As the company races to catch up on its financial disclosures to regain favor with the Nasdaq stock market, Urban One has finally released its 2023 Q1 and Q2 earnings statements. The results come from the accounting firm EY after a change from BDO, caused by initial errors related to Urban One’s ill-fated casino plans.
The recalculations impacted the company’s previously reported financial statements, leading to a downward adjustment in the net income for the year 2022. Despite this, Urban One’s long-term debt decreased from $739 million at the end of 2022 to $714.78 million at the end of Q1 2023.
First quarter net revenue finished down year over year, at $109.8 million from $112.1 million, leading to an overall $2.9 million loss. The Q2 2023 results show a much more positive outlook for the company, with net revenue climbing to $129.65 million, up from $118,657 YoY. Urban One’s Radio and Digital revenue segments grew in Q2 2023, and event revenue significantly increased compared to Q2 2022.
Radio advertising was Urban One’s largest source of revenue in the first half of 2023, finishing at $88.2 million – a 5.3% increase from 2022. Digital is also up 1.7%. Meanwhile, Cable TV advertising and affiliate fees are down 5.8% and 7.8%, respectively.
The company is now working to file its Q3 2023 Form 10-Q by December 31 and will present its plan to comply with Nasdaq listing criteria at a hearing scheduled for November 30.
