WASHINGTON, Aug. 2, 2017 /PRNewswire/ -- Urban One, Inc.
(NASDAQ: UONEK and UONE) today reported its results for the quarter
ended June 30, 2017. Net
revenue was approximately $117.6
million, a decrease of 4.1% from the same period in 2016.
Broadcast and digital operating income1 was
approximately $41.8 million, a
decrease of 14.6% from the same period in 2016. The Company
reported operating income of approximately $12.1 million for the three months ended
June 30, 2017, compared to
$27.7 million for the same period in
2016. Net income was $802,000 or
$0.02 per share (basic) compared to
net income of approximately $7.3
million or $0.15 per share
(basic) for the same period in 2016.
![(PRNewsfoto/Urban One, Inc.) (PRNewsfoto/Urban One, Inc.)](https://mma.prnewswire.com/media/509218/Urban_One_Logo.jpg)
Alfred C. Liggins, III, Urban
One's CEO and President stated, "Our radio broadcasting revenues
improved sequentially from Q1, and also within the quarter itself
with June being up 2.3% vs 2017. According to Miller Kaplan, we outperformed our markets by
190Bps in June, which is encouraging. This sequential improvement
looks likely to continue for Q3, which is currently pacing (–2.9%).
Reach Media continued to experience a soft marketplace for
multi-cultural network advertising spend, which was somewhat offset
by the success of their Tom Joyner Fantastic Voyage cruise. TV One
experienced soft ratings, which resulted in a 5.9% decline in net
advertising revenues for the quarter. We still believe that TV One
will achieve the Adjusted EBITDA guidance of $82-84 million provided on the last earnings
call, driven by improved affiliate revenues projected for H2. Our
digital segment revenues benefitted from the acquisition of the
Bossip and Madame Noire brands, and we have continued to invest in
short-form video and data analytics which should help drive
long-term growth for our digital businesses."
RESULTS OF
OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30,
|
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
STATEMENT OF
OPERATIONS
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
(in thousands, except
share data)
|
|
(in thousands, except
share data)
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUE
|
$
117,638
|
|
$
122,719
|
|
$
218,927
|
|
$
231,807
|
|
OPERATING
EXPENSES
|
|
|
|
|
|
|
|
|
Programming and
technical, excluding stock-based compensation
|
33,009
|
|
30,693
|
|
64,906
|
|
64,696
|
|
Selling, general and
administrative, excluding stock-based compensation
|
42,847
|
|
43,092
|
|
77,302
|
|
78,541
|
|
Corporate selling,
general and administrative, excluding stock-based
compensation
|
8,328
|
|
11,878
|
|
18,367
|
|
23,252
|
|
Stock-based
compensation
|
158
|
|
765
|
|
291
|
|
1,537
|
|
Depreciation and
amortization
|
8,432
|
|
8,572
|
|
16,744
|
|
17,254
|
|
Impairment of
long-lived assets
|
12,756
|
|
-
|
|
12,756
|
|
-
|
|
Total operating
expenses
|
105,530
|
|
95,000
|
|
190,366
|
|
185,280
|
|
Operating income
|
12,108
|
|
27,719
|
|
28,561
|
|
46,527
|
|
INTEREST
INCOME
|
45
|
|
55
|
|
148
|
|
123
|
|
INTEREST
EXPENSE
|
19,863
|
|
20,531
|
|
40,209
|
|
41,169
|
|
GAIN ON
SALE-LEASEBACK
|
(14,411)
|
|
-
|
|
(14,411)
|
|
-
|
|
LOSS (GAIN) ON
RETIREMENT OF DEBT
|
7,083
|
|
(2,646)
|
|
7,083
|
|
(2,646)
|
|
OTHER (INCOME),
net
|
(1,574)
|
|
(43)
|
|
(2,895)
|
|
(54)
|
|
Income (loss) before
provision for income taxes and noncontrolling interest in income of
subsidiaries
|
1,192
|
|
9,932
|
|
(1,277)
|
|
8,181
|
|
PROVISION FOR INCOME
TAXES
|
182
|
|
2,183
|
|
70
|
|
3,958
|
|
CONSOLIDATED NET
INCOME (LOSS)
|
1,010
|
|
7,749
|
|
(1,347)
|
|
4,223
|
|
NET INCOME
ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
208
|
|
435
|
|
164
|
|
856
|
|
CONSOLIDATED NET
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
802
|
|
$
7,314
|
|
$
(1,511)
|
|
$
3,367
|
|
|
|
|
|
|
|
|
|
|
AMOUNTS ATTRIBUTABLE
TO COMMON STOCKHOLDERS
|
|
|
|
|
|
|
|
|
CONSOLIDATED NET
INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
802
|
|
$
7,314
|
|
$
(1,511)
|
|
$
3,367
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding - basic3
|
47,816,723
|
|
48,110,440
|
|
47,890,618
|
|
48,387,482
|
|
Weighted average
shares outstanding - diluted4
|
48,237,113
|
|
49,279,142
|
|
47,890,618
|
|
49,561,381
|
|
Three Months Ended
June 30,
|
|
Six Months Ended June
30,
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
PER SHARE DATA -
basic and diluted:
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(in thousands, except
