NEWS RELEASE

Washington, DC

 

URBAN ONE, INC. REPORTS FOURTH QUARTER RESULTS

Washington, DC: - Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the quarter ended December 31, 2019. Net revenue was approximately $105.9 million, a decrease of 6.8% from the same period in 2018. Broadcast and digital operating income¹ was approximately $34.3 million, a decrease of approximately $10.3 million from the same period in 2018. The Company reported operating income of approximately $12.1 million for the three months ended December 31, 2019, compared to approximately $9.4 million for the same period in 2018. Net loss was approximately $7.9 million or $0.18 per share (basic) compared to net income of approximately $116.9 million or $2.62 per share (basic) for the same period in 2018. Adjusted EBITDA² was approximately $27.5 million for the three months ended December 31, 2019, compared to approximately $35.3 million for the same period in 2018.

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."

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RESULTS OF OPERATIONS
		Three Months Ended December 31,								Year Ended December 31,
		2019				2018				2019				2018
STATEMENT OF OPERATIONS		(unaudited)								(unaudited)
		(in thousands, except share data)								(in thousands, except share data)
NET REVENUE		$	105,854			$	113,541			$	436,929			$	439,098
OPERATING EXPENSES
Programming and technical, excluding stock-based compensation			34,947				31,842				128,726				125,316
Selling, general and administrative, excluding stock-based compensation			36,617				37,136				151,791				148,967
Corporate selling, general and administrative, excluding stock-based compensation			10,702				11,056				36,947				32,019
Stock-based compensation			2,192				1,076				4,784				4,711
Depreciation and amortization			2,534				8,320				16,985				33,189
Impairment of long-lived assets			6,800				14,700				10,600				21,256
Total operating expenses			93,792				104,130				349,833				365,458
Operating income			12,062				9,411				87,096				73,640
INTEREST INCOME			19				46				150				240
INTEREST EXPENSE			19,753				19,244				81,400				76,667
LOSS ON RETIREMENT OF DEBT			-				2,794				-				1,809
OTHER INCOME, net			(2,406	)			(2,152	)			(7,075	)			(8,002	)
(Loss) income before provision for (benefit from) income taxes and noncontrolling interest in income of subsidiaries			(5,266	)			(10,429	)			12,921				3,406
PROVISION FOR (BENEFIT FROM) INCOME TAXES			2,522				(127,844	)			10,864				(138,758	)
CONSOLIDATED NET (LOSS) INCOME			(7,788	)			117,415				2,057				142,164
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			133				493				1,132				1,163
CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	(7,921	)		$	116,922			$	925			$	141,001
AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS
CONSOLIDATED NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	(7,921	)		$	116,922			$	925			$	141,001
Weighted average shares outstanding - basic3			44,172,147				44,663,033				44,699,586				45,647,696
Weighted average shares outstanding - diluted4			44,172,147				46,874,741				47,921,671				48,000,957

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		Three Months Ended December 31,								Year Ended December 31,
		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 (loss) income attributable to common stockholders (basic)		$	(0.18	)		$	2.62			$	0.02			$	3.09
Consolidated net (loss) income attributable to common stockholders (diluted)		$	(0.18	)		$	2.49			$	0.02			$	2.94
SELECTED OTHER DATA
Broadcast and digital operating income 1		$	34,290			$	44,563			$	156,412			$	164,815
Broadcast and digital operating income margin (% of net revenue)			32.4	%			39.2	%			35.8	%			37.5	%
Broadcast and digital operating income reconciliation:
Consolidated net (loss) income attributable to common stockholders		$	(7,921	)		$	116,922			$	925			$	141,001
Add back non-broadcast and digital operating income items included in consolidated net (loss) income:
Interest income			(19	)			(46	)			(150	)			(240	)
Interest expense			19,753				19,244				81,400				76,667
Provision for (benefit from) income taxes			2,522				(127,844	)			10,864				(138,758	)
Corporate selling, general and administrative expenses			10,702				11,056				36,947				32,019
Stock-based compensation			2,192				1,076				4,784				4,711
Loss on retirement of debt			-				2,794				-				1,809
Other income, net			(2,406	)			(2,152	)			(7,075	)			(8,002	)
Depreciation and amortization			2,534				8,320				16,985				33,189
Noncontrolling interest in income of subsidiaries			133				493				1,132				1,163
Impairment of long-lived assets			6,800				14,700				10,600				21,256
Broadcast and digital operating income		$	34,290			$	44,563			$	156,412			$	164,815
Adjusted EBITDA2		$	27,526			$	35,335			$	133,543			$	140,622
Adjusted EBITDA reconciliation:
Consolidated net (loss) income attributable to common stockholders:		$	(7,921	)		$	116,922			$	925			$	141,001
Interest income			(19	)			(46	)			(150	)			(240	)
Interest expense			19,753				19,244				81,400				76,667
Provision for (benefit from) income taxes			2,522				(127,844	)			10,864				(138,758	)
Depreciation and amortization			2,534				8,320				16,985				33,189
EBITDA		$	16,869			$	16,596			$	110,024			$	111,859
Stock-based compensation			2,192				1,076				4,784				4,711
Loss on retirement of debt			-				2,794				-				1,809
Other income, net			(2,406	)			(2,152	)			(7,075	)			(8,002	)
Noncontrolling interest in income of subsidiaries			133				493				1,132				1,163
Employment Agreement Award, incentive plan award expenses and other compensation			1,373				(1,173	)			4,948				(3,654	)
Contingent consideration from acquisition			77				684				297				2,399
Severance-related costs			802				411				1,980				2,032
Cost method investment income from MGM National Harbor			1,686				1,906				6,853				7,049
Impairment of long-lived assets			6,800				14,700				10,600				21,256
Adjusted EBITDA		$	27,526			$	35,335			$	133,543			$	140,622

