Urban One, Inc today reported its results for the quarter ended September 30, 2022. Net revenue was approximately $121.4 million, an increase of 8.9 percent from the same period in 2021. The company reported operating income of approximately $19 million for the third quarter of 2022, compared to approximately $34.5 million for Q3 last year. Broadcast and digital operating income was approximately $50.8 million, an increase of 3.5% from the same period in 2021. Net income was approximately $4.2 million compared to $13.9 million for the third quarter of 2021.
Alfred C. Liggins, III, Urban One CEO/President stated, “Q3 was another very solid quarter, during which we grew both revenues and Adjusted EBITDA. Following a soft July for radio advertising, August and September rebounded and we finished the quarter +1.4% on a same station basis, and -1.3% excluding political. Same station radio pacings for Q4 excluding digital are currently +16.0% including political and +0.1% excluding political. Layering in the recent Indianapolis acquisition should push radio revenues to a double-digit percentage increase for Q4. Political spending has steadily gathered momentum, and we anticipate net political advertising revenues to be between $12-$13 million, of which radio is $9-$10 million, which is significantly ahead of both our budget and the 2018 cycle. Our Cable TV business had another successful broadcast upfront season, and we were able to increase both our CPM’s and total dollars committed. Our Digital segment posted growth of approximately 40% in both revenue and Adjusted EBITDA as demand for our audience and digital products remained strong. Our liquidity and leverage profile remained robust, and we continued to opportunistically repurchase our 7.375% bonds in the open market.”
