Urban One, Inc. (UONEK) Reports Q1 Loss of $0.15 on Revenues of $98.45M

Urban One, Inc. (NASDAQ: UONEK) reported Q1 EPS of ($0.15), versus ($0.48) reported last year. Revenue for the quarter came in at $98.45 million, versus $99.62 million reported last year.

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."

For earnings history and earnings-related data on Urban One, Inc. (UONEK) click here.

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