WASHINGTON, May 28, 2020 /PRNewswire/ -- Urban One, Inc.
(NASDAQ: UONEK and UONE) today reported its results for the quarter
ended March 31, 2020. Net revenue was
approximately $94.9 million, a
decrease of 3.6% from the same period in 2019. Broadcast and
digital operating income1 was approximately $37.6 million, an increase of approximately
$4.3 million from the same period in
2019. The Company reported an operating loss of approximately
$27.3 million for the three months
ended March 31, 2020, compared to
operating income approximately $14.8
million for the same period in 2019. Net loss was
approximately $23.2 million or
$0.51 per share (basic) compared to
net loss of approximately $3.1
million or $0.07 per share
(basic) for the same period in 2019. Adjusted EBITDA2
was approximately $32.3 million for
the three months ended March 31,
2020, compared to approximately $27.7
million for the same period in 2019.
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."
RESULTS OF
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
|
2020
|
|
2019
|
STATEMENT OF
OPERATIONS
|
(unaudited)
|
|
|
(in thousands, except
share data)
|
|
|
|
|
|
|
NET
REVENUE
|
$
94,875
|
|
$
98,449
|
|
OPERATING
EXPENSES
|
|
|
|
|
Programming and
technical, excluding stock-based compensation
|
27,862
|
|
31,517
|
|
Selling, general and
administrative, excluding stock-based compensation
|
29,377
|
|
33,567
|
|
Corporate selling,
general and administrative, excluding stock-based
compensation
|
8,332
|
|
9,784
|
|
Stock-based
compensation
|
393
|
|
511
|
|
Depreciation and
amortization
|
2,548
|
|
8,274
|
|
Impairment of
long-lived assets
|
53,650
|
|
-
|
|
Total operating
expenses
|
122,162
|
|
83,653
|
|
Operating (loss) income
|
(27,287)
|
|
14,796
|
|
INTEREST
INCOME
|
8
|
|
23
|
|
INTEREST
EXPENSE
|
19,138
|
|
20,830
|
|
OTHER INCOME,
net
|
(1,504)
|
|
(1,721)
|
|
Loss before benefit
from income taxes and
noncontrolling interest in income of subsidiaries
|
(44,913)
|
|
(4,290)
|
|
BENEFIT FROM INCOME
TAXES
|
(21,855)
|
|
(1,311)
|
|
CONSOLIDATED NET
LOSS
|
(23,058)
|
|
(2,979)
|
|
NET INCOME
ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
129
|
|
125
|
|
CONSOLIDATED NET LOSS
ATTRIBUTABLE TO COMMON
STOCKHOLDERS
|
$
(23,187)
|
|
$
(3,104)
|
|
|
|
|
|
|
AMOUNTS ATTRIBUTABLE
TO COMMON STOCKHOLDERS
|
|
|
|
|
CONSOLIDATED NET LOSS
ATTRIBUTABLE TO COMMON
STOCKHOLDERS
|
$
(23,187)
|
|
$
(3,104)
|
|
|
|
|
|
|
Weighted average
shares outstanding - basic3
|
45,228,164
|
|
45,001,767
|
|
Weighted average
shares outstanding - diluted4
|
45,228,164
|
|
45,001,767
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2020
|
|
2019
|
PER SHARE DATA -
basic and diluted:
|
(unaudited)
|
|
(unaudited)
|
|
(in thousands, except
per share data)
|
|
|
|
|
Consolidated net loss attributable to common stockholders
(basic)
|
$
(0.51)
|
|
$
(0.07)
|
|
|
|
|
Consolidated net loss attributable to common stockholders
(diluted)
|
$
(0.51)
|
|
$
(0.07)
|
|
|
|
|
SELECTED OTHER
DATA
|
|
|
|
Broadcast and digital
operating income 1
|
$
37,636
|
|
$
33,365
|
Broadcast and digital
operating income margin (% of net revenue)
|
39.7%
|
|
33.9%
|
|
|
|
|
Broadcast and
digital operating income reconciliation:
|
|
|
|
|
|
|
|
Consolidated net loss attributable to common
stockholders
|
$
(23,187)
|
|
$
(3,104)
|
Add back non-broadcast and digital operating income items included
in consolidated net loss:
|
|
|
|
Interest
income
|
(8)
|
|
(23)
|
Interest
expense
|
19,138
|
|
20,830
|
Benefit from income
taxes
|
(21,855)
|
|
(1,311)
|
Corporate selling,
general and administrative expenses
|
8,332
|
|
9,784
|
Stock-based
compensation
|
393
|
|
511
|
Other income,
net
|
(1,504)
|
|
(1,721)
|
Depreciation and
amortization
|
2,548
|
|
8,274
|
Noncontrolling
