Urban One Q3 Net Revenue Up 0.3% to $111.1 Million

RADIO ONLINE | Thursday, November 7, 2019 | 1:28pm CT

Urban One

Urban One reported third quarter net revenue grew 0.3% to $111.1 million from $110.3 million in 2018. Broadcast and digital operating income climbed 3.2% to $44.8 million. Operating income was up to $32.5 million as compared to $32.1 million. Adjusted EBITDA was $40.0 million as compared to $37.8 million. The urban radio broadcaster posted a net income of $5.4 million (12 cents per basic share) as compared to $23 million (51 cents) in the year-ago period.

Urban One President/CEO 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."