per share data)
|
|
(in thousands, except
per share data)
|
|
|
|
|
|
|
|
|
Consolidated net income (loss) attributable to common stockholders
(basic)
|
$
0.02
|
|
$
0.15
|
|
$
(0.03)
|
|
$
0.07
|
|
|
|
|
|
|
|
|
Consolidated net income (loss) attributable to common stockholders
(diluted)
|
$
0.02
|
|
$
0.15
|
|
$
(0.03)
|
|
$
0.07
|
|
|
|
|
|
|
|
|
SELECTED OTHER
DATA
|
|
|
|
|
|
|
|
Broadcast and digital
operating income 1
|
$
41,782
|
|
$
48,934
|
|
$
76,719
|
|
$
88,570
|
Broadcast and digital
operating income margin (% of net revenue)
|
35.5%
|
|
39.9%
|
|
35.0%
|
|
38.2%
|
|
|
|
|
|
|
|
|
Broadcast and
digital operating income reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income (loss) attributable to common
stockholders
|
$
802
|
|
$
7,314
|
|
$
(1,511)
|
|
$
3,367
|
Add back non-broadcast and digital operating income items included
in consolidated net income (loss):
|
|
|
|
|
|
|
|
Interest
income
|
(45)
|
|
(55)
|
|
(148)
|
|
(123)
|
Interest
expense
|
19,863
|
|
20,531
|
|
40,209
|
|
41,169
|
Provision for income
taxes
|
182
|
|
2,183
|
|
70
|
|
3,958
|
Corporate selling,
general and administrative expenses
|
8,328
|
|
11,878
|
|
18,367
|
|
23,252
|
Stock-based
compensation
|
158
|
|
765
|
|
291
|
|
1,537
|
Gain on
sale-leaseback
|
(14,411)
|
|
-
|
|
(14,411)
|
|
-
|
Loss (gain) on
retirement of debt
|
7,083
|
|
(2,646)
|
|
7,083
|
|
(2,646)
|
Other (income),
net
|
(1,574)
|
|
(43)
|
|
(2,895)
|
|
(54)
|
Depreciation and
amortization
|
8,432
|
|
8,572
|
|
16,744
|
|
17,254
|
Noncontrolling
interest in income of subsidiaries
|
208
|
|
435
|
|
164
|
|
856
|
Impairment of
long-lived assets
|
12,756
|
|
-
|
|
12,756
|
|
-
|
Broadcast and digital
operating income
|
$
41,782
|
|
$
48,934
|
|
$
76,719
|
|
$
88,570
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA5
|
$
36,653
|
|
$
39,933
|
|
$
64,398
|
|
$
70,666
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
reconciliation:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated net income (loss) attributable to common
stockholders:
|
$
802
|
|
$
7,314
|
|
$
(1,511)
|
|
$
3,367
|
Interest
income
|
(45)
|
|
(55)
|
|
(148)
|
|
(123)
|
Interest
expense
|
19,863
|
|
20,531
|
|
40,209
|
|
41,169
|
Provision for income
taxes
|
182
|
|
2,183
|
|
70
|
|
3,958
|
Depreciation and
amortization
|
8,432
|
|
8,572
|
|
16,744
|
|
17,254
|
EBITDA
|
$
29,234
|
|
$
38,545
|
|
$
55,364
|
|
$
65,625
|
Stock-based
compensation
|
158
|
|
765
|
|
291
|
|
1,537
|
Gain on
sale-leaseback
|
(14,411)
|
|
-
|
|
(14,411)
|
|
-
|
Loss (gain) on
retirement of debt
|
7,083
|
|
(2,646)
|
|
7,083
|
|
(2,646)
|
Other (income),
net
|
(1,574)
|
|
(43)
|
|
(2,895)
|
|
(54)
|
Noncontrolling
interest in income of subsidiaries
|
208
|
|
435
|
|
164
|
|
856
|
Employment Agreement
Award and incentive plan award expenses
|
1,443
|
|
2,536
|
|
2,484
|
|
4,775
|
Severance-related
costs
|
250
|
|
341
|
|
603
|
|
573
|
Cost method investment
income
|
1,506
|
|
-
|
|
2,959
|
|
-
|
Impairment of
long-lived assets
|
12,756
|
|
-
|
|
12,756
|
|
-
|
Adjusted
EBITDA
|
$
36,653
|
|
$
39,933
|
|
$
64,398
|
|
$
70,666
|
|
June 30,
2017
|
|
December 31,
2016
|
(unaudited)
|
|
|
|
|
(in
thousands)
|
SELECTED BALANCE
SHEET DATA:
|
|
|
Cash and cash
equivalents and restricted cash
|
$
65,488
|
|
$
46,781
|
|
Intangible assets,
net
|
1,001,878
|
|
1,018,333
|
|
Total
assets
|
1,361,830
|
|
1,358,786
|
|
Total debt (including
current portion, net of original issue discount and issuance
costs)
|
1,010,935
|
|
1,006,236
|
|
Total
liabilities
|
1,424,635
|
|
1,417,502
|
|
Total stockholders'
deficit
|
(73,408)
|
|
(71,126)
|
|
Redeemable
noncontrolling interest
|
10,603
|
|
12,410
|
|
|
|
|
|
|
|
June 30,
2017
|
|
Applicable Interest
Rate
|
|
(in
thousands)
|
|
|
SELECTED LEVERAGE
DATA:
|
|
|
2017 Credit Facility,
net of original issue discount and issuance costs of approximately
$8.6 million (subject to variable rates) (a)
|
$
340,516
|
|
5.30%
|
|
9.25% senior
subordinated notes due February 2020, net of original issue
discount and issuance costs of approximately $1.9 million (fixed
rate)
|
313,112
|
|
9.25%
|
|
7.375% senior secured
notes due April 2022, net of original issue discount and issuance
costs of approximately $4.6 million (fixed rate)
|
345,435
|
|
7.375%
|
|
Comcast Note due
April 2019 (fixed rate)
|
11,872
|
|
10.47%
|
(a)
|
Subject to variable
Libor 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, 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.
