Urban One today reported its results for the quarter ended December 31, 2017. Net revenue was approximately $109.0 million, a decrease of 4.0% from the same period in 2016. Broadcast and digital operating income was approximately $44.3 million, an increase of 2.8% from the same period in 2016. The Company reported operating income of approximately $20.6 million for the three months ended December 31, 2017, compared to $17.1 million for the same period in 2016. Net income was approximately $121.3 million or $2.63 per share (basic) compared to net loss of approximately $3.4 million or $0.07 per share (basic) for the same period in 2016. Adjusted EBITDA was approximately $38.7 million for the three months ended December 31, 2017, compared to $30.9 million for the same period in 2016, an increase of 25.6%.
Alfred C. Liggins, III, Urban One’s CEO and President stated, “Overall, we produced a strong quarter from an Adjusted EBITDA standpoint, and as a result we were able to show full year Adjusted EBITDA growth, despite the challenging market conditions. Our core radio revenues were up slightly for the quarter, excluding the impact of political revenues. Our TV advertising revenues suffered from weak ratings delivery, which was somewhat offset by growth in affiliate revenues. Our digital business benefitted from the integration of our acquisition of the Bossip, Madame Noire and Hip Hop Wired brands, and was up significantly in both revenue and Adjusted EBITDA compared to prior year. We were able to control costs, most notably at TV One and Corporate. During the quarter, we repurchased a further $20 million of our 9.25% notes at a discount, and we remain strongly committed to reducing net leverage.”