interest in income of subsidiaries
|
129
|
|
125
|
Impairment of
long-lived assets
|
53,650
|
|
-
|
Broadcast and digital
operating income
|
$
37,636
|
|
$
33,365
|
|
|
|
|
Adjusted
EBITDA2
|
$
32,260
|
|
$
27,716
|
|
|
|
|
Adjusted EBITDA
reconciliation:
|
|
|
|
|
|
|
|
Consolidated net loss attributable to common
stockholders:
|
$
(23,187)
|
|
$
(3,104)
|
Interest
income
|
(8)
|
|
(23)
|
Interest
expense
|
19,138
|
|
20,830
|
Benefit from income
taxes
|
(21,855)
|
|
(1,311)
|
Depreciation and
amortization
|
2,548
|
|
8,274
|
EBITDA
|
$
(23,364)
|
|
$
24,666
|
Stock-based
compensation
|
393
|
|
511
|
Other income,
net
|
(1,504)
|
|
(1,721)
|
Noncontrolling
interest in income of subsidiaries
|
129
|
|
125
|
Employment Agreement
Award, incentive plan award expenses and other
compensation
|
1,212
|
|
1,909
|
Contingent
consideration from acquisition
|
(72)
|
|
77
|
Severance-related
costs
|
326
|
|
420
|
Cost method
investment income from MGM National Harbor
|
1,490
|
|
1,729
|
Impairment of
long-lived assets
|
53,650
|
|
-
|
Adjusted
EBITDA
|
$
32,260
|
|
$
27,716
|
|
March 31,
2020
|
|
December 31,
2019
|
(unaudited)
|
|
|
|
|
(in
thousands)
|
SELECTED BALANCE
SHEET DATA:
|
|
|
Cash and cash
equivalents and restricted cash
|
$
66,390
|
|
$
33,546
|
|
Intangible assets,
net
|
827,191
|
|
881,708
|
|
Total
assets
|
1,223,744
|
|
1,249,919
|
|
Total debt (including
current portion, net of original issue discount and issuance
costs)
|
892,509
|
|
876,253
|
|
Total
liabilities
|
1,054,784
|
|
1,056,280
|
|
Total stockholders'
equity
|
158,668
|
|
183,075
|
|
Redeemable
noncontrolling interest
|
10,292
|
|
10,564
|
|
|
|
|
|
|
|
March 31,
2020
|
|
Applicable Interest
Rate
|
|
(in
thousands)
|
|
|
SELECTED LEVERAGE
DATA:
|
|
|
2017 Credit Facility,
net of original issue discount and issuance costs of approximately
$5.0 million (subject to variable rates) (a)
|
$
314,821
|
|
5.00%
|
|
7.375% senior secured
notes due April 2022, net of original issue discount and issuance
costs of approximately $2.2 million (fixed rate)
|
347,824
|
|
7.375%
|
|
2018 Credit Facility,
net of original issue discount and issuance costs of approximately
$3.5 million (fixed rate)
|
151,712
|
|
12.875%
|
|
MGM National Harbor
Loan, net of original issue discount and issuance costs of
approximately $2.0 million (fixed rate)
|
50,652
|
|
11.00%
|
|
Asset-backed credit
facility (subject to variable rates) (a)
|
27,500
|
|
2.50%
|
|
|
|
|
|
|
|
(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.
Beginning in March 2020, the
Company noted that the COVID-19 pandemic and the resulting
government stay at home orders across the markets in which we
operate were dramatically impacting certain of the Company's
revenues. Most notably, a number of advertisers across significant
advertising categories have reduced or ceased advertising spend due
to the outbreak and stay at home orders which effectively shut many
businesses down. This was particularly true within our radio
segment which derives substantial revenue from local advertisers
who have been particularly hard hit due to social distancing and
government interventions. Further, the COVID-19 outbreak has caused
the postponement of our 2020 Tom Joyner Foundation Fantastic Voyage
cruise and impaired ticket sales and/or caused the postponement of
other tent pole special events. We do not carry business
interruption insurance to compensate us for losses that may occur
as a result of any of these interruptions and continued impacts
from the COVID-19 outbreak. Continued or future outbreaks and/or
the speed at which businesses reopen in the markets in which we
operate could have material impacts on our liquidity and/or
operations including causing potential impairment of assets and of
our financial results.
