Urban One Q3 Net Revenue Down 1.2%, Loss Swings to Profit
|RADIO ONLINE | Wednesday, November 7, 2018|
Urban One reported third quarter net revenue fell 1.2% to $110.7 million from $112 million in 2017. Broadcast and digital operating income grew 6.8% to $43.4 million, while operating income (OI) to $32.1 million from $3.5 million. Adjusted EBITDA rose 11.4% to $37.8 million from $34 million. The urban media company posted a net income of $23 million (51 cents per basic share, as compared to a net loss of $7.9 million (17 cents) in the year-ago period.
Urban One President/CEO Alfred C. Liggins, III stated, "I was pleased with our overall Adjusted EBITDA growth, which puts us in a great position to hit or exceed our full year guidance of $140 million. We outperformed our radio markets, a trend that looks set to continue into the fourth quarter, where we are currently pacing up 10% excluding political advertising, and up 20% with political. As TV One heads into the new broadcast calendar year, we are optimistic that the recent declines in cable TV advertising can be reversed, and we continue to manage our costs prudently, enabling the business to grow its cashflow in a challenging marketplace."