After a significant delay that almost saw the company removed from the Nasdaq stock exchange, Urban One has reported its results for the fourth quarter of 2022. The company showed a year-over-year increase in net revenue of approximately 1.6% compared to the same period in 2021.
Net income for the quarter was $856,000, down from $5.3 million in the previous year. The company’s overall operating income for the quarter decreased to approximately $14.3 million from $20.3 million in 2021, However, broadcast and digital operating income increased by 7.9%.
Urban One’s CEO and President, Alfred C. Liggins, III, mentioned that the radio division outperformed the overall market, thanks to political advertising. He also noted that the company’s digital segment grew revenue by 24%, although margins were affected by higher costs. Liggins expressed optimism for the full-year outlook, expecting to compare favorably to pre-pandemic 2019 results.
Urban One’s preliminary results for 2023 indicate that same-station radio segment revenue increased by 2.0% in Q1, although a slowdown is observed in Q2. Reach Media saw an 8.8% increase in revenues in the first quarter, and the digital segment bounced back with mid-single-digit revenue growth in Q2.
The report highlights that Urban One’s radio markets are down slightly in the first half of 2023 compared to the industry average, but the acquisition of Indianapolis radio stations will help offset the lack of political revenues. The company plans to discuss the full-year outlook for 2023 in its Friday morning earnings call.