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
March 31,
|
|
|
|
|
|
|
|
|
|
2020
|
|
2019
|
|
$
Change
|
|
|
%
Change
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
Net
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radio
Advertising
|
|
$
|
38,417
|
|
$
|
42,374
|
|
$
|
(3,957)
|
|
|
-9.3%
|
|
Political
Advertising
|
|
|
2,404
|
|
|
123
|
|
|
2,281
|
|
|
1854.5%
|
|
Digital
Advertising
|
|
|
6,289
|
|
|
7,437
|
|
|
(1,148)
|
|
|
-15.4%
|
|
Cable Television
Advertising
|
|
|
21,033
|
|
|
20,193
|
|
|
840
|
|
|
4.2%
|
|
Cable Television
Affiliate Fees
|
|
|
26,207
|
|
|
27,475
|
|
|
(1,268)
|
|
|
-4.6%
|
|
Event Revenues &
Other
|
|
|
525
|
|
|
847
|
|
|
(322)
|
|
|
-38.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue (as
reported)
|
|
$
|
94,875
|
|
$
|
98,449
|
|
$
|
(3,574)
|
|
|
-3.6%
|
|
Net revenue decreased to approximately $94.9 million for the quarter ended March 31, 2020, from approximately $98.4 million for the same period in 2019. Net
revenues from our radio broadcasting segment decreased 5.0%
compared to the same period in 2019. We experienced net revenue
declines most significantly in our Baltimore, Cleveland, Detroit, Indianapolis, and St. Louis markets, with our Charlotte, Columbus and Philadelphia markets experiencing growth for
the quarter. The declines in Detroit were driven by the previously
announced sale of our Detroit WDMK-FM station as of August 31, 2019. Same station net revenue,
excluding political, from our radio broadcasting segment decreased
5.7% compared to the same period in 2019. We recognized
approximately $47.5 million of
revenue from our cable television segment during the three months
ended March 31, 2020, compared to
approximately $47.8 million for the
same period in 2019. Net revenue from our Reach Media segment
decreased 4.1% for the quarter ended March
31, 2020, compared to the same period in 2019. Finally, net
revenues for our digital segment decreased approximately
$1.1 million for the three months
ended March 31, 2020, compared to the
same period in 2019, primarily due to a decrease in direct
revenues.
Operating expenses, excluding depreciation and amortization,
stock-based compensation and impairment of long-lived assets,
decreased to approximately $65.6
million for the quarter ended March
31, 2020, down 12.4% from the approximately $74.9 million incurred for the comparable quarter
in 2019. The overall operating expense decrease was driven
primarily by lower programming and technical expenses, lower
selling, general and administrative expenses and lower corporate
selling, general and administrative expenses. The decrease in
programming and technical expenses was primarily driven by lower
program content amortization expense at our cable television
segment. The decrease in selling, general and administrative
expenses is primarily from our radio broadcasting segment and our
cable television segment as a result of lower marketing spend.
Depreciation and amortization expense decreased to approximately
$2.5 million for the quarter ended
March 31, 2020, compared to
approximately $8.3 million for the
same quarter in 2019. 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 decreased to approximately $19.1 million for the quarter ended March 31, 2020, compared to approximately
$20.8 million for the same period in
2019. The Company made cash interest payments of approximately
$13.9 million on its outstanding debt
for the quarter March 31, 2020,
compared to cash interest payments of approximately $13.2 million on its outstanding debt for the
quarter ended March 31, 2019. As of
March 31, 2020, the Company had
approximately $27.5 million in
borrowings outstanding on its ABL Facility.
The impairment of long-lived assets for the three months ended
March 31, 2020, was related to a
non-cash impairment charge of approximately $6.0 million recorded to reduce the carrying
value of our Atlanta and
Indianapolis market goodwill
balances and a charge of approximately $47.7
million associated with our Atlanta, Cincinnati, Dallas, Houston, Indianapolis, Philadelphia, Raleigh, Richmond and St.