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
June 30,
|
|
|
|
|
|
|
|
|
|
2017
|
|
2016
|
|
$
Change
|
|
|
%
Change
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
(in
thousands)
|
|
|
|
|
|
|
Net
Revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radio
Advertising
|
|
$
|
52,017
|
|
$
|
55,988
|
|
$
|
(3,971)
|
|
|
-7.1%
|
|
Political
Advertising
|
|
|
731
|
|
|
932
|
|
|
(201)
|
|
|
-21.6%
|
|
Digital
Advertising
|
|
|
6,740
|
|
|
6,065
|
|
|
675
|
|
|
11.1%
|
|
Cable Television
Advertising
|
|
|
18,988
|
|
|
20,170
|
|
|
(1,182)
|
|
|
-5.9%
|
|
Cable Television
Affiliate Fees
|
|
|
26,140
|
|
|
27,403
|
|
|
(1,263)
|
|
|
-4.6%
|
|
Event Revenues &
Other
|
|
|
13,022
|
|
|
12,161
|
|
|
861
|
|
|
7.1%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue (as
reported)
|
|
$
|
117,638
|
|
$
|
122,719
|
|
$
|
(5,081)
|
|
|
-4.1%
|
|
Net revenue decreased to approximately $117.6 million for the quarter ended June 30, 2017, from approximately $122.7 million for the same period in 2016, a
decrease of 4.1%. Net revenues from our radio broadcasting segment
decreased 5.0% compared to the same period in 2016. We experienced
net revenue declines most significantly in our Cincinnati, Dallas, Houston, Philadelphia, and Washington DC markets. We recognized
approximately $45.4 million of
revenue from our cable television segment during the three months
ended June 30, 2017, compared to
approximately $47.6 million for the
same period in 2016, with a decrease primarily in advertising and
affiliate sales. Net revenue from our Reach Media segment
decreased $920,000 for the quarter
ended June 30, 2017, compared to the
same period in 2016 due primarily to weaker demand. The "Tom Joyner
Fantastic Voyage" took place during the second quarters of 2017 and
2016 and generated revenue of approximately $9.4 million and $8.8
million, respectively for Reach Media. Finally, net revenues
for our digital segment increased $675,000 for the three months ended June 30, 2017, compared to the same period in
2016.
Operating expenses, excluding depreciation and amortization,
stock-based compensation and impairment of long-lived assets,
decreased to approximately $84.2
million for the quarter ended June
30, 2017, down 1.7% from the approximately $85.7 million incurred for the comparable quarter
in 2016. The operating expense decrease was primarily driven by
lower corporate selling, general and administrative expenses at our
cable television segment due to a decrease in incentive-based
payroll costs. This decrease was partially offset by higher
programming and technical expenses at our digital segment due to
its increased investment in video content, primarily related to
increased headcount contributing to higher payroll costs.
Depreciation and amortization expense decreased to approximately
$8.4 million compared to
approximately $8.6 million for the
quarter ended June 30, 2016. The
decrease was due to the completion of useful lives for certain
assets.
Interest expense decreased to approximately $19.9 million for the quarter ended June 30, 2017, compared to approximately
$20.5 million for the same period in
2016. The Company made cash interest payments of approximately
$18.2 million on its outstanding debt
for the quarter ended June 30, 2017,
compared to cash interest payments of approximately $18.6 million on all outstanding instruments for
the quarter ended June 30, 2016. As
previously announced, on April 18,
2017, the Company closed on a new senior secured credit
facility (the "2017 Credit Facility"). The proceeds from the 2017
Credit Facility were used to prepay in full the Company's
previously existing senior secured credit facility and the
agreement governing such credit facility was terminated on
April 18, 2017.
The loss on retirement of debt of approximately $7.1 million for the three months ended
June 30, 2017, was due to the
retirement of the 2015 Credit Facility. This amount included a
write-off of previously capitalized debt financing costs and
original issue discount associated with the 2015 Credit Facility,
and costs associated with the financing transactions. The gain on
retirement of debt for the three months ended June 30, 2016, was due to the redemption of
approximately $20 million of our 2020
Notes at a discount.
The impairment of long-lived assets for the three months ended
June 30, 2017, of approximately
$12.8 million, was related to a
non-cash impairment charge recorded to reduce the carrying value of
our Houston radio broadcasting
licenses.
The gain on sale-leaseback for the three months ended
June 30, 2017, was due to the Company
closing on its previously announced sale of certain land, towers
and equipment to a third party. The Company is leasing
certain of the assets back from the buyer as a part of its normal
operations. The Company received proceeds of approximately
$25.0 million, resulting in an
overall net gain on sale of approximately $22.5 million, of which approximately
$14.4 million was recognized
immediately during the second quarter, and approximately
$8.1 million which was deferred and
will be recognized into income over the lease term of
ten years.
The Company began using the estimated annual effective tax rate
method under ASC 740-270, "Interim Reporting" to calculate
the provision for income taxes at the beginning of 2017. For the
three months ended June 30, 2017, we
recorded a provision for income taxes of $182,000 on pre-tax income from continuing
operations of approximately $1.2
million. The provision for income taxes for the three months
ended June 30, 2016 of approximately
$2.2 million was primarily
attributable to the deferred tax liability for indefinite-lived
intangible assets, based on a discrete tax provision. The Company
paid $396,000 and $352,000 in taxes for the quarters ended
June 30, 2017 and 2016,
respectively.
Other income, net increased to approximately $1.6 million for the three months ended
June 30, 2017, compared to
$43,000 for the same period in 2016.