 

 

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		December 31, 2019				December 31, 2018
		(unaudited)
		(in thousands)
SELECTED BALANCE SHEET DATA:
Cash and cash equivalents and restricted cash		$	33,546			$	15,890
Intangible assets, net			881,708				916,824
Total assets			1,251,406				1,237,409
Total debt (including current portion, net of original issue discount and issuance costs)			876,253				912,463
Total liabilities			1,057,767				1,052,036
Total stockholders' equity			183,075				175,141
Redeemable noncontrolling interest			10,564				10,232
		December 31, 2019				Applicable Interest Rate
		(in thousands)
SELECTED LEVERAGE DATA:
2017 Credit Facility, net of original issue discount and issuance costs of approximately $5.4 million (subject to variable rates) (a)		$	315,277				5.71	%
7.375% senior secured notes due April 2022, net of original issue discount and issuance costs of approximately $2.4 million (fixed rate)			347,585				7.375	%
2018 Credit Facility, net of original issue discount and issuance costs of approximately $3.7 million (fixed rate)			163,404				12.875	%
MGM National Harbor Loan, net of original issue discount and issuance costs of approximately $2.1 million (fixed rate)			49,987				11.00	%
Asset-backed credit facility (subject to variable rates) (a)			-				0.00	%

 

(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, 10-Q/A, 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.

 

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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 December 31,
		2019				2018				$ Change				% Change
		(Unaudited)
		(in thousands)
Net Revenue:
Radio Advertising		$	48,359			$	53,258			$	(4,899	)			-9.2	%
Political Advertising			705				4,268				(3,563	)			-83.5	%
Digital Advertising			8,642				8,071				571				7.1	%
Cable Television Advertising			19,118				20,218				(1,100	)			-5.4	%
Cable Television Affiliate Fees			25,667				25,764				(97	)			-0.4	%
Event Revenues & Other			3,363				1,962				1,401				71.4	%
Net Revenue (as reported)		$	105,854			$	113,541			$	(7,687	)			-6.8	%

 

 

Net revenue decreased to approximately $105.9 million for the quarter ended December 31, 2019, from approximately $113.5 million for the same period in 2018. Net revenues from our radio broadcasting segment decreased 11.6% compared to the same period in 2018. We experienced net revenue declines most significantly in our Baltimore, Cincinnati, Cleveland, Columbus, Detroit, Indianapolis, Philadelphia, Raleigh and St. Louis markets, with our Dallas market experiencing growth for the quarter. The declines in Detroit were driven by the previously announced sales of our Detroit WDMK-FM station as of August 31, 2019 and our Detroit WPZR-FM station as of August 8, 2018. Same station net revenue, excluding political, from our radio broadcasting segment decreased 2.9% compared to the same period in 2018. We recognized approximately $44.8 million of revenue from our cable television segment during the three months ended December 31, 2019, compared to approximately $45.9 million for the same period in 2018, with the decrease primarily in advertising sales revenue. Net revenue from our Reach Media segment decreased approximately $1.2 million for the quarter ended December 31, 2019, compared to the same period in 2018. Finally, net revenues for our digital segment increased $519,000 for the three months ended December 31, 2019, compared to the same period in 2018, primarily due to an increase in direct revenues.