Louis radio market broadcasting licenses.
The decrease in stock-based compensation for the three months
ended March 31, 2020, compared to the
same period in 2019, is primarily due to grants and vesting of
stock awards for certain executive officers and other management
personnel.
During the three months ended March 31,
2020, the benefit from income taxes increased to
approximately $21.9 million compared
to a benefit from income taxes of approximately $1.3 million for the three months ended
March 31, 2019. The increase in the
benefit from income taxes was primarily due to the application of
the actual effective tax rate for the year to date and pre-tax loss
of approximately $44.9 million during
the quarter, and discrete tax provision adjustments to previously
un-recognized deferred tax assets that the Company believes it can
now benefit from in future periods. For the three months ended
March 31, 2019, the benefit from
income taxes consisted of deferred tax expense of approximately
$1.3 million. The tax provision
resulted in an effective tax rate of 48.7% and 30.6% for the three
months ended March 31, 2020 and 2019,
respectively. The Company did not pay taxes for the quarter ended
March 31, 2020 and paid $91,000 in taxes for the quarter ended
March 31, 2019.
Other income, net, was approximately $1.5
million and $1.7 million for
the three months ended March 31, 2020
and 2019, respectively. We recognized other income in the amount of
approximately $1.5 million and
$1.7 million for the three months
ended March 31, 2020 and 2019,
respectively, related to our MGM investment.
The increase in noncontrolling interests in income of
subsidiaries was due primarily to marginally higher net income
recognized by Reach Media during the three months ended
March 31, 2020 compared to the three
months ended March 31, 2019.
Other pertinent financial information includes capital
expenditures of approximately $1.4
million and $707,000 for the
quarters ended March 31, 2020 and
2019, respectively.
During the three months ended March 31,
2020, the Company did not repurchase any shares of Class A
common stock or Class D common stock. During the three months ended
March 31, 2019, the Company
repurchased 22,380 shares of Class A common stock in the amount of
$50,000 and repurchased 369,000
shares of Class D common stock in the amount of $755,000.
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 March 31,
2020, the Company executed a Stock Vest Tax Repurchase of
547,801 shares of Class D Common Stock in the amount of
approximately $1.0 million. During
the three months ended March 31,
2019, the Company executed a Stock Vest Tax Repurchase of
852,000 shares of Class D Common Stock in the amount of
approximately $1.6 million.
Supplemental Financial Information:
For comparative purposes, the following more detailed, unaudited
statements of operations for the three months ended March 31, 2020 and 2019 are included.
|
|
|
|
|
Three Months Ended
March 31, 2020
|
|
|
|
|
|
(in thousands,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radio
|
|
Reach
|
|
|
|
Cable
|
|
Corporate/
|
|
|
|
|
|
Consolidated
|
Broadcasting
|
Media
|
|
Digital
|
Television
|
Eliminations
|
|
|
|
|
|
|
STATEMENT OF
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUE
|
$
|
94,875
|
$
|
34,916
|
$
|
6,689
|
$
|
6,289
|
$
|
47,497
|
$
|
(516)
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Programming and
technical
|
|
27,862
|
|
9,880
|
|
3,417
|
|
3,120
|
|
11,827
|
|
(382)
|
|
Selling, general and
administrative
|
|
29,377
|
|
16,432
|
|
1,751
|
|
4,069
|
|
7,251
|
|
(126)
|
|
Corporate selling,
general and administrative
|
|
8,332
|
|
-
|
|
718
|
|
-
|
|
1,322
|
|
6,292
|
|
Stock-based
compensation
|
|
393
|
|
79
|
|
9
|
|
6
|
|