The primary driver of the increase in other income was from our
investment in MGM.
The decrease in noncontrolling interests in income of
subsidiaries was due primarily to lower net income recognized by
Reach Media during the three months ended June 30, 2017, versus the same period in
2016.
Other pertinent financial information includes capital
expenditures of approximately $2.3
million and $1.1 million for
the quarters ended June 30, 2017 and
2016, respectively. As of June 30,
2017, the Company had total debt (net of cash and restricted
cash balances and original issue discount) of approximately
$945.4 million. During the three
months ended June 30, 2017, the
Company did not repurchase any Class A common stock and repurchased
1,054,290 shares of Class D common stock in the amount of
approximately $2.1 million. During
the three months ended June 30, 2016,
the Company did not repurchase any Class A common stock and
repurchased 575,608 shares of Class D common stock in the amount of
approximately $1.1 million. The
Company, in connection with its 2009 stock 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 three months ended June 30, 2017, the Company repurchased 7,699
shares of Class D Common Stock, to satisfy employee tax
obligations, in the amount of $23,000. Comparatively, during the three
months ended June 30, 2016, the
Company did not execute a Stock Vest Tax Repurchase.
As previously announced, effective January 1, 2017, the Company changed its
reportable segment disclosures. Along with the results of
Interactive One, all digital components from our reportable
segments will now be part of a newly formed reportable segment
called "Digital". This new reportable segment will better reflect
the manner in which we manage our business and better reflect our
operational structure. Segment data for the three and six months
ended June 30, 2016 has been
reclassified to conform to the current period presentation. These
reclassifications occurred among all segments.
The Company previously presented the reclassified first quarter
2016 results in the press release dated May
4, 2017. The reclassified results for the third and
fourth quarters of 2016, as well as results for full year 2016 is
presented at the end of this press release.
Supplemental Financial Information:
For comparative purposes, the following more detailed, unaudited
statements of operations for the three and six months ended
June 30, 2017 and 2016 are included.
These detailed, unaudited and adjusted statements of operations
include certain reclassifications. These reclassifications
had no effect on previously reported net income or loss, or any
other previously reported statements of operations, balance sheet
or cash flow amounts.
|
|
|
|
|
Three Months Ended
June 30, 2017
|
|
|
|
|
|
(in thousands,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radio
|
|
Reach
|
|
|
|
Cable
|
|
Corporate/
|
|
|
|
|
|
Consolidated
|
Broadcasting
|
Media
|
|
Digital
|
Television
|
Eliminations
|
|
|
|
|
|
|
STATEMENT OF
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUE
|
$
|
117,638
|
$
|
48,161
|
$
|
17,528
|
$
|
6,740
|
$
|
45,369
|
$
|
(160)
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Programming and
technical
|
|
33,009
|
|
9,220
|
|
5,633
|
|
3,510
|
|
14,667
|
|
(21)
|
|
Selling, general and
administrative
|
|
42,847
|
|
19,894
|
|
9,764
|
|
4,707
|
|
8,621
|
|
(139)
|
|
Corporate selling,
general and administrative
|
|
8,328
|
|
-
|
|
463
|
|
-
|
|
830
|
|
7,035
|
|
Stock-based
compensation
|
|
158
|
|
63
|
|
-
|
|
-
|
|
-
|
|
95
|
|
Depreciation and
amortization
|
|
8,432
|
|
939
|
|
52
|
|
463
|
|
6,568
|
|
410
|
|
Impairment of
long-lived assets
|
|
12,756
|
|
12,756
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total operating
expenses
|
|
105,530
|
|
42,872
|
|
15,912
|
|
8,680
|
|
30,686
|
|
7,380
|
|
Operating income (loss)
|
|
12,108
|
|
5,289
|
|
1,616
|
|
(1,940)
|
|
14,683
|
|
(7,540)
|
|
INTEREST
INCOME
|
|
45
|
|
-
|
|
-
|
|
-
|
|
-
|
|
45
|
|
INTEREST
EXPENSE
|
|
19,863
|
|
368
|
|
-
|
|
-
|
|
1,919
|
|
17,576
|
|
GAIN ON
SALE-LEASEBACK
|
|
(14,411)
|
|
(14,411)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
LOSS ON RETIREMENT OF
DEBT
|
|
7,083
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7,083
|
|
OTHER INCOME,
net
|
|
(1,574)
|
|
(153)
|
|
-
|
|
-
|
|
-
|
|
(1,421)
|
|
Income (loss) before
provision for (benefit from) income taxes and noncontrolling
