ITEM 2.02.    Results of Operations and Financial Condition.

 

Urban One, Inc. (the "Company") issued a press release setting forth the results for its quarter ended June 30, 2019.  A copy of the press release is attached as Exhibit 99.1.

 

 

ITEM 9.01.   Financial Statements and Exhibits.

 

Exhibit Number		Description
99.1		Press release dated August 01, 2019: Urban One, Inc. Reports Second Quarter Results.

NEWS RELEASE

Washington, DC

URBAN ONE, INC. REPORTS SECOND QUARTER RESULTS

Washington, DC: - Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the quarter ended June 30, 2019.  Net revenue was approximately $121.6 million, an increase of 5.5% from the same period in 2018. Broadcast and digital operating income¹ was approximately $46.3 million, an increase of 4.5% from the same period in 2018. The Company reported operating income of approximately $30.5 million for the three months ended June 30, 2019, compared to approximately $24.8 million for the same period in 2018. Net income was approximately $6.6 million or $0.15 per share (basic) compared to net income of approximately $23.6 million or $0.51 per share (basic) for the same period in 2018. Adjusted EBITDA² was approximately $41.1 million for the three months ended June 30, 2019, compared to approximately $39.0 million for the same period in 2018.

Alfred C. Liggins, III, Urban One's CEO and President stated, "We had a very strong quarter from an advertising revenue standpoint: radio advertising was up 6.8%, TV advertising was up 9.4%, and digital was up 16.8%. Our radio division is also pacing up approximately 8% for the third quarter, with robust demand for national business in our larger markets. We had a tough comp on TV affiliate fees, due to a $2.0 million one-time MVPD settlement in Q2 of 2018. Our digital division continued their turn-around from 2018, with positive Adjusted EBITDA for the quarter and year-to-date. Reach Media benefited from another successful cruise event, with the Tom Joyner Fantastic Voyage posting 12% year over year revenue growth. On the Cable TV business, as anticipated, we invested some additional programing and marketing expenses related to the DL Hughley Show as we continue to create and promote engaging new content. Overall, I am happy with our progress this quarter, and believe we can carry this positive momentum into the second half of the year."

-MORE-

PAGE 2 -- URBAN ONE, INC. REPORTS SECOND QUARTER RESULTS

 

RESULTS OF OPERATIONS
		Three Months Ended June 30,								Six Months Ended June 30,
		2019				2018				2019				2018
STATEMENT OF OPERATIONS		(unaudited)								(unaudited)
		(in thousands, except share data)								(in thousands, except share data)
NET REVENUE		$	121,571			$	115,206			$	220,020			$	214,827
OPERATING EXPENSES
Programming and technical, excluding stock-based compensation			30,497				30,375				61,427				62,522
Selling, general and administrative, excluding stock-based compensation			44,730				40,490				77,758				75,467
Corporate selling, general and administrative, excluding stock-based compensation			8,214				10,155				17,803				19,117
Stock-based compensation			200				1,125				711				2,501
Depreciation and amortization			3,584				8,248				11,858				16,536
Impairment of long-lived assets			3,800				-				3,800				6,556
Total operating expenses			91,025				90,393				173,357				182,699
Operating income			30,546				24,813				46,663				32,128
INTEREST INCOME			63				17				86				161
INTEREST EXPENSE			22,003				19,155				44,154				38,436
GAIN ON RETIREMENT OF DEBT			-				(626	)			-				(865	)
OTHER INCOME, net			(1,649	)			(2,014	)			(3,370	)			(3,915	)
Income (loss) before provision for (benefit from) income taxes and noncontrolling interest in income of subsidiaries			10,255				8,315				5,965				(1,367	)
PROVISION FOR (BENEFIT FROM) INCOME TAXES			3,118				(15,581	)			5,366				(2,741	)
CONSOLIDATED NET INCOME			7,137				23,896				599				1,374
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			546				306				671				339
CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	6,591			$	23,590			$	(72	)		$	1,035
AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS
CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	6,591			$	23,590			$	(72	)		$	1,035
Weighted average shares outstanding - basic3			45,061,821				46,033,402				45,175,521				46,321,633
Weighted average shares outstanding - diluted4			45,701,655				48,438,693				45,175,521				48,777,798

-MORE-

PAGE 3 -- URBAN ONE, INC. REPORTS SECOND QUARTER RESULTS

 

 

