Urban One Q4 Net Revenue Grows 4.1% to $113.5 Million
|RADIO ONLINE | Thursday, March 7, 2019|
Urban One reported fourth quarter net revenue grew 4.1% to $113.5 million from $109 million during the same period in 2017. Broadcast and digital operating income was up 0.5% to $44.6 million. Operating income (OI) fell to $9.4 million from $20.6 million, while Adjusted EBITDA was $35.3 million as compared to $38.7 million. The company reported a net income of $116.9 million ($2.49 per diluted share) as compared to $121.3 million ($2.50) in the year-ago period.
Urban One President/CEO Alfred C. Liggins, III stated, "I was pleased that we came in slightly ahead of our Adjusted EBITDA guidance, led by extremely strong radio performance. Our radio segment revenue was up by 16.5% including political advertising, and by 8.8% excluding political. For the quarter, we outperformed the radio markets in which we operate by 850 bps."
He continued, "Our digital revenues underperformed expectations, and we have taken significant steps to remediate. I expect improved performance from the division in 2019. In December, we substantially completed the refinancing of our 2020 Notes, which significantly extends the company's debt maturity profile. On January 19, 2019 we successfully launched our new Women's lifestyle channel, Cleo TV, which will further enhance our ability to entertain and inform our core consumers."