November 1, 2018 Contact: Peter D. Thompson, EVP and CFO
FOR IMMEDIATE RELEASE (301) 429-4638
URBAN ONE, INC. REPORTS THIRD QUARTER RESULTS
Washington, DC: - Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the quarter ended September 30, 2018. Net revenue was approximately $110.7 million, a decrease of 1.2% from the same period in 2017. Broadcast and digital operating income1 was approximately $43.4 million, an increase of 6.8% from the same period in 2017. The Company reported operating income of approximately $32.1 million for the three months ended September 30, 2018, compared to approximately $3.5 million for the same period in 2017. Net income was approximately $23.0 million or $0.51 per share (basic) compared to net loss of approximately $7.9 million or $0.17 per share (basic) for the same period in 2017. Adjusted EBITDA2 was approximately $37.8 million for the three months ended September 30, 2018, compared to $34.0 million for the same period in 2017, an increase of 11.4%.
Alfred C. Liggins, III, Urban One's CEO and President 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."