income taxes 90,784 (22,335) 7,528 9,110 40,349 56,132
PROVISION FOR
(BENEFIT FROM)
INCOME TAXES 22,037 (6,919) 2,033 - 11,219 15,704
NET INCOME (LOSS) 68,747 (15,416) 5,495 9,110 29,130 40,428
NET INCOME
ATTRIBUTABLE TO
NON-CONTROLLING
INTERESTS 1,303 - - - - 1,303
-------------- -------------- --------------- --------------- -------------- --------------
NET INCOME (LOSS)
ATTRIBUTABLE TO
COMMON
STOCKHOLDERS $ 67,444 $ (15,416) $ 5,495 $ 9,110 $ 29,130 $ 39,125
============== ============== =============== =============== ============== ==============
Adjusted EBITDA(2) $ 67,790 $ 19,018 $ 8,059 $ 9,917 $ 44,682 $ (13,886)
============== ============== =============== =============== ============== ==============
Urban One, Inc. will hold a conference call to discuss its results for the second fiscal quarter of 2024. The conference call is scheduled for Thursday, August 8, 2024 at 10:00 a.m. EDT. To participate on this call, U.S. callers may dial toll-free 1-877-226-8189; international callers may dial direct (+1) 409-207-6980. The Access Code is 9822633.
A replay of the conference call will be available from 5:00 p.m. EDT August 8, 2024 until 12:00 a.m. EDT August 15, 2024. Callers may access the replay by calling 1-866-207-1041; international callers may dial direct (+1) 402-970-0847. The replay Access Code is 1733886.
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), 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 of August 09, 2024, we owned and/or operated 72 independently formatted, revenues producing broadcast stations (including 57 FM or AM stations, 13 HD stations, and the 2 low power television stations) branded under the trade name "Radio One" in 13 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including the Rickey Smiley Morning Show, and the DL Hughley Show. In addition to its radio and television broadcast assets, Urban One owns iOne Digital (ionedigital.com), our wholly owned digital platform serving the African American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African American and urban audiences.
Notes:
(1) "Broadcast and digital operating income": The radio broadcasting industry
commonly refers to "station operating income" which consists of net
income (loss) before depreciation and amortization, income taxes,
interest expense, interest income, non-controlling interests in income of
subsidiaries, other income, net, loss from unconsolidated joint venture,
corporate selling, general and administrative expenses, stock-based
compensation, impairment of goodwill, intangible assets, and long-lived
assets and (gain) loss on retirement of debt. However, given the diverse
nature of our business, station operating income is not truly reflective
of our multi-media operation and, therefore, we use the term "broadcast
and digital operating income." Broadcast and digital operating income is
not a measure of financial performance under GAAP. Nevertheless,
broadcast and digital operating income is a significant measure used by
our management to evaluate the operating performance of our core
operating segments. Broadcast and digital operating income provides
helpful information about our results of operations, apart from expenses
associated with our fixed assets and goodwill, intangible assets, and
long-lived assets, income taxes, investments, impairment charges, debt
financings and retirements, corporate overhead and stock-based
compensation. Our measure of broadcast and digital operating income is
similar to industry use of station operating income; however, it reflects
our more diverse business and therefore is not completely analogous to
"station operating income" or other similarly titled measures as used by
other companies. Broadcast and digital operating income does not
represent operating income or loss, or cash flow from operating
activities, as those terms are defined under GAAP, and should not be
considered as an alternative to those measurements as an indicator of our
performance.
(2) "Adjusted EBITDA": Adjusted EBITDA consists of net (loss) income plus (1)
depreciation and amortization, income taxes, interest expense, net income
attributable to non-controlling interests, impairment of goodwill,
intangible assets, and long-lived assets, stock-based compensation,
(gain) loss on retirement of debt, corporate costs, severance-related
costs, investment income, loss from unconsolidated joint venture, less
(2) other income, net and interest income. Net (loss) 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 GAAP. 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.
Accordingly, based on the previous description of Adjusted EBITDA, we
believe that it provides useful information about the operating
performance of our business, apart from the expenses associated with our
fixed assets and goodwill, intangible assets, and long-lived assets or
capital structure. Adjusted EBITDA is frequently used as one of the
measures for comparing businesses in the broadcasting 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 of our operating segments
(radio broadcasting, Reach Media, digital and cable television). Business
activities unrelated to these four segments are included in an "all
other" category which the Company refers to as "All other -
corporate/eliminations." Adjusted EBITDA and EBITDA do not purport to
represent operating income or cash flow from operating activities, as
those terms are defined under GAAP, and should not be considered as
alternatives to those measurements as an indicator of our performance.
(3) For the three months ended June 30, 2024 and 2023, Urban One had
48,483,639 and 47,629,163 shares of common stock outstanding on a
weighted average basis (basic), respectively. For the six months ended
June 30, 2024 and 2023, Urban One had 48,434,513 and 47,514,722 shares of
common stock outstanding on a weighted average basis (basic),
respectively.
(4) For the three months ended June 30, 2024 and 2023, Urban One had
48,483,639 and 50,616,435 shares of common stock outstanding on a
weighted average basis (fully diluted for outstanding stock awards),
respectively. For the six months ended June 30, 2024 and 2023, Urban One
had 48,434,513 and 50,373,714 shares of common stock outstanding on a
weighted average basis (fully diluted for outstanding stock awards),
respectively.
View original content to download multimedia:https://www.prnewswire.com/news-releases/urban-one-inc-reports-second-quarter-2024-results-302217345.html
SOURCE Urban One, Inc.
/CONTACT: Peter D. Thompson, EVP and CFO, (301) 429-4638
(END) Dow Jones Newswires
August 08, 2024 06:45 ET (10:45 GMT)
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