interest in income of subsidiaries
|
|
1,192
|
|
19,485
|
|
1,616
|
|
(1,940)
|
|
12,764
|
|
(30,733)
|
|
PROVISION FOR
(BENEFIT FROM) INCOME TAXES
|
|
182
|
|
7,650
|
|
584
|
|
72
|
|
4,841
|
|
(12,965)
|
|
CONSOLIDATED NET
INCOME (LOSS)
|
|
1,010
|
|
11,835
|
|
1,032
|
|
(2,012)
|
|
7,923
|
|
(17,768)
|
|
NET INCOME
ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
208
|
|
-
|
|
-
|
|
-
|
|
-
|
|
208
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
802
|
$
|
11,835
|
$
|
1,032
|
$
|
(2,012)
|
$
|
7,923
|
$
|
(17,976)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA5
|
$
|
36,653
|
$
|
19,243
|
$
|
1,686
|
$
|
(1,447)
|
$
|
21,257
|
$
|
(4,086)
|
|
|
|
|
|
Three Months Ended
June 30, 2016
|
|
|
|
|
|
(in thousands,
unaudited, as reclassified2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radio
|
|
Reach
|
|
|
|
Cable
|
|
Corporate/
|
|
|
|
|
|
Consolidated
|
Broadcasting
|
Media
|
|
Digital
|
Television
|
Eliminations
|
|
|
|
|
|
|
STATEMENT OF
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUE
|
$
|
122,719
|
$
|
50,714
|
$
|
18,448
|
$
|
6,065
|
$
|
47,552
|
$
|
(60)
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Programming and
technical
|
|
30,693
|
|
8,933
|
|
5,443
|
|
2,254
|
|
14,063
|
|
-
|
|
Selling, general and
administrative
|
|
43,092
|
|
20,171
|
|
9,680
|
|
3,989
|
|
9,311
|
|
(59)
|
|
Corporate selling,
general and administrative
|
|
11,878
|
|
-
|
|
1,129
|
|
-
|
|
2,855
|
|
7,894
|
|
Stock-based
compensation
|
|
765
|
|
55
|
|
10
|
|
3
|
|
-
|
|
697
|
|
Depreciation and
amortization
|
|
8,572
|
|
1,077
|
|
47
|
|
438
|
|
6,552
|
|
458
|
|
Total operating
expenses
|
|
95,000
|
|
30,236
|
|
16,309
|
|
6,684
|
|
32,781
|
|
8,990
|
|
Operating income (loss)
|
|
27,719
|
|
20,478
|
|
2,139
|
|
(619)
|
|
14,771
|
|
(9,050)
|
|
INTEREST
INCOME
|
|
55
|
|
-
|
|
-
|
|
-
|
|
-
|
|
55
|
|
INTEREST
EXPENSE
|
|
20,531
|
|
330
|
|
-
|
|
-
|
|
1,919
|
|
18,282
|
|
GAIN ON RETIREMENT OF
DEBT
|
|
(2,646)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,646)
|
|
OTHER INCOME,
net
|
|
(43)
|
|
(5)
|
|
-
|
|
-
|
|
-
|
|
(38)
|
|
Income (loss) before
provision for income taxes and noncontrolling interest in income of
subsidiaries
|
|
9,932
|
|
20,153
|
|
2,139
|
|
(619)
|
|
12,852
|
|
(24,593)
|
|
PROVISION FOR INCOME
TAXES
|
|
2,183
|
|
2,116
|
|
37
|
|
20
|
|
10
|
|
-
|
|
CONSOLIDATED NET
INCOME (LOSS)
|
|
7,749
|
|
18,037
|
|
2,102
|
|
(639)
|
|
12,842
|
|
(24,593)
|
|
NET INCOME
ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
435
|
|
-
|
|
-
|
|
-
|
|
-
|
|
435
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
7,314
|
$
|
18,037
|
$
|
2,102
|
$
|
(639)
|
$
|
12,842
|
$
|
(25,028)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA5
|
$
|
39,933
|
$
|
21,902
|
$
|
2,237
|
$
|
(176)
|
$
|
21,322
|
$
|
(5,352)
|
|
|
|
|
|
Six Months Ended June
30, 2017
|
|
|
|
|
|
(in thousands,
unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radio
|
|
Reach
|
|
|
|
Cable
|
|
Corporate/
|
|
|
|
|
|
Consolidated
|
Broadcasting
|
Media
|
|
Digital
|
Television
|
Eliminations
|
|
|
|
|
|
|
STATEMENT OF
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUE
|
$
|
218,927
|
$
|
87,898
|
$
|
25,191
|
$
|
12,246
|
$
|
93,924
|
$
|
(332)
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Programming and
technical
|
|
64,906
|
|
17,137
|
|
10,826
|
|
6,113
|
|
30,858
|
|
(28)
|
|
Selling, general and
administrative
|
|
77,302
|
|
38,230
|
|
11,262
|
|
8,749
|
|
19,305
|
|
(244)
|
|
Corporate selling,
general and administrative
|
|
18,367
|
|
-
|
|
1,686
|
|
-
|
|
3,142
|
|
13,539
|
|
Stock-based
compensation
|
|
291
|
|
127
|
|
-
|
|
-
|
|
-
|
|
164
|
|
Depreciation and
amortization
|
|
16,744
|
|
1,896
|
|
106
|
|
804
|
|
13,129
|
|
809
|
|
Impairment of
long-lived assets
|
|
12,756
|
|
12,756
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total operating
expenses
|
|
190,366
|
|
70,146
|
|
23,880
|
|
15,666
|
|
66,434
|
|
14,240
|
|
Operating income (loss)
|
|
28,561
|
|
17,752
|
|
1,311
|
|
(3,420)
|
|
27,490
|
|
(14,572)
|
|
INTEREST
INCOME
|
|
148
|
|
-
|
|
-
|
|
-
|
|
-
|
|
148
|
|
INTEREST
EXPENSE
|
|
40,209
|
|
705
|
|
-
|
|
-
|
|
3,838
|
|
35,666
|
|
GAIN ON
SALE-LEASEBACK
|
|
(14,411)
|
|
(14,411)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
LOSS ON RETIREMENT OF
DEBT
|
|
7,083
|
|
-
|
|
-
|
|
-
|
|
-
|
|
7,083
|
|
OTHER INCOME,
net
|
|
(2,895)
|
|
(178)
|
|
-
|
|
-
|
|
-
|
|
(2,717)
|
|
(Loss) income before
