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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Urban One Inc | NASDAQ:UONEK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.10 | 6.37% | 1.67 | 1.60 | 2.03 | 1.67 | 1.56 | 1.60 | 45,379 | 01:00:00 |
Delaware
(State or other jurisdiction of
incorporation or organization)
|
52-1166660
(I.R.S. Employer Identification No.)
|
o
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
|
o
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
|
o
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)
|
|
o
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)
|
Exhibit Number
|
Description
|
|
99.1 |
Press release dated August 4, 2016: Radio One, Inc. Reports Second Quarter Results.
|
RADIO ONE, INC.
|
||||||||||
/s/ Peter D. Thompson
|
||||||||||
August 05, 2016 |
Peter D. Thompson
|
|||||||||
Chief Financial Officer and Principal Accounting Officer
|
RESULTS OF OPERATIONS |
|
|||||||||||||||
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||||||
|
2016
|
2015
|
2016
|
2015
|
||||||||||||
STATEMENT OF OPERATIONS
|
(unaudited)
|
(unaudited, as reclassified2)
|
(unaudited)
|
(unaudited, as reclassified2)
|
||||||||||||
(in thousands, except share data)
|
(in thousands, except share data)
|
|||||||||||||||
NET REVENUE
|
$ | 122,719 | $ | 119,821 | $ | 231,807 | $ | 225,584 | ||||||||
OPERATING EXPENSES
|
||||||||||||||||
Programming and technical, excluding stock-based compensation
|
30,693 | 31,425 | 64,696 | 65,882 | ||||||||||||
Selling, general and administrative, excluding stock-based compensation
|
43,092 | 42,002 | 78,541 | 77,017 | ||||||||||||
Corporate selling, general and administrative, excluding stock-based compensation
|
11,878 | 11,429 | 23,252 | 21,458 | ||||||||||||
Stock-based compensation
|
765 | 1,198 | 1,537 | 2,779 | ||||||||||||
Depreciation and amortization
|
8,572 | 8,980 | 17,254 | 18,068 | ||||||||||||
Total operating expenses
|
95,000 | 95,034 | 185,280 | 185,204 | ||||||||||||
Operating income
|
27,719 | 24,787 | 46,527 | 40,380 | ||||||||||||
INTEREST INCOME
|
55 | 28 | 123 | 35 | ||||||||||||
INTEREST EXPENSE
|
20,531 | 20,019 | 41,169 | 39,264 | ||||||||||||
GAIN (LOSS) ON RETIREMENT OF DEBT
|
2,646 | (7,091 | ) | 2,646 | (7,091 | ) | ||||||||||
OTHER (INCOME) EXPENSE, net
|
(43 | ) | 437 | (54 | ) | 285 | ||||||||||
Income (loss) before provision for income taxes and noncontrolling interest in income of subsidiaries
|
9,932 | (2,732 | ) | 8,181 | (6,225 | ) | ||||||||||
PROVISION FOR INCOME TAXES
|
2,183 | 9,942 | 3,958 | 18,472 | ||||||||||||
CONSOLIDATED NET INCOME (LOSS)
|
7,749 | (12,674 | ) | 4,223 | (24,697 | ) | ||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
435 | 365 | 856 | 6,831 | ||||||||||||
CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | 7,314 | $ | (13,039 | ) | $ | 3,367 | $ | (31,528 | ) | ||||||
AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
||||||||||||||||
CONSOLIDATED NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | 7,314 | $ | (13,039 | ) | $ | 3,367 | $ | (31,528 | ) | ||||||
Weighted average shares outstanding - basic3
|
48,110,440 | 48,062,991 | 48,387,482 | 47,840,082 | ||||||||||||
Weighted average shares outstanding - diluted4
|
49,279,142 | 48,062,991 | 49,561,381 | 47,840,082 |
Three Months Ended June 30,
|
Six Months Ended June 30,
|
|||||||||||
2016
|
2015
|
2016
|
2015
|
|||||||||
PER SHARE DATA - basic and diluted:
|
(unaudited)
|
(unaudited, as reclassified2) |
(unaudited)
|
(unaudited, as reclassified2)
|
||||||||
