Urban One, Inc. (UONEK) Reports Q3 EPS of $0.12

Urban One, Inc. (NASDAQ: UONEK) reported Q3 EPS of $0.12, versus $0.51 reported last year. Revenue for the quarter came in at $111.06 million, versus $110.73 million reported last year.

Alfred C. Liggins, III, Urban One's CEO and President stated, "During the third quarter we completed the sale of WDMK to Beasley Broadcasting, as a result of which our cash position improved and net leverage was reduced. On a same station basis, our third quarter radio revenues were up 4.2%, and I was pleased that we were able to grow the Radio Broadcasting segment Adjusted EBITDA by 6.6%. Same station core radio revenues, excluding political, are currently pacing down low single digits for the fourth quarter. Cable Television advertising was robust in the quarter, up 7.8%. While digital revenues decreased by 6.4%, we were able to post significant Adjusted EBITDA growth in that segment as a result of improved cost control. Overall, we were able to grow Adjusted EBITDA by 5.8% for the quarter, and I believe we are well positioned to achieve our strategic goals for the year, with Adjusted EBITDA in the range of $138-$140 million."

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

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