Radio One reports net debt of $633.6 million at Dec. 31

By Jennifer Lanning Drey

Portland, Ore., March 31 - Radio One, Inc. ended 2009 with $633.6 million of debt, net of cash, and a total leverage ratio as calculated for bank covenant purposes of 7.20 times, Peter Thompson, chief financial officer of Radio One, reported Wednesday during its fourth-quarter and year-end earnings conference call.

The maximum allowable total leverage ratio is 7.25 times.

For the fourth quarter, Radio One posted net revenue of $67.3 million, which represented an almost 9% decrease from the same period in 2008. The net loss for the period was $14.9 million, an increase from the reported net loss of $6.3 million in the 2008 period.

"I think the theme for the radio industry is the worst is over and business is improving. We saw that sequentially through the year," Alfred C. Liggins III, the company's chief executive officer, said during the call.

Looking forward, the company has seen substantial improvement thus far in the advertising market in 2010, led by its national and larger markets, he said.

Radio One is a Washington, D.C.-based broadcasting company.

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