-
|
|
299
|
|
Depreciation and
amortization
|
|
2,548
|
|
741
|
|
59
|
|
488
|
|
943
|
|
317
|
|
Impairment of
long-lived assets
|
|
53,650
|
|
53,650
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total operating
expenses
|
|
122,162
|
|
80,782
|
|
5,954
|
|
7,683
|
|
21,343
|
|
6,400
|
|
Operating (loss) income
|
|
(27,287)
|
|
(45,866)
|
|
735
|
|
(1,394)
|
|
26,154
|
|
(6,916)
|
|
INTEREST
INCOME
|
|
8
|
|
-
|
|
-
|
|
-
|
|
-
|
|
8
|
|
INTEREST
EXPENSE
|
|
19,138
|
|
3
|
|
-
|
|
79
|
|
1,919
|
|
17,137
|
|
OTHER INCOME,
net
|
|
(1,504)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(1,504)
|
|
(Loss) income before
(benefit from) provision for income taxes and noncontrolling
interest in income of subsidiaries
|
|
(44,913)
|
|
(45,869)
|
|
735
|
|
(1,473)
|
|
24,235
|
|
(22,541)
|
|
(BENEFIT FROM)
PROVISION FOR INCOME TAXES
|
|
(21,855)
|
|
(9,849)
|
|
183
|
|
-
|
|
6,055
|
|
(18,244)
|
|
CONSOLIDATED NET
(LOSS) INCOME
|
|
(23,058)
|
|
(36,020)
|
|
552
|
|
(1,473)
|
|
18,180
|
|
(4,297)
|
|
NET INCOME
ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
129
|
|
-
|
|
-
|
|
-
|
|
-
|
|
129
|
|
NET (LOSS) INCOME
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(23,187)
|
$
|
(36,020)
|
$
|
552
|
$
|
(1,473)
|
$
|
18,180
|
$
|
(4,426)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA2
|
$
|
32,260
|
$
|
8,751
|
$
|
803
|
$
|
(810)
|
$
|
27,103
|
$
|
(3,587)
|
|
|
|
|
|
Three Months Ended
March 31, 2019
|
|
|
|
|
|
(in thousands,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radio
|
|
Reach
|
|
|
|
Cable
|
|
Corporate/
|
|
|
|
|
|
Consolidated
|
Broadcasting
|
Media
|
|
Digital
|
Television
|
Eliminations
|
|
|
|
|
|
|
STATEMENT OF
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUE
|
$
|
98,449
|
$
|
36,749
|
$
|
6,973
|
$
|
7,437
|
$
|
47,823
|
$
|
(533)
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Programming and
technical
|
|
31,517
|
|
10,211
|
|
4,063
|
|
2,897
|
|
14,822
|
|
(476)
|
|
Selling, general and
administrative
|
|
33,567
|
|
17,438
|
|
1,539
|
|
4,702
|
|
9,939
|
|
(51)
|
|
Corporate selling,
general and administrative
|
|
9,784
|
|
-
|
|
812
|
|
1
|
|
1,408
|
|
7,563
|
|
Stock-based
compensation
|
|
511
|
|
95
|
|
14
|
|
16
|
|
6
|
|
380
|
|
Depreciation and
amortization
|
|
8,274
|
|
869
|
|
59
|
|
461
|
|
6,575
|
|
310
|
|
Total operating
expenses
|
|
83,653
|
|
28,613
|
|
6,487
|
|
8,077
|
|
32,750
|
|
7,726
|
|
Operating income (loss)
|
|
14,796
|
|
8,136
|
|
486
|
|
(640)
|
|
15,073
|
|
(8,259)
|
|
INTEREST
INCOME
|
|
23
|
|
-
|
|
-
|
|
-
|
|
-
|
|
23
|
|
INTEREST
EXPENSE
|
|
20,830
|
|
338
|
|
-
|
|
-
|
|
1,918
|
|
18,574
|
|
OTHER INCOME,
net
|
|
(1,721)
|
|
2
|
|
-
|
|
-
|
|
-
|
|
(1,723)
|
|
(Loss) income before
(benefit from) provision for income taxes and noncontrolling
interest in income of subsidiaries
|
|
(4,290)
|
|
7,796
|
|
486
|
|
(640)
|
|
13,155
|
|
(25,087)
|
|
(BENEFIT FROM)
PROVISION FOR INCOME TAXES
|
|
(1,311)
|
|
1,993
|
|
113
|
|
2
|
|
3,298
|
|
(6,717)
|
|
CONSOLIDATED NET
(LOSS) INCOME
|
|
(2,979)
|
|
5,803
|
|
373
|
|
(642)
|
|
9,857
|
|
(18,370)
|
|
NET INCOME
ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
125
|
|
-
|
|
-
|
|
-
|
|
-
|
|
125
|
|
NET (LOSS) INCOME
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(3,104)
|
$
|
5,803
|
$
|
373
|
$
|
(642)
|
$
|
9,857
|
$
|
(18,495)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA2
|
$
|
27,716
|
$
|
9,267
|
$
|
577
|
$
|
99
|
$
|
21,669
|
$
|
(3,896)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Urban One, Inc. will hold a conference call to discuss its
results for the first fiscal quarter of 2020. The conference call
is scheduled for Thursday, May 28,
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. The Access Code is 3638640.
