Urban One Q1 Net Revenues Down 1.2%, Net Loss Narrows
|RADIO ONLINE | Friday, May 10, 2019|
Urban One reported first quarter net revenue declined 1.2% to $98.4 million from $99.6 million in 2018. Broadcast and digital operating income grew 6.1% to $34.5 million from $32.5 million. Operating income climbed to $16.1 million from $7.3 million. The company posted a net loss of $6.7 million (15 cents per basic share) as compared to net loss of $22.6 million (48 cents) in the year-ago period.
Urban One President/CEO Alfred C. Liggins III stated, "While our Radio division finished the quarter a little softer than expected, the Q2 pacings show a strong rebound, with April up mid-teens and Q2 overall pacing up high single-digits. TV One advertising revenues performed nicely, with ratings remaining relatively stable, and subscriber churn was largely offset by contractual rate increases."
He continued, "Our digital segment was impacted by the timing of a tent-pole event, which caused some revenue to spill over into Q2, however the reorganization of expenses that occurred at the end of 2018 meant that the division delivered a much improved EBITDA performance. Our investment in MGM National Harbor continues to perform well, with first quarter net gaming revenues up by 5.6% year over year. We remain focused on deleveraging, and during the first quarter we reduced indebtedness by $21.8 million."