provision for (benefit from) income taxes and noncontrolling
interest in income of subsidiaries
|
|
(1,277)
|
|
31,636
|
|
1,311
|
|
(3,420)
|
|
23,652
|
|
(54,456)
|
|
PROVISION FOR
(BENEFIT FROM) INCOME TAXES
|
|
70
|
|
12,312
|
|
462
|
|
93
|
|
9,066
|
|
(21,863)
|
|
CONSOLIDATED NET
(LOSS ) INCOME
|
|
(1,347)
|
|
19,324
|
|
849
|
|
(3,513)
|
|
14,586
|
|
(32,593)
|
|
NET INCOME
ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
164
|
|
-
|
|
-
|
|
-
|
|
-
|
|
164
|
|
NET (LOSS) INCOME
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(1,511)
|
$
|
19,324
|
$
|
849
|
$
|
(3,513)
|
$
|
14,586
|
$
|
(32,757)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA5
|
$
|
64,398
|
$
|
32,992
|
$
|
1,477
|
$
|
(2,580)
|
$
|
40,653
|
$
|
(8,144)
|
|
|
|
|
|
Six Months Ended June
30, 2016
|
|
|
|
|
|
(in thousands,
unaudited, as reclassified2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radio
|
|
Reach
|
|
|
|
Cable
|
|
Corporate/
|
|
|
|
|
|
Consolidated
|
Broadcasting
|
|
Media
|
|
Digital
|
Television
|
Eliminations
|
|
|
|
|
|
|
STATEMENT OF
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUE
|
$
|
231,807
|
$
|
93,447
|
$
|
28,902
|
$
|
12,546
|
$
|
97,026
|
$
|
(114)
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Programming and
technical
|
|
64,696
|
|
17,824
|
|
10,893
|
|
4,433
|
|
31,546
|
|
-
|
|
Selling, general and
administrative
|
|
78,541
|
|
38,619
|
|
11,719
|
|
8,073
|
|
20,243
|
|
(113)
|
|
Corporate selling,
general and administrative
|
|
23,252
|
|
-
|
|
2,076
|
|
(28)
|
|
5,317
|
|
15,887
|
|
Stock-based
compensation
|
|
1,537
|
|
139
|
|
20
|
|
6
|
|
-
|
|
1,372
|
|
Depreciation and
amortization
|
|
17,254
|
|
2,221
|
|
89
|
|
882
|
|
13,105
|
|
957
|
|
Total operating
expenses
|
|
185,280
|
|
58,803
|
|
24,797
|
|
13,366
|
|
70,211
|
|
18,103
|
|
Operating income (loss)
|
|
46,527
|
|
34,644
|
|
4,105
|
|
(820)
|
|
26,815
|
|
(18,217)
|
|
INTEREST
INCOME
|
|
123
|
|
-
|
|
-
|
|
-
|
|
-
|
|
123
|
|
INTEREST
EXPENSE
|
|
41,169
|
|
671
|
|
-
|
|
-
|
|
3,838
|
|
36,660
|
|
GAIN ON RETIREMENT OF
DEBT
|
|
(2,646)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,646)
|
|
OTHER INCOME,
net
|
|
(54)
|
|
(5)
|
|
-
|
|
-
|
|
-
|
|
(49)
|
|
Income (loss) before
provision for income taxes and noncontrolling interest in income of
subsidiaries
|
|
8,181
|
|
33,978
|
|
4,105
|
|
(820)
|
|
22,977
|
|
(52,059)
|
|
PROVISION FOR INCOME
TAXES
|
|
3,958
|
|
3,845
|
|
74
|
|
20
|
|
19
|
|
-
|
|
CONSOLIDATED NET
INCOME (LOSS)
|
|
4,223
|
|
30,133
|
|
4,031
|
|
(840)
|
|
22,958
|
|
(52,059)
|
|
NET INCOME
ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
856
|
|
-
|
|
-
|
|
-
|
|
-
|
|
856
|
|
NET INCOME (LOSS)
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
3,367
|
$
|
30,133
|
$
|
4,031
|
$
|
(840)
|
$
|
22,958
|
$
|
(52,915)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA5
|
$
|
70,666
|
$
|
37,476
|
$
|
4,276
|
$
|
77
|
$
|
39,916
|
$
|
(11,079)
|
|
|
|
|
|
Three Months Ended
September 30, 2016
|
|
|
|
|
|
(in thousands,
unaudited, as reclassified2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radio
|
|
Reach
|
|
|
|
Cable
|
|
Corporate/
|
|
|
|
|
|
Consolidated
|
Broadcasting
|
Media
|
|
Digital
|
Television
|
Eliminations
|
|
|
|
|
|
|
STATEMENT OF
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUE
|
$
|
110,856
|
$
|
45,524
|
$
|
12,153
|
$
|
6,417
|
$
|
46,811
|
$
|
(49)
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Programming and
technical
|
|
32,093
|
|
7,348
|
|
5,343
|
|
2,325
|
|
17,077
|
|
-
|
|
Selling, general and
administrative
|
|
35,806
|
|
18,144
|
|
4,292
|
|
4,265
|
|
9,154
|
|
(49)
|
|
Corporate selling,
general and administrative
|
|
9,173
|
|
-
|
|
415
|
|
3
|
|
2,279
|
|
6,476
|
|
Stock-based
compensation
|
|
782
|
|
49
|
|
11
|
|
-
|
|
-
|
|
722
|
|
Depreciation and
amortization
|
|
8,469
|
|
1,035
|
|
59
|
|
417
|
|
6,559
|
|
399
|
|
Total operating
expenses
|
|
86,323
|
|
26,576
|
|
10,120
|
|
7,010
|
|
35,069
|
|
7,548
|
|
Operating income (loss)
|
|
24,533
|
|
18,948
|
|
2,033
|
|
(593)
|
|
11,742
|
|
(7,597)
|
|
INTEREST
INCOME
|
|
51
|
|
-
|
|
-
|
|
-
|
|
-
|
|
51
|
|
INTEREST
EXPENSE
|
|
20,319
|
|
330
|
|
-
|
|
-
|
|
1,918
|
|
18,071
|
|
OTHER INCOME,
net
|
|
(22)
|
|
(16)
|
|
-
|
|
-
|
|
-
|
|
(6)
|
|
Income (loss) before
provision for income taxes and noncontrolling interest in income of
subsidiaries
|
|
4,287
|
|
18,634
|
|
2,033
|
|
(593)
|
|
9,824
|
|
(25,611)
