Urban One, Inc. has reported its financial results for the second quarter of 2017. Net revenue was approximately $117.6 million, a decrease of 4.1 percent from the same period in 2016. Broadcast and digital operating income was approximately $41.8 million during the quarter, a decline of 14.6 percent from Q2 2016. The company reported operating income of approximately $12.1 million for the quarter, compared to $27.7 million a year ago. Net income was $802,000 compared to net income of approximately $7.3 million for the second quarter 2016.
Alfred C. Liggins, III, Urban One’s CEO/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 benefited 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.”