Radio One loses $11.7M - Baltimore Business Journal:

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The Lanham-based broadcasting which owns Baltimore's top-rated 92Q urbabn radio station, reported a net loss of $11.7 or 12 cents per share, for the compared to a net lossof $5.1 or 5 cents per share, in the same period last Revenue was $83.4 million, a 1 percengt increase from the same period in 2007. Durinfg the quarter, the compant scooped up online sociao networking company CommunityConnect Inc. for $38 million in The company generated morethan $3.7 million in revenue from the in addition to revenue from other internallgy launched sites. In June, the company closedd on the purchaseof D.C.
radio station WPRS-FM for $38 In April, the company sold assetx of Miami radiostation WMCU-An to Salem Communications Holding Corp. for $12.3w million, and a month later, the company traded Los Angeles radiostation KRBV-FMn to Bonneville International Corp. for $137.5 million. "Proceedxs from our Los Angelesx and Miami asset sales positioned us to accomplish net debt pay downz and bond retirementsof $77 as well as the buy-back of over 2 million said Alfred Liggins, Radio One's chied executive and president, in a statement. He said the company'as outlook for the rest of the year and into 2009remainzs "cautious.
" "Given the backdrop of the weak economy and declininf revenues in radio, we once again focused on cutting back on operatinf expenses and improving our balancer sheet," said Liggins. Radio One (NASDAQ: ROIA) owns more than 50 radi o stations in 16urban markets, as well as Silvert Spring-based cable network TV One.