Urban One, Inc. (UONEK) Reports Q4 Loss of $0.18 on Revenues of $105.9M

Urban One, Inc. (NASDAQ: UONEK) reported Q4 EPS of ($0.18), versus $2.49 reported last year. Revenue for the quarter came in at $105.9 million, versus $113.54 million reported last year.

Alfred C. Liggins, III, Urban One\'s CEO and President stated, "Our Adjusted EBITDA for the year of approximately $133.5 million was adversely impacted by the re-classification of operating lease expenses out of interest expense as previously reported through Q3, absent which accounting reclassification we would have been above the mid-point of our guidance. Our same station radio revenue excluding political advertising was -2.9%, which was in line with our previously reported low-single digit decline in core pacings. With tough political comps (-83.5%) this made for a difficult quarter, but in line with expectations. The first quarter of 2020 started brightly, with both January and February radio division revenues ahead of prior year, and strong political revenues. The Covid-19 outbreak has reversed that growth, with cancellations from clients whose businesses revolve around events, travel, leisure and entertainment. On a same station basis our radio division is currently pacing up mid-single digits including political, and down low single digits excluding political revenue. As a result of the pandemic, we have postponed our annual Tom Joyner\'s Fantastic Voyage cruise, which will impact our Q2 revenue and EBITDA, and we are monitoring all of our larger public events with a view towards mitigating risk and keeping our employees, clients and listeners safe."

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

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