Urban One Reports Drop In Revenue

Urban One, Inc. today reported its results for the quarter ended March 31, 2020.:

• Net revenue was approximately $94.9 million, a decrease of 3.6% from the same period in 2019. 
• Broadcast and digital operating income was approximately $37.6 million, an increase of approximately $4.3 million from the same period in 2019. 
• The Company reported an operating loss of approximately $27.3 million for the three months ended March 31, 2020, compared to operating income approximately $14.8 million for the same period in 2019. 
• Net loss was approximately $23.2 million or $0.51 per share (basic) compared to net loss of approximately $3.1 million or $0.07 per share (basic) for the same period in 2019. 
• Adjusted EBITDA2 was approximately $32.3 million for the three months ended March 31, 2020, compared to approximately $27.7 million for the same period in 2019.

Alfred C. Liggins, III, Urban One's CEO and President stated, "We got off to a great start to the year, with robust political advertising pushing same station revenues to +3.2% and +13.2% for January and February respectively. Then the impact of COVID-19 hit our radio markets, and March rapidly turned from positive to finish -14.1%. Despite this, we were able to post double digit Adjusted EBITDA growth for the quarter, and this is a testament to both our diversified mix of assets and the dedication and skill of our employees.

"On a same station basis, radio advertising for April was down 58.3%, and Q2 is pacing -58.1%. Both local and national advertising is impacted by broadly similar percentages. Like many other businesses, we were forced to reduce fixed costs by means of furloughs, layoffs, significant salary cuts, and reduction of all discretionary expenditure.  Our diverse mix of assets will help us through this crisis; in particular our Cable TV and Digital segments are not impacted to the same extent as radio, and due to a combination of strong ratings, deferred programming and marketing expenses plus other cost cuts, we expect the TV segment to deliver incremental EBITDA to help offset some of the declines in radio.  Liquidity remains strong, and I believe we have seen a floor in the revenue declines. As markets begin to re-open State by State, we intend to partner with our clients using all of our platforms to help them re-start their businesses and serve their communities in these unprecedented times."