Radio One saw a decline in its core radio business in the most recent quarter, according to preliminary financial numbers, though it said radio revenue is doing better so far this year.

The publicly traded company said that, when counting revenue from the consolidation of TV One, net revenue increased approximately 37% compared to a year earlier.

“Revenue for the company’s core radio business, excluding Reach Media, decreased approximately 9.4% compared to Q4 2010, while Reach Media’s revenue increased approximately 13% and the Internet segment’s revenue increased approximately 30%.” That leads overall to a consolidated decline of 2% in the quarter, not counting TV One.”

“Fourth quarter 2011 local radio revenues decreased approximately 4% and national radio revenues decreased approximately 22% compared to Q4 2010. The markets in which we operate radio stations were down approximately 3.8% for the quarter” compared to a year prior.”

But it said its core radio business revenue is up approximately 6% so far in the new year, TV One revenue is up mid-single digits, Reach Media revenues are expected to be broadly flat and its Internet segment is up approximately 40% over a year ago.

“Given these trends, we are expecting a strong consolidated first-half performance, and anticipate remaining in compliance with the various covenant tests contained within our credit agreement for the foreseeable future.”

Full quarterly numbers won’t be out until next month, it said.