Urban One, Inc. Reports Third Quarter Results

About this update from Urban One, Inc.

[{"type":"text","content":"WASHINGTON, Nov. 4, 2021 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the quarter ended September 30, 2021. Net revenue was approximately $111.5 million, an increase of 21.3% from the same period in 2020. Broadcast and digital operating income1 was approximately $49.1 million, an increase of 11.2% from the same period in 2020. The Company reported operating income of approximately $34.5 million for the three months ended September 30, 2021, compared to approximately $4.0 million for the three months ended September 30, 2020. Net income was approximately $13.9 million or $0.27 per share (basic) compared to a net loss of approximately $12.8 million or $0.29 per share (basic) for the same period in 2020. Adjusted EBITDA2 was approximately $42.7 million for the three months ended September 30, 2021, compared to approximately $39.6 million for the same period in 2020.\n\n \n \n \n \n \n \n\n \nAlfred C. Liggins, III, Urban One's CEO and President stated, \"We had another very strong quarter, driven by double-digit advertising revenue growth in core radio, digital and Cable TV. Our digital and national syndication businesses are benefiting from continued high demand from major advertisers for our audience on a national level, and our core radio business, excluding political, increased by approximately 35% year over year. Our diversified mix of assets has helped us rebound to Adjusted EBITDA levels that exceed those of 2019, and I now feel comfortable increasing full year guidance to in the $140 - $145 million range, up from the mid $130s. Our Richmond, Virginia, One Casino and Resort project was narrowly defeated in the city referendum on November 2nd, which was both unexpected and disappointing given the substantial economic benefits we believe the project would have brought to the city. We are considering our next steps and will continue to pursue similar opportunities.\"\n \nRESULTS OF OPERATIONS\nThree Months Ended September 30,\nNine Months Ended September 30,\n2021\n2020\n2021\n2020\nSTATEMENT OF OPERATIONS\n(unaudited)\n(unaudited)\n(in thousands, except share data)\n(in thousands, except share data)\nNET REVENUE\n$ 111,463\n$ 91,912\n$ 310,496\n$ 262,795\nOPERATING EXPENSES\nProgramming and technical, excluding stock-based compensation\n29,226\n24,202\n80,829\n75,684\nSelling, general...

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