Urban One Q2 Net Revenues Down 2.1%, Earnings Climb

RADIO ONLINE | Wednesday, August 15, 2018

Urban One

Urban One, parent of Radio One and Reach Media, reported second quarter net revenue was declined 2.1% from $117.6 million in 2017. Broadcast and digital operating income climbed 6.1% to $44.3 million from $41.7 million, while operating income grew to $24.8 million from $12.1 million. Adjusted EBITDA increased 6% to $39 million from $36.7 million. The urban radio broadcaster posted a net income of $23.6 million (51 cents per share) as compared to $802,000 (2 cents) in the year-ago period.

President/CEO Alfred C. Liggins, III stated, "Our Q2 radio performance was in line with expectation. After a tough April, the quarter improved sequentially, and we are currently pacing approximately flat for third quarter. The decline in our TV advertising revenues improved sequentially over first quarter, and our affiliate revenues benefitted from a one-time adjustment to an agreement with a major MVPD."

He continued, "Reach Media held its 19th successful Tom Joyner Foundation Fantastic Voyage cruise event, and was able to deliver a 14.7% increase in Adjusted EBITDA for the quarter. Our digital segment came in below expectation for Q2, but has had a very strong start to third quarter and we remain optimistic for the back half of the year."