|
|
PROVISION FOR INCOME
TAXES
|
|
4,307
|
|
4,212
|
|
34
|
|
12
|
|
49
|
|
-
|
|
CONSOLIDATED NET
(LOSS) INCOME
|
|
(20)
|
|
14,422
|
|
1,999
|
|
(605)
|
|
9,775
|
|
(25,611)
|
|
NET INCOME
ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
403
|
|
-
|
|
-
|
|
-
|
|
-
|
|
403
|
|
NET (LOSS) INCOME
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(423)
|
$
|
14,422
|
$
|
1,999
|
$
|
(605)
|
$
|
9,775
|
$
|
(26,014)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA5
|
$
|
34,883
|
$
|
20,100
|
$
|
2,103
|
$
|
(176)
|
$
|
18,305
|
$
|
(5,449)
|
|
|
|
|
|
Three Months Ended
December 31, 2016
|
|
|
|
|
|
(in thousands,
unaudited, as reclassified2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radio
|
|
Reach
|
|
|
|
Cable
|
|
Corporate/
|
|
|
|
|
|
Consolidated
|
Broadcasting
|
Media
|
|
Digital
|
Television
|
Eliminations
|
|
|
|
|
|
|
STATEMENT OF
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUE
|
$
|
113,556
|
$
|
47,173
|
$
|
11,255
|
$
|
7,268
|
$
|
47,969
|
$
|
(109)
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Programming and
technical
|
|
37,211
|
|
8,925
|
|
5,249
|
|
2,363
|
|
20,674
|
|
-
|
|
Selling, general and
administrative
|
|
33,252
|
|
18,947
|
|
2,117
|
|
5,121
|
|
7,177
|
|
(110)
|
|
Corporate selling,
general and administrative
|
|
15,107
|
|
-
|
|
1,162
|
|
19
|
|
2,445
|
|
11,481
|
|
Stock-based
compensation
|
|
1,091
|
|
116
|
|
17
|
|
(4)
|
|
-
|
|
962
|
|
Depreciation and
amortization
|
|
8,524
|
|
1,093
|
|
62
|
|
395
|
|
6,560
|
|
414
|
|
Impairment of
long-lived assets
|
|
1,287
|
|
1,287
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total operating
expenses
|
|
96,472
|
|
30,368
|
|
8,607
|
|
7,894
|
|
36,856
|
|
12,747
|
|
Operating income (loss)
|
|
17,084
|
|
16,805
|
|
2,648
|
|
(626)
|
|
11,113
|
|
(12,856)
|
|
INTEREST
INCOME
|
|
40
|
|
-
|
|
-
|
|
-
|
|
-
|
|
40
|
|
INTEREST
EXPENSE
|
|
20,148
|
|
330
|
|
-
|
|
-
|
|
1,919
|
|
17,899
|
|
OTHER INCOME,
net
|
|
(852)
|
|
(379)
|
|
-
|
|
-
|
|
-
|
|
(473)
|
|
(Loss) income before
provision for (benefit from) income taxes and noncontrolling
interest in loss of subsidiaries
|
|
(2,172)
|
|
16,854
|
|
2,648
|
|
(626)
|
|
9,194
|
|
(30,242)
|
|
PROVISION FOR
(BENEFIT FROM) INCOME TAXES
|
|
1,315
|
|
(2,264)
|
|
3,206
|
|
27
|
|
16,300
|
|
(15,954)
|
|
CONSOLIDATED NET
(LOSS) INCOME
|
|
(3,487)
|
|
19,118
|
|
(558)
|
|
(653)
|
|
(7,106)
|
|
(14,288)
|
|
NET LOSS ATTRIBUTABLE
TO NONCONTROLLING INTERESTS
|
|
(120)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(120)
|
|
NET (LOSS) INCOME
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(3,367)
|
$
|
19,118
|
$
|
(558)
|
$
|
(653)
|
$
|
(7,106)
|
$
|
(14,168)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA5
|
$
|
30,638
|
$
|
19,485
|
$
|
2,727
|
$
|
(216)
|
$
|
17,682
|
$
|
(9,040)
|
|
|
|
|
|
Year Ended December
31, 2016
|
|
|
|
|
|
(in thousands,
unaudited, as reclassified2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Radio
|
|
Reach
|
|
|
|
Cable
|
|
Corporate/
|
|
|
|
|
|
Consolidated
|
Broadcasting
|
Media
|
|
Digital
|
Television
|
Eliminations
|
|
|
|
|
|
|
STATEMENT OF
OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
REVENUE
|
$
|
456,219
|
$
|
186,144
|
$
|
52,310
|
$
|
26,231
|
$
|
191,806
|
$
|
(272)
|
|
OPERATING
EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Programming and
technical
|
|
134,000
|
|
34,096
|
|
21,486
|
|
9,121
|
|
69,297
|
|
-
|
|
Selling, general and
administrative
|
|
147,599
|
|
75,711
|
|
18,127
|
|
17,459
|
|
36,575
|
|
(273)
|
|
Corporate selling,
general and administrative
|
|
47,532
|
|
-
|
|
3,653
|
|
(6)
|
|
10,040
|
|
33,845
|
|
Stock-based
compensation
|
|
3,410
|
|
304
|
|
48
|
|
2
|
|
-
|
|
3,056
|
|
Depreciation and
amortization
|
|
34,247
|
|
4,349
|
|
210
|
|
1,694
|
|
26,224
|
|
1,770
|
|
Impairment of
long-lived assets
|
|
1,287
|
|
1,287
|
|
-
|
|
-
|
|
-
|
|
-
|
|
Total operating
expenses
|
|
368,075
|
|
115,747
|
|
43,524
|
|
28,270
|
|
142,136
|
|
38,398
|
|
Operating income (loss)
|
|
88,144
|
|
70,397
|
|
8,786
|
|
(2,039)
|
|
49,670
|
|
(38,670)
|
|
INTEREST
INCOME
|
|
214
|
|
-
|
|
-
|
|
-
|
|
-
|
|
214
|
|
INTEREST
EXPENSE
|
|
81,636
|
|
1,331
|
|
-
|
|
-
|
|
7,675
|
|
72,630
|
|
GAIN ON RETIREMENT OF
DEBT
|
|
(2,646)
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,646)
|
|
OTHER INCOME,
net
|
|
(928)
|
|
(401)
|
|
-
|
|
-
|
|
-
|
|
(527)
|
|
Income (loss) before
provision for (benefit from) income taxes and noncontrolling