Operating expenses, excluding depreciation and amortization, stock-based compensation and impairment of long-lived assets, increased to approximately $82.3 million for the quarter ended December 31, 2019, up 2.8% from the approximately $80.0 million incurred for the comparable quarter in 2018. The overall operating expense increase was driven primarily by higher programming and technical expenses, which was partially offset by lower selling, general and administrative expenses and lower corporate selling, general and administrative expenses. The increase in programming and technical expenses was primarily driven by higher program content amortization expense at our cable television segment. The decrease in selling, general and administrative expenses is primarily from our radio broadcasting segment as a result of lower variable sales based compensation expenses and representation fees.

Depreciation and amortization expense decreased to approximately $2.5 million for the quarter ended December 31, 2019, compared to approximately $8.3 million for the same quarter in 2018. The decrease in expense is due to the mix of assets approaching or near the end of their useful lives, most notably certain of the Company's cable television affiliate agreements.

Interest expense increased to approximately $19.8 million for the quarter ended December 31, 2019, compared to approximately $19.2 million for the same period in 2018. The Company made cash interest payments of approximately $23.7 million on its outstanding debt for the quarter December 31, 2019, compared to cash interest payments of approximately $27.1 million on its outstanding debt for the quarter ended December 31, 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 December 31, 2019, the Company did not have any borrowings outstanding on its asset-backed credit facility.

 

 

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During the quarter ended December 31, 2018, the Company recorded a loss on retirement of debt of approximately $2.8 million. This amount included a write-off of previously capitalized debt financing costs and original issue discount associated with the Company's 9.25% Senior Subordinated Notes due 2020 (the "2020 Notes") in the amount of $649,000 and also included approximately $2.1 million associated with the premium paid to the bondholders.

The impairment of long-lived assets for the three months ended December 31, 2019, was related to a non-cash impairment charge of approximately $5.8 million to reduce the carrying value of our digital segment goodwill as well as a non-cash impairment charge of approximately $1.0 million associated with our Indianapolis market radio broadcasting license. By comparison, the impairment of long-lived assets for the three months ended December 31, 2018 in the amount of approximately $14.7 million, was related to a non-cash impairment charge recorded to reduce the carrying value of our Atlanta market goodwill.

The increase in stock-based compensation for the three months ended December 31, 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.

For the three months ended December 31, 2019, we recorded a provision for income taxes of approximately $2.5 million on a pre-tax loss from continuing operations of approximately $5.3 million, which results in a tax rate of (47.9)%. For the three months ended December 31, 2018, we recorded a benefit from income taxes of approximately $127.8 million on a pre-tax loss from operations of approximately $10.4 million, that results in a tax rate of (1,225.9)%. The tax benefit is primarily attributable to deferred tax benefits from federal and state net operating losses of approximately $128.5 million that will be recognized in a future period, and the Company also recorded current state tax expense of approximately $671,000. The Company received a net tax refund of $321,000 and $131,000 for the quarters ended December 31, 2019 and 2018, respectively.

Other income, net, was approximately $2.4 million and $2.2 million for the quarters ended December 31, 2019 and 2018, respectively. For the three months ended December 31, 2019 and 2018, the Company recognized approximately $1.7 million and $1.9 million, respectively, of cost method investment income from its investment in MGM National Harbor.

The decrease in noncontrolling interests in income of subsidiaries was due primarily to lower net income recognized by Reach Media during the three months ended December 31, 2019, compared to the same period in 2018.

Other pertinent financial information includes capital expenditures of approximately $1.2 million and $709,000 for the quarters ended December 31, 2019 and 2018, respectively. 

During the three months ended December 31, 2019, the Company did not repurchase any Class A or Class D common stock. During the three months ended December 31, 2018, the Company did not repurchase any Class A common stock but repurchased 914,086 shares of Class D common stock in the amount of approximately $2.0 million.

The Company, in connection with its prior 2009 stock option and restricted stock plan and its current 2019 Equity and Performance Incentive Plan (the "2019 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 December 31, 2019, the Company executed a Stock Vest Tax Repurchase of 86,512 shares of Class D Common Stock in the amount of $192,000. During the three months ended December 31, 2018, the Company executed a Stock Vest Tax Repurchase of 13,162 shares of Class D Common Stock in the amount of $27,000.

Other Matters:

The Company noted that the corona virus pandemic was having an impact on certain of its revenue and alternative revenue sources.  Most notably, the Company announced that a number of advertisers across significant advertising categories were reducing advertising spend due to the outbreak.  Further, the Company announced that the outbreak has caused the postponement of its 2020 Tom Joyner Foundation Fantastic Voyage cruise and was impairing ticket sales of other tent pole special events.

