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Urban One Q2 Net Revenue Falls 37.5%, Radio Down 51%


Urban One
Urban One

Urban One reported second quarter net revenue fell 37.5% to $76 million from $121.5 million in 2019. Broadcast and digital operating income was down 33.1% to $30.2 million, while radio advertising fell a whopping 51% to $25.4 million from $51.7 million. Adjusted EBITDA was $24.5 million falling from $39.6 million. The company posted a net income of $1.4 million (3 cents per basic share) as compared to $6.6 million (15 cents) in the year-ago period.

Urban One President/CEO Alfred C. Liggins III stated, "The economic impact of Covid-19 is fully evident in our second quarter numbers: radio advertising was down 51%, and event revenues were -96% year over year. Our TV and digital businesses fared better, with TV advertising revenue down 4.4% and digital -20%, highlighting the benefits of our diversified media asset base. We had to make tough decisions to reduce costs, and I am proud of how our team, including on-air talent, made sacrifices and worked diligently to keep us operating smoothly through the pandemic."

He added, "The outlook for the rest of 2020 remains uncertain, but I anticipate a similar pattern of strong performance from our TV business offsetting some of the weakness in radio advertising and events. On a same station basis, our Q3 core radio business is currently pacing -41% and we continue to see sequential improvement. Our cost saving measures remain in place, liquidity is strong with $70 million of cash on the balance sheet, and I firmly believe that Urban One will continue to successfully navigate our way through these unprecedented times."

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