Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the quarter ended March 31, 2019. Net revenue was approximately $98.4 million, a decrease of 1.2% from the same period in 2018. Broadcast and digital operating income1 was approximately $34.5 million, an increase of 6.1% from the same period in 2018. The Company reported operating income of approximately $16.1 million for the three months ended March 31, 2019, compared to approximately $7.3 million for the same period in 2018. Net loss was approximately $6.7 million or $0.15 per share (basic) compared to net loss of approximately $22.6 million or $0.48 per share (basic) for the same period in 2018. Adjusted EBITDA2 was approximately $29.0 million for the three months ended March 31, 2019, compared to approximately $28.5 million for the same period in 2018.
Alfred C. Liggins, III, Urban One’s CEO and President 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. 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.”