		Three Months Ended June 30,								Six Months Ended June 30,
		2019				2018				2019				2018
PER SHARE DATA - basic and diluted:		(unaudited)				(unaudited)				(unaudited)				(unaudited)
		(in thousands, except per share data)								(in thousands, except per share data)
Consolidated net income (loss) attributable to common stockholders (basic)		$	0.15			$	0.51			$	(0.00	)		$	0.02
Consolidated net income (loss) attributable to common stockholders (diluted)		$	0.14			$	0.49			$	(0.00	)		$	0.02
SELECTED OTHER DATA
Broadcast and digital operating income 1		$	46,344			$	44,341			$	80,835			$	76,838
Broadcast and digital operating income margin (% of net revenue)			38.1	%			38.5	%			36.7	%			35.8	%
Broadcast and digital operating income reconciliation:
Consolidated net income (loss) attributable to common stockholders		$	6,591			$	23,590			$	(72	)		$	1,035
Add back non-broadcast and digital operating income items included in consolidated net income (loss):
Interest income			(63	)			(17	)			(86	)			(161	)
Interest expense			22,003				19,155				44,154				38,436
Provision for (benefit from) income taxes			3,118				(15,581	)			5,366				(2,741	)
Corporate selling, general and administrative expenses			8,214				10,155				17,803				19,117
Stock-based compensation			200				1,125				711				2,501
Gain on retirement of debt			-				(626	)			-				(865	)
Other income, net			(1,649	)			(2,014	)			(3,370	)			(3,915	)
Depreciation and amortization			3,584				8,248				11,858				16,536
Noncontrolling interest in income of subsidiaries			546				306				671				339
Impairment of long-lived assets			3,800				-				3,800				6,556
Broadcast and digital operating income		$	46,344			$	44,341			$	80,835			$	76,838
Adjusted EBITDA2		$	41,055			$	38,987			$	70,092			$	67,476
Adjusted EBITDA reconciliation:
Consolidated net income (loss) attributable to common stockholders:		$	6,591			$	23,590			$	(72	)		$	1,035
Interest income			(63	)			(17	)			(86	)			(161	)
Interest expense			22,003				19,155				44,154				38,436
Provision for (benefit from) income taxes			3,118				(15,581	)			5,366				(2,741	)
Depreciation and amortization			3,584				8,248				11,858				16,536
EBITDA		$	35,233			$	35,395			$	61,220			$	53,105
Stock-based compensation			200				1,125				711				2,501
Gain on retirement of debt			-				(626	)			-				(865	)
Other income, net			(1,649	)			(2,014	)			(3,370	)			(3,915	)
Noncontrolling interest in income of subsidiaries			546				306				671				339
Employment Agreement Award, incentive plan award expenses and other compensation			806				2,285				2,713				3,873
Contingent consideration from acquisition			90				(79	)			167				1,451
Severance-related costs			401				801				822				999
Cost method investment income from MGM National Harbor			1,628				1,794				3,358				3,432
Impairment of long-lived assets			3,800				-				3,800				6,556
Adjusted EBITDA		$	41,055			$	38,987			$	70,092			$	67,476

 

 

 

-MORE-

PAGE 4 -- URBAN ONE, INC. REPORTS SECOND QUARTER RESULTS

 

 

	June 30, 2019			December 31, 2018
	(unaudited)
	(in thousands)
SELECTED BALANCE SHEET DATA:
Cash and cash equivalents and restricted cash	$	15,331		$	15,890
Intangible assets, net		891,080			916,824
Total assets		1,269,308			1,237,409
Total debt (including current portion, net of original issue discount and issuance costs)		894,596			912,463
Total liabilities		1,076,934			1,048,477
Total stockholders' equity		181,206			178,700
Redeemable noncontrolling interest		11,168			10,232
	June 30, 2019			Applicable Interest Rate
	(in thousands)
SELECTED LEVERAGE DATA:
2017 Credit Facility, net of original issue discount and issuance costs of approximately $6.1 million (subject to variable rates) (a)	$	316,206			6.44	%
7.375% senior secured notes due April 2022, net of original issue discount and issuance costs of approximately $2.9 million (fixed rate)		347,121			7.375	%
2018 Credit Facility, net of original issue discount and issuance costs of approximately $4.2 million (fixed rate)		173,608			12.875	%
MGM National Harbor Loan, net of original issue discount and issuance costs of approximately $2.4 million (fixed rate)		48,661			11.00	%
Asset-backed credit facility (subject to variable rates) (a)		9,000			6.00	%

 

(a)	Subject to variable Libor or Prime plus a spread that is incorporated into the applicable interest rate set forth above.

