Radio One, Inc (ROIAK) saw its loss narrow to $0.42 million in the quarter ended compared with $18.14 million, a year ago.

Revenue during the quarter dropped 4.35 percent to $110.86 million from $115.89 million in the previous year period. Gross margin for the quarter contracted 66 basis points over the previous year period to 71.05 percent. Total expenses were 77.87 percent of quarterly revenues, down from 93.88 percent for the same period last year. This has led to an improvement of 1601 basis points in operating margin to 22.13 percent.

Operating income for the quarter was $24.53 million, compared with $7.09 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $34.88 million compared with $33.02 million in the prior year period. At the same time, adjusted EBITDA margin improved 297 basis points in the quarter to 31.47 percent from 28.50 percent in the last year period.

Alfred C. Liggins, III, Radio One’s Chief executive Officer and President stated, “Despite softer than anticipated third quarter revenues, our continuing cost control measures helped to deliver positive Adjusted EBITDA for the quarter, and we re-affirm our guidance for Adjusted EBITDA in the range $133-$137 million for FY 2016. During the third quarter we signed a letter of intent for the sale of our FM towers, and we anticipate closing that transaction in the fourth quarter.