Urban One, Inc. (UONE) saw a decline of 9.09% in the premarket today. However, the last trading session concluded at $11 with an increase of 5.16%.
Launch of La Grande 101.5 FM WIZF
On 1st November 2021, UONE announced the inauguration of La Grande 101.5 FM WIZF HD-2. La Grande is a Hispanic radio station that mixes regional Mexican and tropical music to appeal to a wider Hispanic audience while also offering culturally appropriate programming for Radio One’s international audience. Moreover, the Cincinnati footprint of Radio One has been noted for its strong relationships with African American and urban areas for over 40 years.
With the addition of La Grande, Radio One Cincinnati will join Radio One Columbus and Indianapolis in delivering advertising alternatives for businesses looking to reach the African American, Hispanic, and LatinX populations under one roof. The company is excited to bring enthusiasm to Queen City, after the success of our La Grande stations in Columbus and Indianapolis. Not only this but the company is willing to provide interesting programming and a focus on the different business requirements of the Greater Cincinnati Spanish-speaking community.
Second Quarter Results in 2021
UONE announced second-quarter results in 2021 on 5th August 2021. The company reported net sales of $107.6 million, which is 41.6 percent more from the same time last year. Broadcast and digital operating income came out to be $49.6 million, more than 64.3 percent from the same time last year. Moreover, the Company recorded an operating income of about $37.9 million, compared to approximately $20.4 million for the same period in 2020.
Overall, the company had a fantastic second quarter, with Adjusted EBITDA increasing by 82.4 percent year over year and exceeding our pre-pandemic Adjusted EBITDA for Q2 2019. Across the whole Urban One platform, the company is seeing an unprecedented amount of advertising interest in its audience. Lastly, the radio advertising industry rebounded strongly from the pandemic’s greatest effects, with sector sales up 73.0% and radio syndication revenues up 50.20%.
First Quarter Results 2021
UONE announced the first quarter 2021 results on 12th May 2021. In the first quarter of 2020, net sales were $91.4 million, down 3.6 percent from the same period the previous year. Operating income from broadcast and digital media was $36.4 million. Not only this but the Company earned $23.8 million in operational income, compared to a loss of $27.3 million for the same period in 2020. Furthermore, adjusted EBITDA was about $28.8 million, compared to $32.3 million for the same period in 2020.
After accounting for $1.4 million in one-time Richmond casino pursue expenses, Adjusted EBITDA was down 6.3 percent year over year, which was good given pre-COVID radio comparisons for January and February and a lack of political income. Lastly, the Adjusted EBITDA increased by roughly 4.1 percent in Q1 2019 which was a pre-pandemic and off-cycle political period.