 

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management's current expectations and are based upon information available to Urban One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond Urban One's control, that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements.  Important factors that could cause actual results to differ materially are described in Urban One's reports on Forms 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Urban One does not undertake any duty to update any forward-looking statements.

-MORE-

PAGE 5 -- URBAN ONE, INC. REPORTS SECOND QUARTER RESULTS

 

Net revenue consists of gross revenue, net of local and national agency and outside sales representative commissions. Agency and outside sales representative commissions are calculated based on a stated percentage applied to gross billing.

 

	Three Months Ended June 30,
	2019			2018			$ Change			% Change
	(Unaudited)
	(in thousands)
Net Revenue:
Radio Advertising	$	52,194		$	48,880		$	3,314			6.8	%
Political Advertising		317			1,182			(865	)		-73.2	%
Digital Advertising		7,663			6,559			1,104			16.8	%
Cable Television Advertising		19,816			18,118			1,698			9.4	%
Cable Television Affiliate Fees		26,599			28,020			(1,421	)		-5.1	%
Event Revenues & Other		14,982			12,447			2,535			20.4	%
Net Revenue (as reported)	$	121,571		$	115,206		$	6,365			5.5	%

 

Net revenue increased to approximately $121.6 million for the quarter ended June 30, 2019, from approximately $115.2 million for the same period in 2018. Net revenues from our radio broadcasting segment increased 6.2% compared to the same period in 2018. We experienced net revenue declines most significantly in our Charlotte, Cincinnati, Columbus, and Richmond markets, with our Atlanta, Cleveland, Houston, Raleigh and Washington DC markets experiencing growth for the quarter. We recognized approximately $46.4 million of revenue from our cable television segment during the three months ended June 30, 2019, compared to approximately $46.8 million for the same period in 2018, with an increase primarily in advertising sales, which was offset by a decline in affiliate sales and other revenue. Net revenue from our Reach Media segment increased 14.6% for the quarter ended June 30, 2019, compared to the same period in 2018 due primarily to higher special event revenue. The "Tom Joyner Fantastic Voyage" took place during the second quarters of 2019 and 2018 and generated revenue of approximately $10.4 million and $9.3 million, respectively for Reach Media. In addition, the Tom Joyner One More Time Experience, a multi-city tour event for 2019 added revenue for the quarter. Finally, net revenues for our digital segment increased 17.0% for the three months ended June 30, 2019, compared to the same period in 2018, primarily due to increases in direct and indirect revenues.

Operating expenses, excluding depreciation and amortization, stock-based compensation and impairment of long-lived assets, increased to approximately $83.4 million for the quarter ended June 30, 2019, up 3.0% from the approximately $81.0 million incurred for the comparable quarter in 2018. The overall operating expense increase was driven primarily by higher selling, general and administrative expenses, due to stronger performance of special events as well as increased expenses for certain marketing campaigns.

Depreciation and amortization expense decreased to approximately $3.6 million for the quarter ended June 30, 2019, compared to approximately $8.2 million for the quarter ended June 30, 2018.  The decrease in expense is due to the mix of assets approaching or near the end of their useful lives, most notably the Company's affiliate agreements.

Interest expense increased to approximately $22.0 million for the quarter ended June 30, 2019, compared to approximately $19.2 million for the same period in 2018. During the quarter ended June 30, 2019, the Company recorded interest expense of approximately $1.4 million on its operating leases as a result of adopting ASC 842 on January 1, 2019. The Company made cash interest payments of approximately $24.6 million on its outstanding debt for the quarter ended June 30, 2019, compared to cash interest payments of approximately $19.2 million on its outstanding debt for the quarter ended June 30, 2018. On December 20, 2018, the Company closed on a new $192.0 million unsecured credit facility (the "2018 Credit Facility") and a new $50.0 million loan secured by its interest in the MGM National Harbor Casino (the "MGM National Harbor Loan"). As of June 30, 2019, the Company had approximately $9.0 million in borrowings outstanding on its ABL Facility.

-MORE-

PAGE 6 -- URBAN ONE, INC. REPORTS SECOND QUARTER RESULTS

 

The gain on retirement of debt of $626,000 for the quarter ended June 30, 2018, was due to the redemption of approximately $14 million of our 2020 Notes at a discount.

The decrease in stock-based compensation for the three months ended June 30, 2019, compared to the same period in 2018, is primarily due to grants and vesting of stock awards for certain executive officers and other management personnel.

