URBAN ONE INC
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 9, 2024
UONE$3.95-2.7%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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PART I. FINANCIAL INFORMATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| NET REVENUES | $117,744 | $129,652 | $222,154 | $239,521 |
| OPERATING EXPENSES: | ||||
| Programming and technical, including stock-based compensation of $7, $7, $14 and $70, respectively | 33,263 | 32,554 | 65,929 | 66,471 |
| Selling, general and administrative, including stock-based compensation of $156, $154, $319 and $313, respectively | 50,448 | 49,931 | 90,348 | 86,805 |
| Corporate selling, general and administrative, including stock-based compensation of $916, $2,160, $2,130 and $5,215, respectively | 10,703 | 13,545 | 27,809 | 25,130 |
| Depreciation and amortization | 2,993 | 1,886 | 4,843 | 4,483 |
| Impairment of goodwill, intangible assets, and long-lived assets | 80,758 | 22,081 | 80,758 | 38,856 |
| Total operating expenses | 178,165 | 119,997 | 269,687 | 221,745 |
| Operating (loss) income | (60,421) | 9,655 | (47,533) | 17,776 |
| INTEREST INCOME | 1,777 | 1,898 | 3,775 | 2,232 |
| INTEREST EXPENSE | 12,404 | 13,972 | 25,402 | 28,040 |
| GAIN ON RETIREMENT OF DEBT | 7,425 | — | 15,299 | 2,356 |
| OTHER INCOME, NET | 14 | 96,773 | 900 | 96,460 |
| (Loss) income from consolidated operations before (benefit from) provision for income taxes | (63,609) | 94,354 | (52,961) | 90,784 |
| (BENEFIT FROM) PROVISION FOR INCOME TAXES | (18,512) | 23,197 | (16,010) | 22,037 |
| NET (LOSS) INCOME FROM CONSOLIDATED OPERATIONS | (45,097) | 71,157 | (36,951) | 68,747 |
| LOSS FROM UNCONSOLIDATED JOINT VENTURE | — | — | (411) | — |
| NET (LOSS) INCOME | (45,097) | 71,157 | (37,362) | 68,747 |
| NET INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 334 | 791 | 576 | 1,303 |
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS | $(45,431) | $70,366 | $(37,938) | $67,444 |
| NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS (per share) | ||||
| Basic | $(0.94) | $1.48 | $(0.78) | $1.42 |
| Diluted | $(0.94) | $1.39 | $(0.78) | $1.34 |
| WEIGHTED AVERAGE SHARES OUTSTANDING: | ||||
| Basic | 48,483,639 | 47,629,163 | 48,434,513 | 47,514,722 |
| Diluted | 48,483,639 | 50,616,435 | 48,434,513 | 50,373,714 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(In thousands)
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| NET (LOSS) INCOME | $(45,097) | $71,157 | $(37,362) | $68,747 |
| Reclassification adjustment for realized gain on available-for-sale securities included in net income | — | (96,826) | — | (96,826) |
| Income tax provision related to reclassification for realized gain | — | 23,599 | — | 23,599 |
| OTHER COMPREHENSIVE LOSS, NET OF TAX | — | (73,227) | — | (73,227) |
| COMPREHENSIVE LOSS | $(45,097) | $(2,070) | $(37,362) | $(4,480) |
| LESS: COMPREHENSIVE INCOME ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 334 | 791 | 576 | 1,303 |
| COMPREHENSIVE LOSS ATTRIBUTABLE TO COMMON STOCKHOLDERS | $(45,431) | $(2,861) | $(37,938) | $(5,783) |
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