NEWS RELEASE
March 6, 2019 Contact: Peter D. Thompson, EVP and CFO
FOR IMMEDIATE RELEASE                                                           (301) 429-4638
Washington, DC
 

URBAN ONE, INC. REPORTS FOURTH QUARTER RESULTS

Washington, DC: - Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the quarter ended December 31, 2018.  Net revenue was approximately $113.5 million, an increase of 4.1% from the same period in 2017. Broadcast and digital operating income1 was approximately $44.6 million, an increase of 0.5% from the same period in 2017. The Company reported operating income of approximately $9.4 million for the three months ended December 31, 2018, compared to approximately $20.6 million for the same period in 2017. Net income was approximately $116.9 million or $2.62 per share (basic) and $2.49 per share (diluted) compared to approximately $121.3 million or $2.63 per share (basic) and $2.50 per share (diluted) for the same period in 2017. Adjusted EBITDA2 was approximately $35.3 million for the three months ended December 31, 2018, compared to $38.7 million for the same period in 2017.

Alfred C. Liggins, III, Urban One's CEO and President 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. Our Cable TV operation posted strong growth in advertising revenues, up 9.3%, driven by increased direct response rates, and additional ad units, which was offset by a modest decline in affiliate revenues (-2.0%). 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."













-MORE-
 

The following information was filed by Urban One, Inc. (UONE) on Monday, March 11, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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