Urban One, Inc has reported its financial results for the second quarter of 2020. Net revenue was approximately $76 million, a decrease of 37.5% from Q2 a year ago. Broadcast and digital operating income was approximately $30.2 million, a decrease of 33.1% from the same period in 2019. The company reported operating income of approximately $20.4 million for the quarter, compared to approximately $29.1 million for the same quarter in 2019. Net income was approximately $1.4 million compared to approximately $6.6 million for Q2 last year.
Urban One CEO/President Alfred C. Liggins, III stated, “The economic impact of COVID-19 is fully evident in our second quarter numbers: radio advertising was down 51%, and event revenues were -96% year over year. Our TV and digital businesses fared better, with TV advertising revenue down 4.4% and digital -20%, highlighting the benefits of our diversified media asset base. We had to make tough decisions to reduce costs, and I am proud of how our team, including on-air talent, made sacrifices and worked diligently to keep us operating smoothly through the pandemic. With the issue of racial equality featuring so prominently around the world, it is critical that diverse voices continue to be heard and I thank all our staff and talent for their exceptional work engaging with our audience and clients. The outlook for the rest of 2020 remains uncertain, but I anticipate a similar pattern of strong performance from our TV business offsetting some of the weakness in radio advertising and events. On a same station basis, our Q3 core radio business is currently pacing -41% and we continue to see sequential improvement. Our cost saving measures remain in place, liquidity is strong with $70 million of cash on the balance sheet, and I firmly believe that Urban One will continue to successfully navigate our way through these unprecedented times.”