During the fourth quarter of 2019, the Company reclassified the interest expense component of operating leases accounted for under ASC 842 from interest expense into operating expenses.  The amount reclassified for the fourth quarter was approximately $1.6 million and the full year reclassification was approximately $5.7 million.

Supplemental Financial Information:

For comparative purposes, the following more detailed, unaudited statements of operations for the three months and years ended December 31, 2019 and 2018 are included.

 

 

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		Three Months Ended December 31, 2019
		(in thousands, unaudited)
						Radio				Reach								Cable				Corporate/
		Consolidated				Broadcasting				Media				Digital				Television				Eliminations
STATEMENT OF OPERATIONS:
NET REVENUE		$	105,854			$	44,950			$	8,031			$	8,642			$	44,793			$	(562	)
OPERATING EXPENSES:
Programming and technical			34,947				9,966				4,652				4,006				16,705				(382	)
Selling, general and administrative			36,617				20,486				1,454				5,447				9,398				(168	)
Corporate selling, general and administrative			10,702				-				1,077				-				1,808				7,817
Stock-based compensation			2,192				284				12				12				-				1,884
Depreciation and amortization			2,534				738				57				482				946				311
Impairment of long-lived assets			6,800				1,000				-				5,800				-				-
Total operating expenses			93,792				32,474				7,252				15,747				28,857				9,462
Operating income (loss)			12,062				12,476				779				(7,105	)			15,936				(10,024	)
INTEREST INCOME			19				-				-				-				-				19
INTEREST EXPENSE			19,753				338				-				53				1,919				17,443
OTHER INCOME, net			(2,406	)			(360	)			-				-				(348	)			(1,698	)
(Loss) income before provision for (benefit from) income taxes and noncontrolling interest in income of subsidiaries			(5,266	)			12,498				779				(7,158	)			14,365				(25,750	)
PROVISION FOR (BENEFIT FROM) INCOME TAXES			2,522				6,115				294				(2	)			3,656				(7,541	)
CONSOLIDATED NET (LOSS) INCOME			(7,788	)			6,383				485				(7,156	)			10,709				(18,209	)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			133				-				-				-				-				133
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	(7,921	)		$	6,383			$	485			$	(7,156	)		$	10,709			$	(18,342	)
Adjusted EBITDA2		$	27,526			$	14,651			$	1,200			$	(532	)		$	16,882			$	(4,675	)

 

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		Three Months Ended December 31, 2018
		(in thousands, unaudited)
						Radio				Reach								Cable				Corporate/
		Consolidated				Broadcasting				Media				Digital				Television				Eliminations
STATEMENT OF OPERATIONS:
NET REVENUE		$	113,541			$	50,841			$	9,264			$	8,123			$	45,883			$	(570	)
OPERATING EXPENSES:
Programming and technical			31,842				10,327				4,493				3,033				14,092				(103	)
Selling, general and administrative			37,136				21,376				743				5,723				9,762				(468	)
Corporate selling, general and administrative			11,056				-				1,117				-				3,177				6,762
Stock-based compensation			1,076				136				11				31				1				897
Depreciation and amortization			8,320				894				61				472				6,569				324
Impairment of long-lived assets			14,700				14,700				-				-				-				-
Total operating expenses			104,130				47,433				6,425				9,259				33,601				7,412
Operating income (loss)			9,411				3,408				2,839				(1,136	)			12,282				(7,982	)
INTEREST INCOME			46				-				-				-				-				46
INTEREST EXPENSE			19,244				338				-				-				1,919				16,987
LOSS ON RETIREMENT OF DEBT			2,794				-				-				-				-				2,794
OTHER INCOME, net			(2,152	)			(233	)			-				-				-				(1,919	)
(Loss) income before (benefit from) provision for income taxes and noncontrolling interest in income of subsidiaries			(10,429	)			3,303				2,839				(1,136	)			10,363				(25,798	)
(BENEFIT FROM) PROVISION FOR INCOME TAXES			(127,844	)			4,811				681				643				2,144				(136,123	)
CONSOLIDATED NET INCOME (LOSS)			117,415				(1,508	)			2,158				(1,779	)			8,219				110,325
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			493				-				-				-				-				493
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	116,922			$	(1,508	)		$	2,158			$	(1,779	)		$	8,219			$	109,832
Adjusted EBITDA2		$	35,335			$	19,398			$	2,911			$	142			$	19,116			$	(6,232	)

 

 

 

