net income before depreciation and amortization, provision for income taxes, interest income, interest expense, equity in net loss of affiliated company, other expense, corporate expenses and non-cash compensation expenses is commonly referred to in our business as station operating income. Station operating income is not a measure of financial performance under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . Nevertheless we believe station operating income is often a useful measure of a broadcasting company's operating performance and is a significant basis used by our management to measure the operating performance of our stations within the various markets because station operating income provides helpful information about our results of operations apart from expenses associated with our physical plant, income taxes provision, investments, debt financings, overhead and non-cash compensation. Station operating income is frequently used as one of the bases for comparing businesses in our industry, although our measure of station operating income may not be comparable to similarly titled measures of other companies. Station operating income does not purport To convey, imply, or profess; to have an appearance or effect. The purport of an instrument generally refers to its facial appearance or import, as distinguished from the tenor of an instrument, which means an exact copy or duplicate. PURPORT, pleading. to represent operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. or cash flow from operating activities, as those terms are defined under generally accepted accounting principles, and should not be considered as an alternative to those measurements as an indicator Indicator Anything used to predict future financial or economic trends. Notes: In the context of technical analysis, an indicator is a mathematical calculation based on a securities price and/or volume. The result is used to predict future prices. of our performance. A reconciliation of operating income to station operating income has been provided in this release. (2)"Adjusted EBITDA" consists of net income plus (1) depreciation, amortization, provision for income taxes, interest expense and equity in net loss of affiliated company and less (2) interest income. Net income before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as "EBITDA." Adjusted EBITDA and EBITDA are not measures of financial performance under generally accepted accounting principles. We believe Adjusted EBITDA is often a useful measure of a company's operating performance and is a significant basis used by our management to measure the operating performance of our business because Adjusted EBITDA excludes charges for depreciation, amortization and interest expense that have resulted from our acquisitions and debt financings, our provision for income tax expense, as well as our equity in net loss of our affiliated company. Accordingly, we believe that Adjusted EBITDA provides helpful information about the operating performance of our business, apart from the expenses associated with our physical plant, capital structure or the results of our affiliated company. Adjusted EBITDA is frequently used as one of the bases for comparing businesses in our industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies. Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under generally accepted accounting principles, and should not be considered as alternatives to those measurements as an indicator of our performance. A reconciliation of net income to EBITDA and Adjusted EBITDA has been provided in this release. (3)"Free cash flow" consists of net income plus (1) depreciation, amortization, non-cash compensation, deferred income taxes, non-cash interest expense, non-cash loss on retirement of assets and our share of the non-cash net loss of our affiliated company and less (2) capital expenditures and dividends on our outstanding preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Free cash flow is not a measure of financial performance under generally accepted accounting principles. A reconciliation of net income to free cash flow has been provided in this release. (4)Net income applicable to common stockholders is defined as net income minus preferred stock dividends. (5) For the three months ended September 30, 2004 and 2003, Radio One had 104,986,638 and 104,649,190 shares of common stock outstanding on a weighted average basis, respectively. For the nine months ended September 30, 2004 and 2003, Radio One had 104,935,362 and 104,611,105 shares of common stock outstanding on a weighted average basis, respectively. (6) For the three months ended September 30, 2004 and 2003, Radio One had 105,303,330 and 105,185,167 shares of common stock outstanding on a weighted average basis, diluted for outstanding stock options, respectively. For the nine months ended September 30, 2004 and 2003, Radio One had 105,478,109 and 105,049,480 shares of common stock outstanding on a weighted average basis, diluted for outstanding stock options, respectively. |
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