The impairment of long-lived assets for the three months ended June 30, 2019, was related to a non-cash impairment charge of approximately $3.8 million associated with our Detroit market radio broadcasting license.

For the three months ended June 30, 2019, we recorded a provision for income taxes of approximately $3.1 million on pre-tax income from continuing operations of approximately $10.3 million, which results in a tax rate of 30.4%. This tax rate is based on an estimated annual effective tax rate of 30.9%. For the three months ended June 30, 2018, we recorded a benefit from income taxes of approximately $15.6 million on pre-tax income from continuing operations of approximately $8.3 million, which results in a tax rate of (187.4)%.  This tax rate is based on an estimated annual effective tax rate of (95.0)% and a discrete tax provision benefit adjustment of approximately $3.2 million related to state rate and legislative changes.  The Company paid $383,000 and $493,000 in taxes for the quarters ended June 30, 2019 and 2018, respectively.

Other income, net, was approximately $1.6 million and $2.0 million for the quarters ended June 30, 2019 and 2018, respectively. For the three months ended June 30, 2019 and 2018, the Company recognized approximately $1.6 million and $1.8 million, respectively, of cost method investment income from its MGM investment.

Other pertinent financial information includes capital expenditures of approximately $1.4 million and $1.2 million for the quarters ended June 30, 2019 and 2018, respectively. 

During the three months ended June 30, 2019, the Company repurchased 26,171 shares of Class A common stock in the amount of $56,000 and repurchased 899,765 shares of Class D common stock in the amount of approximately $1.8 million. During the three months ended June 30, 2018, the Company repurchased 232 shares of Class A common stock and repurchased 760,113 shares of Class D common stock in the amount of approximately $1.6 million. During the three months ended June 30, 2018, the Company repurchased share-based equity awards in the amount of approximately $1.1 million.

The Company, in connection with its 2009 stock plan, is authorized to purchase shares of Class D common stock to satisfy employee tax obligations in connection with the vesting of share grants under the plan. During the three months ended June 30, 2019, the Company executed a Stock Vest Tax Repurchase of 6,368 shares of Class D Common Stock in the amount of $13,000. During the three months ended June 30, 2018, the Company executed a Stock Vest Tax Repurchase of 10,646 shares of Class D Common Stock in the amount of $22,000.

Supplemental Financial Information:

For comparative purposes, the following more detailed, unaudited statements of operations for the three and six months ended June 30, 2019 and 2018 are included.

-MORE-

PAGE 7 -- URBAN ONE, INC. REPORTS SECOND QUARTER RESULTS

 

		Three Months Ended June 30, 2019
		(in thousands, unaudited)
						Radio				Reach								Cable				Corporate/
		Consolidated				Broadcasting				Media				Digital				Television				Eliminations
STATEMENT OF OPERATIONS:
NET REVENUE		$	121,571			$	49,312				18,770				7,673				46,430				(614	)
OPERATING EXPENSES:
Programming and technical			30,497				10,124				4,015				2,642				14,156				(440	)
Selling, general and administrative			44,730				20,548				10,762				4,440				8,994				(14	)
Corporate selling, general and administrative			8,214				-				656				1				1,733				5,824
Stock-based compensation			200				93				6				11				3				87
Depreciation and amortization			3,584				851				59				460				1,901				313
Impairment of long-lived assets			3,800				3,800				-				-				-				-
Total operating expenses			91,025				35,416				15,498				7,554				26,787				5,770
Operating income (loss)			30,546				13,896				3,272				119				19,643				(6,384	)
INTEREST INCOME			63				-				-				-				-				63
INTEREST EXPENSE			22,003				1,196				77				71				2,220				18,439
OTHER INCOME, net			(1,649	)			(1	)			-				-				-				(1,648	)
Income (loss) before provision for (benefit from) income taxes and noncontrolling interest in income of subsidiaries			10,255				12,701				3,195				48				17,423				(23,112	)
PROVISION FOR (BENEFIT FROM) INCOME TAXES			3,118				3,260				745				-				4,369				(5,256	)
CONSOLIDATED NET INCOME (LOSS)			7,137				9,441				2,450				48				13,054				(17,856	)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			546				-				-				-				-				546
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	6,591			$	9,441			$	2,450			$	48			$	13,054			$	(18,402	)
Adjusted EBITDA2		$	41,055			$	18,775			$	3,337			$	719			$	21,658			$	(3,434	)

 

 