A replay of the conference call will be available from
1:00 p.m. EDT May 28, 2020 until 12:00
a.m. EDT June 03, 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 4774576.
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
March 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:
1
"Broadcast and digital operating income" consists of net (loss)
income before depreciation and amortization, corporate selling,
general and administrative expenses, stock-based compensation,
income taxes, noncontrolling interest in income (loss) of
subsidiaries, interest expense, impairment of long-lived assets,
other (income) expense, loss (gain) on retirement of debt, gain on
sale-leaseback and interest income. Broadcast and digital operating
income is not a measure of financial performance under generally
accepted accounting principles. Nevertheless, broadcast and digital
operating income is a significant measure used by our management to
evaluate the operating performance of our core operating segments
because broadcast and digital operating income provides helpful
information about our results of operations apart from expenses
associated with our fixed assets and long-lived intangible assets,
income taxes, investments, debt financings and retirements,
overhead, stock-based compensation, impairment charges, and asset
sales. Our measure of broadcast and digital operating income is
similar to industry use of station operating income; however, it
reflects our more diverse business and therefore is not completely
analogous to "station operating income" or other similarly titled
measures used by other companies. Broadcast and digital operating
income does not purport to represent operating income or cash flow
from operating activities, as those terms are defined under
generally accepted accounting principles, and should not be
considered as an alternative to those measurements as an indicator
of our performance. A reconciliation of net income (loss) to
broadcast and digital operating income has been provided in this
release.
2
"Adjusted EBITDA" consists of net loss plus (1) depreciation,
amortization, income taxes, interest expense, noncontrolling
interest in (loss) income of subsidiaries, impairment of long-lived
assets, stock-based compensation, (gain) loss on retirement of
debt, gain on sale-leaseback, Employment Agreement and incentive
plan award expenses and other compensation, contingent
consideration from acquisition, severance-related costs, cost
investment income, less (2) other income and interest income. Net
income before interest income, interest expense, income taxes,
depreciation and amortization is commonly referred to in our
business as "EBITDA." Adjusted EBITDA and EBITDA are not measures
of financial performance under generally accepted accounting
principles. However, we believe Adjusted EBITDA is often a useful
measure of a company's operating performance and is a significant
measure used by our management to evaluate the operating
performance of our business because Adjusted EBITDA excludes
charges for depreciation, amortization and interest expense that
have resulted from our acquisitions and debt financing, our taxes,
impairment charges, and gain on retirements of debt. Accordingly,
we believe that Adjusted EBITDA provides useful information about
the operating performance of our business, apart from the expenses
associated with our fixed assets and long-lived intangible assets
or capital structure. EBITDA is frequently used as one of the
measures for comparing businesses in the broadcasting industry,
although our measure of Adjusted EBITDA may not be comparable to
similarly titled measures of other companies, including, but not
limited to the fact that our definition includes the results of all
four segments (radio broadcasting, Reach Media, digital and cable
television). Adjusted EBITDA and EBITDA do not purport to represent
operating income or cash flow from operating activities, as those
terms are defined under generally accepted accounting principles,
and should not be considered as alternatives to those measurements
as an indicator of our performance. A reconciliation of net income
(loss) to EBITDA and Adjusted EBITDA has been provided in this
release.
3
For the three months ended March 31,
2020 and 2019, Urban One had 45,228,164 and 45,001,767
shares of common stock outstanding on a weighted average basis
(basic), respectively.
4
For the three months ended March 31,
2020 and 2019, Urban One had 45,228,164 and 45,001,767
shares of common stock outstanding on a weighted average basis
(fully diluted for outstanding stock awards),
respectively.
View original content to download
multimedia:http://www.prnewswire.com/news-releases/urban-one-inc-reports-first-quarter-results-301066542.html
SOURCE Urban One, Inc.