Urban One Third Quarter Financial Results Show Radio Division Rising

Alfred Liggins III

URBAN ONE has reported its results for the quarter ended SEPTEMBER 30th. Net revenue was approximately $111.1 million, an increase of 0.3% from the same period in 2018. Broadcast and digital operating income was approximately $44.8 million, an increase of 3.2% from the same period in 2018. 

The Company reported operating income of approximately $32.5 million for the three months ended SEPTEMBER 30th, compared to approximately $32.1 million for the same period in 2018. Net income was approximately $5.4 million or $0.12 per share (basic) compared to net income of approximately $23.0 million or $0.51 per share (basic) for the same period in 2018. Adjusted EBITDA was approximately $40.0 million for the three months ended SEPTEMBER 30th, compared to approximately $37.8 million for the same period in 2018.

CEO/Pres. ALFRED C. LIGGINS, III stated, "During the third quarter we completed the sale of WDMK to BEASLEY BROADCASTING, as a result of which our cash position improved and net leverage was reduced. On a same station basis, our third quarter radio revenues were up 4.2%, and I was pleased that we were able to grow the Radio Broadcasting segment Adjusted EBITDA by 6.6%. Same station core radio revenues, excluding political, are currently pacing down low single digits for the fourth quarter. Cable Television advertising was robust in the quarter, up 7.8%. While digital revenues decreased by 6.4%, we were able to post significant Adjusted EBITDA growth in that segment as a result of improved cost control. Overall, we were able to grow Adjusted EBITDA by 5.8% for the quarter, and I believe we are well positioned to achieve our strategic goals for the year, with Adjusted EBITDA in the range of $138-$140 million."

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