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Urban One Revenues Rise, Income Falls For Fourth Quarter 2021
by Perry Michael Simon
March 3, 2022 at 5:12 AM (PT)
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URBAN ONE's fourth quarter 2021 revenue increased 15.3% year-over-year to $131 million, with radio advertising revenue up 18% to $46.2 million and event revenues (including the returning "FANTASTIC VOYAGE") revived post-pandemic with an 843.7% increase to $9.2 million, and the radio division overall showing an 11.6% decline attributed to the loss of political ads in an off-year; without political, the division's revenues were up 15.5%. REACH MEDIA revenues almost doubled from $10.3 million to $19.3 million, and digital advertising saw a 42.9% jump to $19.5 million. However, consolidated net income attributable to shareholders fell from $26.4 million to $6.6 million (58 to 13 cents/basic share, 55 to 12 cents/diluted share). Adjusted EBITDA also fell, from $41.7 million to $32.5 million.
CEO/Pres. ALFRED C. LIGGINS, III said, "We had another very strong quarter, with revenue exceeding expectations, allowing us to significantly exceed our previous Adjusted EBITDA guidance for the year of $140-$145 million. There was some noise in the expenses, predominantly related to returning events, TV programming amortization and annual staff bonuses, all of which were anticipated and factored into our guidance. Demand for our audience remains extremely robust across the platform, and, excluding political, advertising revenues for the quarter were up double-digit percentages in all of our operating segments. Digital revenues were up 42.9%, and we exceeded $50 million in annual digital revenue for the first time. Cable TV revenues were up 43.6% helped by strong upfront demand and higher average unit rates across both TV ONE and CLEO. Looking back at pre-pandemic revenues, when we aggregate our radio broadcasting, syndication, events and digital operations, net revenues were up 25% compared to Q4 2019, and Adjusted EBITDA up 21%. We expect to continue to exceed pre-pandemic revenues and Adjusted EBITDA in 2022, and this is supported by first quarter 2022 core radio pacings up low double digits, and up mid-teens including digital revenues."