Urban One Q1 Net Revenues Fall 5% to $104.4 Million

RADIO ONLINE | Tuesday, June 11, 2024 | 0:14am CT

Urban One

Urban One reported first quarter net revenue fell 5% to $104.4 million from $108.8 million in 2023. Operating income grew to $12.9 million from $8.1 million, while adjusted EBITDA was down to $21.5 million from $30.3 million. Broadcast and digital operating income was decreased 18.5% to $32 million. The company posted a net income of $7.5 million (15 cents per basic share), as compared to a loss of $2.9 million (6 cents) in the year-ago period.

Urban One CEO and President Alfred C. Liggins III stated, "Our adjusted EBITDA for FY23 came in just above the high-end of our previous guidance at $128.4 million. As expected, we suffered a drop in radio division broadcast cash flow as a result of reduced political advertising compared to Q4 2022. Other divisions performed broadly in line with expectations, although the continuing churn in cable television subscribers remains an industry-wide concern."

"For Q1 our national radio revenues were hit by tough comparatives on a handful of large clients plus a general softness in the market. Second quarter radio pacing's are sequentially better, with same station core revenues down mid-single-digits and low-single digits including political," he added. "We are optimistic about political advertising revenues for the remainder of the year, which should benefit both our radio and digital divisions."

During Q1, Urban One repurchased $75 million of its 2028 notes at 88.3%, and ended the quarter with approximately $155.7 million of cash.