-MORE-

PAGE 8 -- URBAN ONE, INC. REPORTS SECOND QUARTER RESULTS

		Three Months Ended June 30, 2018
		(in thousands, unaudited)
						Radio				Reach								Cable				Corporate/
		Consolidated				Broadcasting				Media				Digital				Television				Eliminations
STATEMENT OF OPERATIONS:
NET REVENUE		$	115,206			$	46,452			$	16,380			$	6,559			$	46,828			$	(1,013	)
OPERATING EXPENSES:
Programming and technical			30,375				9,868				4,249				3,354				13,094				(190	)
Selling, general and administrative			40,490				18,973				9,415				5,652				7,288				(838	)
Corporate selling, general and administrative			10,155				-				782				4				2,228				7,141
Stock-based compensation			1,125				134				12				13				-				966
Depreciation and amortization			8,248				848				63				477				6,556				304
Total operating expenses			90,393				29,823				14,521				9,500				29,166				7,383
Operating income (loss)			24,813				16,629				1,859				(2,941	)			17,662				(8,396	)
INTEREST INCOME			17				-				-				-				-				17
INTEREST EXPENSE			19,155				351				-				-				1,919				16,885
GAIN ON RETIREMENT OF DEBT			(626	)			-				-				-				-				(626	)
OTHER INCOME, net			(2,014	)			(220	)			-				-				-				(1,794	)
Income (loss) before (benefit from) provision for income taxes and noncontrolling interest in income of subsidiaries			8,315				16,498				1,859				(2,941	)			15,743				(22,844	)
(BENEFIT FROM) PROVISION FOR INCOME TAXES			(15,581	)			4,047				433				(239	)			3,902				(23,724	)
CONSOLIDATED NET INCOME (LOSS)			23,896				12,451				1,426				(2,702	)			11,841				880
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			306				-				-				-				-				306
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	23,590			$	12,451			$	1,426			$	(2,702	)		$	11,841			$	574
Adjusted EBITDA2		$	38,987			$	17,818			$	1,934			$	(2,435	)		$	25,005			$	(3,335	)

 

-MORE-

PAGE 9 -- URBAN ONE, INC. REPORTS SECOND QUARTER RESULTS

 

		Six Months Ended June 30, 2019
		(in thousands, unaudited)
						Radio				Reach								Cable				Corporate/
		Consolidated				Broadcasting				Media				Digital				Television				Eliminations
STATEMENT OF OPERATIONS:
NET REVENUE		$	220,020			$	86,061				25,743				15,110				94,253				(1,147	)
OPERATING EXPENSES:
Programming and technical			61,427				19,820				8,080				5,538				28,906				(917	)
Selling, general and administrative			77,758				37,644				12,301				9,071				18,807				(65	)
Corporate selling, general and administrative			17,803				-				1,390				1				3,142				13,270
Stock-based compensation			711				188				20				28				8				467
Depreciation and amortization			11,858				1,719				118				921				8,477				623
Impairment of long-lived assets			3,800				3,800				-				-				-				-
Total operating expenses			173,357				63,171				21,909				15,559				59,340				13,378
Operating income (loss)			46,663				22,890				3,834				(449	)			34,913				(14,525	)
INTEREST INCOME			86				-				-				-				-				86
INTEREST EXPENSE			44,154				2,390				153				142				4,337				37,132
OTHER INCOME, net			(3,370	)			2				-				-				-				(3,372	)
Income (loss) before provision for (benefit from) income taxes and noncontrolling interest in income of subsidiaries			5,965				20,498				3,681				(591	)			30,576				(48,199	)
PROVISION FOR (BENEFIT FROM) INCOME TAXES			5,366				5,253				858				2				7,667				(8,414	)
CONSOLIDATED NET INCOME (LOSS)			599				15,245				2,823				(593	)			22,909				(39,785	)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			671				-				-				-				-				671
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	(72	)		$	15,245			$	2,823			$	(593	)		$	22,909			$	(40,456	)
Adjusted EBITDA2		$	70,092			$	28,899			$	3,990			$	892			$	43,524			$	(7,213	)

 

 

 

 

 

 

-MORE-

PAGE 10 -- URBAN ONE, INC. REPORTS SECOND QUARTER RESULTS

 

