Urban One Inc today reported its results for the quarter ended December 31, 2018. Net revenue was approximately $113.5 million, an increase of 4.1 percent from the same period in 2017. Broadcast and digital operating income was approximately $44.6 million, an increase of 0.5 percent from the same period a year ago.
The company reported operating income of approximately $9.4 million for the three months ended December 31, 2018, compared to approximately $20.6 million for Q4 a year ago. Net income was approximately $116.9 million, compared to approximately $121.3 million for the same quarter in 2017. Adjusted EBITDA was approximately $35.3 million for Q4 2018, compared to $38.7 million for the same period a year ago.
Alfred C. Liggins, III, Urban One CEO/President, stated, “I was pleased that we came in slightly ahead of our Adjusted EBITDA guidance, led by extremely strong radio performance. Our radio segment revenue was up by 16.5% including political advertising, and by 8.8% excluding political. For the quarter, we outperformed the radio markets in which we operate by 850 bps. Our Cable TV operation posted strong growth in advertising revenues, up 9.3%, driven by increased direct response rates, and additional ad units, which was offset by a modest decline in affiliate revenues (-2.0%). Our digital revenues underperformed expectations, and we have taken significant steps to remediate. I expect improved performance from the division in 2019. In December, we substantially completed the refinancing of our 2020 Notes, which significantly extends the Company’s debt maturity profile. On January 19, 2019 we successfully launched our new Women’s lifestyle channel, Cleo TV, which will further enhance our ability to entertain and inform our core consumers.”