Urban One, Inc. (UONEK) Reports Q1 Loss of $0.51

Urban One, Inc. (NASDAQ: UONEK) reported Q1 EPS of ($0.51), versus ($0.07) reported last year. Revenue for the quarter came in at $94.88 million, versus $98.45 million reported last year.

Alfred C. Liggins, III, Urban One's CEO and President stated, "We got off to a great start to the year, with robust political advertising pushing same station revenues to +3.2% and +13.2% for January and February respectively. Then the impact of COVID-19 hit our radio markets, and March rapidly turned from positive to finish -14.1%. Despite this, we were able to post double digit Adjusted EBITDA growth for the quarter, and this is a testament to both our diversified mix of assets and the dedication and skill of our employees. On a same station basis, radio advertising for April was down 58.3%, and Q2 is pacing -58.1%. Both local and national advertising is impacted by broadly similar percentages. Like many other businesses, we were forced to reduce fixed costs by means of furloughs, layoffs, significant salary cuts, and reduction of all discretionary expenditure. Our diverse mix of assets will help us through this crisis; in particular our Cable TV and Digital segments are not impacted to the same extent as radio, and due to a combination of strong ratings, deferred programming and marketing expenses plus other cost cuts, we expect the TV segment to deliver incremental EBITDA to help offset some of the declines in radio. Liquidity remains strong, and I believe we have seen a floor in the revenue declines. As markets begin to re-open State by State, we intend to partner with our clients using all of our platforms to help them re-start their businesses and serve their communities in these unprecedented times."

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

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