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Urban One Q4 Net Revenue Down 4%, Earnings Jump
RADIO ONLINE | Friday, March 16, 2018 |
Urban One Inc. reported fourth quarter net revenue declined 4% to $109 million from $113.5 million in 2016. Broadcast and digital operating income grew 2.8% to $44.3 million from $43 million. Operating income grew to $20.6 million from $17.1 million. Adjusted EBITDA climbed 25.6% to $38.7 million from $30.9 million. The urban broadcaster posted a net income of $121.3 million ($2.63 per basic share) as compared to net loss of $3.4 million (7 cents) in the year-ago period.
Urban One President/CEO Alfred C. Liggins III stated, "Overall, we produced a strong quarter from an Adjusted EBITDA standpoint, and as a result we were able to show full year Adjusted EBITDA growth, despite the challenging market conditions. Our core radio revenues were up slightly for the quarter, excluding the impact of political revenues. Our TV advertising revenues suffered from weak ratings delivery, which was somewhat offset by growth in affiliate revenues."
He continued, "Our digital business benefitted from the integration of our acquisition of the Bossip, Madame Noire and Hip Hop Wired brands, and was up significantly in both revenue and Adjusted EBITDA compared to prior year. We were able to control costs, most notably at TV One and Corporate. During the quarter, we repurchased a further $20 million of our 9.25% notes at a discount, and we remain strongly committed to reducing net leverage."
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