RADIO ONE, TV NOTHING…AND THAT’S A FINAL

The nation's largest African-American-owned media company, Radio One Inc., today reported record results for Q2 2000. Ratings increases and higher advertising sales in several of its radio markets fueled the numbers.

Compared to Q2 1999, net broadcast revenue increased 55% to $32.6 million. Broadcast cash flow increased 72% to $16.5 million, while the broadcast cash flow margin increased from 46% to 50%. Does "broadcast cash flow margin" mean how much larger your DirecTV bill is than your salary check?

After-tax cash flow was $12.3 million (or 14 cents a share), up from $4.6 million (or 10 cents a share) last year. Net income (which has nothing to do with the Internet) was $5.6 million (or 7 cents per share), up from $300,000 or less than 1 cent per share last year. Where's our broker whenwe need him?

Radio One CEO/President Alfred C. Liggins III said the company was looking forward to closing its $1.3 billion acquisition of 12 radio stations from Clear Channel and AMFM, which he expected to occur before the end of the third quarter.

"This was another tremendous quarter with growth occurring across all of our markets," said Liggins, insisting I and II felt the same way. "The strength of our business is very impressive, as you can see from this thick wad of hundreds bulging out of my wallet. Bet my EBITDA is bigger than yours."

Liggins then promised to download his next financial statement to us for 99 cents.