		Six Months Ended June 30, 2018
		(in thousands, unaudited)
						Radio				Reach								Cable				Corporate/
		Consolidated				Broadcasting				Media				Digital				Television				Eliminations
STATEMENT OF OPERATIONS:
NET REVENUE		$	214,827			$	85,965			$	22,899			$	14,705			$	93,014			$	(1,756	)
OPERATING EXPENSES:
Programming and technical			62,522				19,511				8,535				6,833				27,906				(263	)
Selling, general and administrative			75,467				36,393				10,855				12,557				17,172				(1,510	)
Corporate selling, general and administrative			19,117				-				1,540				5				4,195				13,377
Stock-based compensation			2,501				312				29				72				3				2,085
Depreciation and amortization			16,536				1,718				126				953				13,113				626
Impairment of long-lived assets			6,556				6,556				-				-				-				-
Total operating expenses			182,699				64,490				21,085				20,420				62,389				14,315
Operating income (loss)			32,128				21,475				1,814				(5,715	)			30,625				(16,071	)
INTEREST INCOME			161				-				-				-				-				161
INTEREST EXPENSE			38,436				688				-				-				3,838				33,910
GAIN ON RETIREMENT OF DEBT			(865	)			-				-				-				-				(865	)
OTHER INCOME, net			(3,915	)			(438	)			-				-				-				(3,477	)
(Loss) income before (benefit from) provision for income taxes and noncontrolling interest in income of subsidiaries			(1,367	)			21,225				1,814				(5,715	)			26,787				(45,478	)
(BENEFIT FROM) PROVISION FOR INCOME TAXES			(2,741	)			5,163				483				(747	)			6,606				(14,246	)
CONSOLIDATED NET INCOME (LOSS)			1,374				16,062				1,331				(4,968	)			20,181				(31,232	)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			339				-				-				-				-				339
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	1,035			$	16,062			$	1,331			$	(4,968	)		$	20,181			$	(31,571	)
Adjusted EBITDA2		$	67,476			$	30,424			$	1,969			$	(3,131	)		$	44,925			$	(6,711	)

 

 

 

 

 

 

-MORE-

PAGE 11 -- URBAN ONE, INC. REPORTS SECOND QUARTER RESULTS

 

Urban One, Inc. will hold a conference call to discuss its results for the second fiscal quarter of 2019. The conference call is scheduled for Thursday, August 01, 2019 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-800-230-1059; international callers may dial direct (+1) 612-234-9959.

A replay of the conference call will be available from 12:00 p.m. EDT August 01, 2019 until 11:59 a.m. EDT August 08, 2019. Callers may access the replay by calling 1-800-475-6701; international callers may dial direct (+1) 320-365-3844. The replay Access Code is 469279.

Access to live audio and a replay of the conference call will also be available on Urban One's corporate website at www.urban1.com. The replay will be made available on the website for seven days after the call.

Urban One, Inc. (urban1.com), together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 59 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform and inspire a diverse audience of adult Black viewers. As one of the nation's largest radio broadcasting companies, Urban One currently owns and/or operates 60 broadcast stations (including all HD stations, translator stations and the low power television station we operate) branded under the tradename "Radio One" in 15 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Rickey Smiley Morning Show, the Russ Parr Morning Show and the DL Hughley Show.  In addition to its radio and television broadcast assets, Urban One owns iOne Digital (ionedigital.com), our wholly owned digital platform serving the African-American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. We also have invested in a minority ownership interest in MGM National Harbor, a gaming resort located in Prince George's County, Maryland. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African-American and urban audiences.

Notes:

 

1   "Broadcast and digital operating income" consists of net (loss) income before depreciation and amortization, corporate selling, general and administrative expenses, stock-based compensation, income taxes, noncontrolling interest in income (loss) of subsidiaries, interest expense, impairment of long-lived assets, other (income) expense, loss (gain) on retirement of debt, gain on sale-leaseback and interest income. Broadcast and digital operating income is not a measure of financial performance under generally accepted accounting principles. Nevertheless, broadcast and digital operating income is a significant measure used by our management to evaluate the operating performance of our core operating segments because broadcast and digital operating income provides helpful information about our results of operations apart from expenses associated with our fixed assets and long-lived intangible assets, income taxes, investments, debt financings and retirements, overhead, stock-based compensation, impairment charges, and asset sales. Our measure of broadcast and digital operating income is similar to industry use of station operating income; however, it reflects our more diverse business and therefore is not completely analogous to "station operating income" or other similarly titled measures used by other companies. Broadcast and digital operating income does not purport to represent operating income or cash flow from operating activities, as those terms are defined under generally accepted accounting principles, and should not be considered as an alternative to those measurements as an indicator of our performance. A reconciliation of net income (loss) to broadcast and digital operating income has been provided in this release.