SILVER SPRING, Md., Aug. 8, 2024 /PRNewswire/ -- Urban One, Inc. (NASDAQ:UONEK) today reported its results for the quarter ended June 30, 2024. For the three months ended June 30, 2024, net revenues were approximately $117.7 million, a decrease of 9.2% from the same period in 2023. The Company reported operating loss of approximately $60.4 million for the three months ended June 30, 2024, compared to operating income of approximately $9.7 million for the three months ended June 30, 2023. Broadcast and digital operating income1 was approximately $34.2 million, a decrease of 27.7% from the same period in 2023. Net loss was approximately $45.4 million or $(0.94) per share (basic) compared to income of $70.4 million or $1.48 per share (basic) for the same period in 2023. Adjusted EBITDA2 was approximately $28.4 million for the three months ended June 30, 2024, compared to approximately $37.5 million for the same period in 2023. Alfred C. Liggins, III, Urban One's CEO and President stated, "On a same station basis our radio division finished Q2 -5.6% excluding political, and -3.0% with political. We saw a sequential improvement in national revenues vs. Q1, which was offset by weaker local revenues. Q3 core radio revenue is currently pacing down 6.9% on a same station basis, down 5.1% including political, and up 7.0% overall. We are starting to see a significant uptick in political advertising revenues, and remain optimistic for the remainder of the year, which should benefit both our radio and digital divisions. Our Cable TV business continues to suffer from subscriber churn and audience delivery shortfall, impacting both advertising and affiliate revenues, although we are seeing a bounce-back in ratings and delivery in Q3. Our digital business experienced weaker advertising demand than prior year, but remains well positioned for the second half of the year, particularly with political and CTV advertising. During Q2 we repurchased an additional $35.5 million of our 2028 notes at 78.0%, and we ended the quarter with approximately $132.4 million of cash." Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 (unaudited) (unaudited) STATEMENT OF OPERATIONS (in thousands, except share data) (in thousands, except share data) NET REVENUES $        117,744 $        129,652 $        222,154 $        239,521 OPERATING EXPENSES Programming and technical, excluding stock-based compensation 33,256 32,547 65,915 66,401 Selling, general and administrative, excluding stock-based compensation 50,292 49,777 90,029 86,492 Corporate selling, general and administrative, excluding stock-based compensation 9,787 11,385 25,679 19,915 Stock-based compensation 1,079 2,321 2,463 5,598 Depreciation and amortization 2,993 1,886 4,843 4,483 Impairment of goodwill, intangible assets, and long-lived assets 80,758 22,081 80,758 38,856 Total operating expenses 178,165 119,997 269,687 221,745              Operating (loss) income (60,421) 9,655 (47,533) 17,776 INTEREST INCOME 1,777 1,898 3,775 2,232 INTEREST EXPENSE 12,404 13,972 25,402 28,040 GAIN ON RETIREMENT OF DEBT 7,425 - 15,299 2,356 Other income, net 14 96,773 900 96,460 (Loss) income before (benefit from) provision for income taxes and non-controlling interest in income of subsidiaries (63,609) 94,354 (52,961) 90,784 (BENEFIT FROM) PROVISION FOR INCOME TAXES (18,512) 23,197 (16,010) 22,037 Net (loss) income from consolidated operations (45,097) 71,157 (36,951) 68,747 Loss from unconsolidated joint venture - - (411) - NET (LOSS) INCOME (45,097) 71,157 (37,362) 68,747 NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS 334 791 576 1,303 NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS $       (45,431) $         70,366 $       (37,938) $         67,444 Weighted average shares outstanding - basic3 48,483,639 47,629,163 48,434,513 47,514,722 Weighted average shares outstanding - diluted4 48,483,639 50,616,435 48,434,513 50,373,714   Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 PER SHARE DATA - basic and diluted: (unaudited) (unaudited) (in thousands, except per share data) (in thousands, except per share data)     Net (loss) income attributable to common stockholders (basic) (0.94) 1.48 (0.78) 1.42     Net (loss) income attributable to common stockholders (diluted) (0.94) 1.39 (0.78) 1.34 SELECTED OTHER DATA Broadcast and digital operating income 1 $          34,196 $          47,328 $          66,210 $          86,628 Broadcast and digital operating income reconciliation: Net (loss) income attributable to common stockholders $       (45,431) $          70,366 $       (37,938) $          67,444 Add back/(deduct) certain non-broadcast and digital operating income items included in net (loss) income: Interest income (1,777) (1,898) (3,775) (2,232) Interest expense 12,404 13,972 25,402 28,040 (Benefit from) provision for income taxes (18,512) 23,197 (16,010) 22,037 Corporate selling, general and administrative expenses 9,787 11,385 25,679 19,915 Stock-based compensation 1,079 2,321 2,463 5,598 Gain on retirement of debt (7,425) - (15,299) (2,356) Other income, net (14) (96,773) (900) (96,460) Loss from unconsolidated joint venture - - 411 - Depreciation and amortization 2,993 1,886 4,843 4,483 Net income attributable to non-controlling interests 334 791 576 1,303 Impairment of goodwill, intangible assets, and long-lived assets 80,758 22,081 80,758 38,856 Broadcast and digital operating income $          34,196 $          47,328 $          66,210 $          86,628 Adjusted EBITDA2 $          28,415 $          37,504 $          49,958 $          67,790 Adjusted EBITDA reconciliation: Net (loss) income attributable to common stockholders $       (45,431) $         70,366 $       (37,938) $         67,444 Interest income (1,777) (1,898) (3,775) (2,232) Interest expense 12,404 13,972 25,402 28,040 (Benefit from) provision for income taxes (18,512) 23,197 (16,010) 22,037 Depreciation and amortization 2,993 1,886 4,843 4,483 EBITDA $       (50,323) $        107,523 $       (27,478) $        119,772 Stock-based compensation 1,079 2,321 2,463 5,598 Gain on retirement of debt (7,425) - (15,299) (2,356) Other income, net (14) (96,773) (900) (96,460) Loss from unconsolidated joint venture - - 411 - Net income attributable to non-controlling interests 334 791 576 1,303 Corporate costs related to remediation efforts 4,167 3,099 9,524 2,723 Employment Agreement Award and other compensation - (1,674) - (1,818) Severance-related costs 516 136 580 287 Impairment of goodwill, intangible assets, and long-lived assets 80,758 22,081 80,758 38,856 Investment expense from MGM National Harbor - - - (115) Other nonrecurring expenses (677) - (677) - Adjusted EBITDA $          28,415 $          37,504 $          49,958 $          67,790   June 30, 2024 December 31, 2023 (in thousands) (unaudited) SELECTED BALANCE SHEET DATA: Cash and cash equivalents and restricted cash $           132,372 $           233,570 Intangible assets, net 562,642 645,979 Total assets 1,019,625 1,211,173 Total debt (including current portion, net of issuance costs) 607,865 716,246 Total liabilities 771,179 920,588 Total stockholders' equity 239,375 274,065 Redeemable non-controlling interests 9,071 16,520 June 30, 2024 Applicable Interest Rate (in thousands)