Welcome to our dedicated page for Urban One news (Ticker: UONE), a resource for investors and traders seeking the latest updates and insights on Urban One stock.
Urban One, Inc. operates an urban-oriented multimedia business built around radio broadcasting, Reach Media, digital operations including Interactive One, and cable television through TV One Networks. Its programming and advertising platforms target African-American and urban audiences across broadcast, digital and cable channels.
Company news commonly centers on quarterly operating results, conference calls, broadcast and digital revenue trends, TV One and CLEO TV distribution updates, branded entertainment initiatives such as ONE Voyage, and corporate actions affecting governance, shareholder voting and capital structure.
Urban One (NASDAQ: UONE) reported a net revenue of $477.7 million for FY 2023, a decline of 1.4% compared to 2022. The company experienced an operating loss of $31.6 million, a significant drop from the $91.1 million operating income in 2022. Broadcast and digital operating income decreased by 16.5% to $168.4 million. Net income fell to $2.1 million, or $0.04 per share, down from $34.3 million or $0.70 per share in 2022. Adjusted EBITDA for FY 2023 was $128.4 million, down from $165.2 million in 2022.
For Q1 2024, net revenue was $104.4 million, a 5.0% decrease from Q1 2023. Operating income rose to $12.9 million from $8.1 million. Net income improved to $7.5 million, or $0.15 per share, compared to a $2.9 million loss in Q1 2023. Adjusted EBITDA was $21.5 million, down from $30.3 million in Q1 2023.
CEO Alfred C. Liggins III noted a drop in radio division revenue due to reduced political advertising and highlighted industry-wide concerns about cable TV subscriber churn. Despite these challenges, the company remains optimistic about future political advertising revenue.
Urban One (NASDAQ: UONEK; UONE) has announced a conference call for investors and analysts to discuss the results of the fourth fiscal quarter of 2023 and the first fiscal quarter of 2024. The call is scheduled for June 10, 2024, at 4:30 p.m. EDT. U.S. participants can dial 1-844-291-5494, while international callers can use +1-409-207-6995 with Access Code 9666446. A replay of the call will be available on the same day from 7:30 p.m. EDT until June 17, 2024, by dialing 1-866-207-1041 or +1-402-970-0847 with Access Code 1372800. Additionally, the live audio and replay will be accessible on Urban One's website.
Urban One, Inc. (UONE) announced on May 24, 2024, that it received a second delinquency notification from Nasdaq on May 23, 2024. This notice is due to the failure to file the Q1 2024 Form 10-Q on time, adding to the previously unfiled 2023 Form 10-K. The company must file these documents by June 7, 2024, or submit a compliance plan to Nasdaq. If accepted, the plan might extend the deadline to September 30, 2024. Urban One is working to meet the June 7 deadline to avoid the need for a formal plan. Currently, there is no immediate impact on the stock's Nasdaq listing, but failure to comply could lead to delisting.
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