interest in income of subsidiaries
|
|
10,296
|
|
69,467
|
|
8,786
|
|
(2,039)
|
|
41,995
|
|
(107,913)
|
|
PROVISION FOR
(BENEFIT FROM) INCOME TAXES
|
|
9,580
|
|
(2,264)
|
|
3,315
|
|
59
|
|
16,368
|
|
(7,898)
|
|
CONSOLIDATED NET
INCOME (LOSS)
|
|
716
|
|
71,731
|
|
5,471
|
|
(2,098)
|
|
25,627
|
|
(100,015)
|
|
NET INCOME
ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
|
1,139
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,139
|
|
NET (LOSS) INCOME
ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$
|
(423)
|
$
|
71,731
|
$
|
5,471
|
$
|
(2,098)
|
$
|
25,627
|
$
|
(101,154)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA5
|
$
|
136,186
|
$
|
77,061
|
$
|
9,106
|
$
|
(316)
|
$
|
75,903
|
$
|
(25,568)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Urban One, Inc. will hold a conference call to discuss its
results for second fiscal quarter of 2017. The conference call is
scheduled for Wednesday, August 02,
2017 at 10:00 a.m. EDT. To
participate on this call, U.S. callers may dial toll-free
1-800-230-1085; international callers may dial direct (+1)
612-288-0329.
A replay of the conference call will be available from
12:00 p.m. EDT August 02, 2017 until 11:59 p.m. EDT August 05,
2017. Callers may access the replay by calling
1-800-475-6701; international callers may dial direct (+1)
320-365-3844. The replay Access Code is 425426.
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), formerly known as Radio
One, Inc., 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 one of the nation's largest radio
broadcasting companies, Urban One currently owns and/or operates 57
broadcast stations in 15 urban markets in the United States. Through its controlling
interest in Reach Media, Inc. (blackamericaweb.com), the
Company also operates syndicated programming including the
Tom Joyner Morning Show,
Russ Parr Morning Show, Rickey Smiley Morning Show, Get up Morning! with
Erica Campbell, DL Hughley Show,
Ed Lover Show, Willie Moore Jr Show,
Nightly Spirit with Darlene McCoy,
Reverend Al Sharpton Show. In
addition to its radio and television broadcast assets, Urban One
owns Interactive One, LLC (ionedigital.com), the
largest digital resource for urban enthusiasts and Blacks, reaching
millions each month through its Cassius and BHM Digital platforms.
Additionally, One Solution, the Company's branded content
agency and studio combines the dynamics of Urban One's holdings to
provide brands with an integrated and effectively engaging
marketing approach that reaches 82% of Black Americans throughout
the country.
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 our historic
use of station operating income, however, reflects our more diverse
business and, therefore, may not be similar 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 Certain reclassifications have
been made to prior year balances to conform to the current year
presentation. These reclassifications had no effect on any
other previously reported or consolidated net income or loss or any
other statement of operations, balance sheet or cash flow
amounts. Where applicable, these financial statements have
been identified as "As Reclassified."
3 For the three months ended
June 30, 2017 and 2016, Urban One had
47,816,723 and 48,110,440 shares of common stock outstanding on a
weighted average basis (basic), respectively. For the six
months ended June 30, 2017 and 2016,
Urban One had 47,890,618 and 48,387,482 shares of common stock
outstanding on a weighted average basis (basic),
respectively.
4 For the three months ended
June 30, 2017 and 2016, Urban One had
48,237,113 and 49,279,142 shares of common stock outstanding on a
weighted average basis (fully diluted for outstanding stock
options), respectively. For the six months ended June 30, 2017 and 2016, Urban One had 47,890,618
and 49,561,381 shares of common stock outstanding on a weighted
average basis (fully diluted for outstanding stock options),
respectively.
5 "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, 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,
gain on retirements of debt, and any discontinued operations.
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 our 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.
View original content with
multimedia:http://www.prnewswire.com/news-releases/urban-one-inc-reports-second-quarter-results-300497925.html
SOURCE Urban One, Inc.