Fri, Jun 7, 9:01 PM (92 days ago)
Urban One, Inc. reported a net revenue of $104.4 million for the quarter ended March 31, 2024, down 5% from $109.9 million in the same period in 2023. The decline was driven by lower revenue in the digital and cable television segments, partially offset by a slight increase in radio broadcasting revenue due to the acquisition of Houston stations in August 2023. Operating expenses decreased by 10.1% to $91.5 million, primarily due to a $16.8 million impairment charge in Q1 2023 not recurring in Q1 2024. Despite this, corporate selling, general and administrative expenses increased significantly by 86.3% to $15.9 million due to higher third-party consulting and audit expenses. Operating income rose to $12.9 million, up 58.7% from $8.1 million in Q1 2023, aided by a $7.9 million gain on debt retirement. Interest expense decreased by 7.6% to $13.0 million, reflecting lower outstanding debt. Net income attributable to common stockholders was $7.5 million, compared to a loss of $2.9 million in the prior year. The company’s cash balance stood at $155.7 million, with no borrowings under its $50 million asset-backed credit facility. Future liquidity is supported by operating cash flow, cash reserves, and undrawn credit lines.