URBAN ONE, INC. REPORTS THIRD QUARTER 2024 RESULTS

In This Article:

SILVER SPRING, Md., Nov. 12, 2024 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK) (NASDAQ: UONE) today reported its results for the quarter ended September 30, 2024. For the three months ended September 30, 2024, net revenues were approximately $110.4 million, a decrease of 6.3% from the same period in 2023. The Company reported operating loss of approximately $26.2 million for the three months ended September 30, 2024, compared to operating loss of approximately $56.1 million for the three months ended September 30, 2023. Broadcast and digital operating income1 was approximately $35.4 million, a decrease of 19.2% from the same period in 2023. Net loss was approximately $31.8 million or $(0.68) per share (basic) compared to net loss of $54.4 million or $(1.14) per share (basic) for the same period in 2023. Adjusted EBITDA2 was approximately $25.4 million for the three months ended September 30, 2024, compared to approximately $34.7 million for the same period in 2023.

(PRNewsfoto/Urban One, Inc.)
(PRNewsfoto/Urban One, Inc.)

Alfred C. Liggins, III, Urban One's CEO and President stated, "On a same station basis our radio division finished Q3 -7.7% excluding political, and -3.6% with political. We saw a strong uptick in political revenues beginning in September, with Q4 core radio revenue currently pacing down 3.0%, but up 23.9% overall. Reach Media increased margins and Adjusted EBITDA, despite an 8.2% reduction in revenue for the quarter, due to reduced selling, general and administrative  expenses. Our Cable TV business continues to suffer from subscriber churn and audience delivery shortfall, impacting both advertising and affiliate revenues, which were both down double digit percentages in Q3. Digital advertising revenues were down 4.1% as the business experienced moderately weaker advertising demand than prior year. During Q2 we repurchased an additional $14.5 million of our 2028 notes at 75.0%, and we ended the quarter with approximately $115.5 million of cash, cash equivalents and restricted cash."


Three Months Ended September 30,


Nine Months Ended September 30,


2024


2023


2024


2023


(unaudited)


(unaudited)

STATEMENT OF OPERATIONS

(in thousands, except share data)


(in thousands, except share data)









NET REVENUE

$        110,393


$        117,825


$        332,547


$        357,346

OPERATING EXPENSES








Programming and technical, excluding stock-based compensation

33,911


33,903


99,826


100,304

Selling, general and administrative, excluding stock-based compensation

41,112


40,142


131,141


126,634

Corporate selling, general and administrative, excluding stock-based compensation

12,354


10,418


38,033


30,333

Stock-based compensation

1,152


2,218


3,615


7,816

Depreciation and amortization

1,238


1,808


6,081


6,291

Impairment of goodwill, intangible assets, and long-lived assets

46,823


85,448


127,581


124,304

Total operating expenses

136,590


173,937


406,277


395,682

             Operating loss

(26,197)


(56,112)


(73,730)


(38,336)

INTEREST INCOME

1,088


2,256


4,863


4,488

INTEREST EXPENSE

11,649


13,983


37,051


42,023

GAIN ON RETIREMENT OF DEBT

3,472


-


18,771


2,356

Other income, net

74


75


974


96,535

(Loss) income before (benefit from) provision for income taxes and non-controlling interest in income of subsidiaries

(33,212)


(67,764)


(86,173)


23,020

(BENEFIT FROM)PROVISION FOR INCOME TAXES

(1,814)


(16,778)


(17,824)


5,259

Net (loss) income from consolidated operations

(31,398)


(50,986)


(68,349)


17,761

Loss from unconsolidated joint venture

-


(2,728)


(411)


(2,728)

NET (LOSS) INCOME

(31,398)


(53,714)


(68,760)


15,033

NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS

400


697


976


2,000

NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS

$       (31,798)


$       (54,411)


$       (69,736)


$          13,033









Weighted average shares outstanding - basic3

47,105,290


47,722,263


48,614,438


47,592,010

Weighted average shares outstanding - diluted4

47,105,290


47,722,263


48,614,438


50,358,881

 

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