		Year Ended December 31, 2019
		(in thousands, unaudited)
						Radio				Reach								Cable				Corporate/
		Consolidated				Broadcasting				Media				Digital				Television				Eliminations
STATEMENT OF OPERATIONS:
NET REVENUE		$	436,929			$	177,478			$	44,691			$	31,922			$	185,027			$	(2,189	)
OPERATING EXPENSES:
Programming and technical			128,726				41,096				16,802				12,444				60,121				(1,737	)
Selling, general and administrative			151,791				78,047				18,166				19,278				36,639				(339	)
Corporate selling, general and administrative			36,947				-				3,139				2				6,426				27,380
Stock-based compensation			4,784				735				43				51				9				3,946
Depreciation and amortization			16,985				3,248				235				1,877				10,376				1,249
Impairment of long-lived assets			10,600				4,800				-				5,800				-				-
Total operating expenses			349,833				127,926				38,385				39,452				113,571				30,499
Operating income (loss)			87,096				49,552				6,306				(7,530	)			71,456				(32,688	)
INTEREST INCOME			150				-				-				-				-				150
INTEREST EXPENSE			81,400				1,350				-				53				7,675				72,322
OTHER (INCOME) EXPENSE, net			(7,075	)			157				-				-				(348	)			(6,884	)
Income (loss) before provision for (benefit from) income taxes and noncontrolling interest in income of subsidiaries			12,921				48,045				6,306				(7,583	)			64,129				(97,976	)
PROVISION FOR (BENEFIT FROM) INCOME TAXES			10,864				15,236				1,637				(12	)			16,216				(22,213	)
CONSOLIDATED NET INCOME (LOSS)			2,057				32,809				4,669				(7,571	)			47,913				(75,763	)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			1,132				-				-				-				-				1,132
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	925			$	32,809			$	4,669			$	(7,571	)		$	47,913			$	(76,895	)
Adjusted EBITDA2		$	133,543			$	58,953			$	6,954			$	928			$	82,007			$	(15,299	)

 

 

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

 

		Year Ended December 31, 2018
		(in thousands, unaudited)
						Radio				Reach								Cable				Corporate/
		Consolidated				Broadcasting				Media				Digital				Television				Eliminations
STATEMENT OF OPERATIONS:
NET REVENUE		$	439,098			$	182,765			$	42,984			$	31,577			$	184,298			$	(2,526	)
OPERATING EXPENSES:
Programming and technical			125,316				40,165				17,294				13,289				55,054				(486	)
Selling, general and administrative			148,967				76,648				15,205				24,208				34,963				(2,057	)
Corporate selling, general and administrative			32,019				-				3,512				6				9,076				19,425
Stock-based compensation			4,711				614				53				114				11				3,919
Depreciation and amortization			33,189				3,484				250				1,907				26,259				1,289
Impairment of long-lived assets			21,256				21,256				-				-				-				-
Total operating expenses			365,458				142,167				36,314				39,524				125,363				22,090
Operating income (loss)			73,640				40,598				6,670				(7,947	)			58,935				(24,616	)
INTEREST INCOME			240				-				-				-				-				240
INTEREST EXPENSE			76,667				1,363				-				-				7,676				67,628
LOSS ON RETIREMENT OF DEBT			1,809				-				-				-				-				1,809
OTHER INCOME, net			(8,002	)			(876	)			-				-				(2	)			(7,124	)
Income (loss) before (benefit from) provision for income taxes and noncontrolling interest in income of subsidiaries			3,406				40,111				6,670				(7,947	)			51,261				(86,689	)
(BENEFIT FROM) PROVISION FOR INCOME TAXES			(138,758	)			13,561				1,622				13				12,285				(166,239	)
CONSOLIDATED NET INCOME (LOSS)			142,164				26,550				5,048				(7,960	)			38,976				79,550
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS			1,163				-				-				-				-				1,163
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS		$	141,001			$	26,550			$	5,048			$	(7,960	)		$	38,976			$	78,387
Adjusted EBITDA2		$	140,622			$	66,679			$	6,986			$	(3,101	)		$	86,975			$	(16,917	)

 

 

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

Urban One, Inc. will hold a conference call to discuss its results for the fourth fiscal quarter of 2019. The conference call is scheduled for Friday, March 20, 2020 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-844-291-6362; international callers may dial direct (+1) 234-720-6995.

A replay of the conference call will be available from 1:00 p.m. EDT March 20, 2020 until 11:55 p.m. EDT March 27, 2020. Callers may access the replay by calling 1-866-207-1041; international callers may dial direct (+1) 402-970-0847. The replay Access Code is 4249913. 

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 of January 2020, Urban One currently owns and/or operates 61 broadcast stations (including all HD stations, translator stations and the low power television stations we operate) branded under the tradename "Radio One" in 14 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including 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: