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Donnerstag,
03.03.2022 06:45
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URBAN ONE, INC. REPORTS FOURTH QUARTER RESULTS
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PR Newswire
WASHINGTON, March 3, 2022
WASHINGTON, March 3, 2022 /PRNewswire/ -- Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the quarter ended December 31, 2021. Net revenue was approximately $131.0 million, an increase of 15.3% from the same period in 2020. The Company reported operating income of approximately $22.4 million for the three months ended December 31, 2021, compared to approximately $34.5 million for the three months ended December 31, 2020. Broadcast and digital operating income1 was approximately $44.1 million, a decrease of 14.9% from the same period in 2020. Net income was approximately $6.6 million or $0.13 per share (basic) compared to approximately $26.4 million or $0.58 per share (basic) for the same period in 2020. Adjusted EBITDA2 was approximately $32.5 million for the three months ended December 31, 2021, compared to approximately $41.7 million for the same period in 2020.
Alfred C. Liggins, III, Urban One's CEO and President stated, "We had another very strong quarter, with revenue exceeding expectations, allowing us to significantly exceed our previous Adjusted EBITDA guidance for the year of $140-$145 million. There was some noise in the expenses, predominantly related to returning events, TV programming amortization and annual staff bonuses, all of which were anticipated and factored into our guidance. Demand for our audience remains extremely robust across the platform, and, excluding political, advertising revenues for the quarter were up double-digit percentages in all of our operating segments. Digital revenues were up 42.9%, and we exceeded $50 million in annual digital revenue for the first time. Cable TV revenues were up 43.6% helped by strong upfront demand and higher average unit rates across both TV One and Cleo. Looking back at pre-pandemic revenues, when we aggregate our radio broadcasting, syndication, events and digital operations, net revenues were up 25% compared to Q4 2019, and Adjusted EBITDA up 21%. We expect to continue to exceed pre-pandemic revenues and Adjusted EBITDA in 2022, and this is supported by first quarter 2022 core radio pacings up low double digits, and up mid-teens including digital revenues."
| RESULTS OF OPERATIONS | | | | | | | | |
| | | | | | | | | |
| | | Three Months Ended December 31, | | Year Ended December 31, | ||||
| | | 2021 | | 2020 | | 2021 | | 2020 |
| STATEMENT OF OPERATIONS | (unaudited) | | (unaudited) | |||||
| | | (in thousands, except share data) | | (in thousands, except share data) | ||||
| | | | | | | | | |
| | NET REVENUE | $ 130,966 | | $ 113,542 | | $ 441,462 | | $ 376,337 |
| | OPERATING EXPENSES | | | | | | | |
| | Programming and technical, excluding stock-based compensation | 38,243 | | 28,129 | | 119,072 | | 103,813 |
| | Selling, general and administrative, excluding stock-based compensation | 48,588 | | 33,524 | | 143,156 | | 108,633 |
| | Corporate selling, general and administrative, excluding stock-based | 19,293 | | 12,495 | | 50,837 | | 35,860 |
| | Stock-based compensation | 87 | | 839 | | 565 | | 2,294 |
| | Depreciation and amortization | 2,364 | | 2,322 | | 9,289 | | 9,741 |
| | Impairment of long-lived assets | - | | 1,700 | | - | | 84,400 |
| | Total operating expenses | 108,575 | | 79,009 | | 322,919 | | 344,741 |
| | Operating income | 22,391 | | 34,533 | | 118,543 | | 31,596 |
| | INTEREST INCOME | 33 | | 1 | | 218 | | 213 |
| | INTEREST EXPENSE | 15,908 | | 18,731 | | 65,702 | | 74,507 |
| | LOSS ON RETIREMENT OF DEBT | - | | 2,894 | | 6,949 | | 2,894 |
| | OTHER INCOME, net | (1,968) | | (1,265) | | (8,134) | | (4,547) |
| | Income (loss) before provision for (benefit from) income taxes | 8,484 | | 14,174 | | 54,244 | | (41,045) |
| | PROVISION FOR (BENEFIT FROM) INCOME TAXES | 1,211 | | (12,950) | | 13,577 | | (34,476) |
| | CONSOLIDATED NET INCOME (LOSS) | 7,273 | | 27,124 | | 40,667 | | (6,569) |
| | NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 670 Werbung Mehr Nachrichten zur Urban One D Aktie kostenlos abonnieren
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