(in thousands, except per share data)
|
(in thousands, except per share data)
|
|||||||||||
Consolidated net income (loss) attributable to common stockholders (basic)
|
$ | 0.15 | $ | (0.27 | ) | $ | 0.07 | $ | (0.66 | ) | ||
Consolidated net income (loss) attributable to common stockholders (diluted)
|
$ | 0.15 | $ | (0.27 | ) | $ | 0.07 | $ | (0.66 | ) | ||
SELECTED OTHER DATA
|
||||||||||||
Station operating income 1
|
$ | 48,934 | $ | 46,394 | $ | 88,570 | $ | 82,685 | ||||
Station operating income margin (% of net revenue)
|
39.9 | % | 38.7 | % | 38.2 | % | 36.7 | % | ||||
Station operating income reconciliation:
|
||||||||||||
Consolidated net income (loss) attributable to common stockholders
|
$ | 7,314 | $ | (13,039 | ) | $ | 3,367 | $ | (31,528 | ) | ||
Add back non-station operating income items included in consolidated net income (loss):
|
||||||||||||
Interest income
|
(55 | ) | (28 | ) | (123 | ) | (35 | ) | ||||
Interest expense
|
20,531 | 20,019 | 41,169 | 39,264 | ||||||||
Provision for income taxes
|
2,183 | 9,942 | 3,958 | 18,472 | ||||||||
Corporate selling, general and administrative expenses
|
11,878 | 11,429 | 23,252 | 21,458 | ||||||||
Stock-based compensation
|
765 | 1,198 | 1,537 | 2,779 | ||||||||
(Gain) loss on retirement of debt
|
(2,646 | ) | 7,091 | (2,646 | ) | 7,091 | ||||||
Other (income) expense, net
|
(43 | ) | 437 | (54 | ) | 285 | ||||||
Depreciation and amortization
|
8,572 | 8,980 | 17,254 | 18,068 | ||||||||
Noncontrolling interest in income of subsidiaries
|
435 | 365 | 856 | 6,831 | ||||||||
Station operating income
|
$ | 48,934 | $ | 46,394 | $ | 88,570 | $ | 82,685 | ||||
Adjusted EBITDA5
|
$ | 39,933 | $ | 36,429 | $ | 70,666 | $ | 63,534 | ||||
Adjusted EBITDA reconciliation:
|
||||||||||||
Consolidated net income (loss) attributable to common stockholders:
|
$ | 7,314 | $ | (13,039 | ) | $ | 3,367 | $ | (31,528 | ) | ||
Interest income
|
(55 | ) | (28 | ) | (123 | ) | (35 | ) | ||||
Interest expense
|
20,531 | 20,019 | 41,169 | 39,264 | ||||||||
Provision for income taxes
|
2,183 | 9,942 | 3,958 | 18,472 | ||||||||
Depreciation and amortization
|
8,572 | 8,980 | 17,254 | 18,068 | ||||||||
EBITDA
|
$ | 38,545 | $ | 25,874 | $ | 65,625 | $ | 44,241 | ||||
Stock-based compensation
|
765 | 1,198 | 1,537 | 2,779 | ||||||||
(Gain) loss on retirement of debt
|
(2,646 | ) | 7,091 | (2,646 | ) | 7,091 | ||||||
Other (income) expense, net
|
(43 | ) | 437 | (54 | ) | 285 | ||||||
Noncontrolling interest in income of subsidiaries
|
435 | 365 | 856 | 6,831 | ||||||||
Employment Agreement Award and incentive plan award expenses
|
2,536 | 1,094 | 4,775 | 1,462 | ||||||||
Severance-related costs*
|
341 | 370 | 573 | 845 | ||||||||
Adjusted EBITDA
|
$ | 39,933 | $ | 36,429 | $ | 70,666 | $ | 63,534 | ||||
*The Company has modified the definition of Adjusted EBITDA for the inclusion of severance-related costs.
|
||||||||||||
All prior periods have been reclassified to conform to the current period presentation.
|
June 30, 2016
|
December 31, 2015
|
|||||
(unaudited)
|
||||||
(in thousands)
|
||||||
SELECTED BALANCE SHEET DATA:
|
||||||
Cash and cash equivalents
|
$ | 54,131 | $ | 67,376 | ||
Intangible assets, net
|
1,032,172 | 1,042,956 | ||||
Total assets
|
1,350,645 | 1,346,524 | ||||
Total debt (including current portion, net of original issue discount and issuance costs)
|
1,005,349 | 1,024,337 | ||||
Total liabilities
|
1,403,605 | 1,407,062 | ||||
Total deficit
|
(65,391 | ) | (71,824 | ) | ||
Redeemable noncontrolling interest
|
12,431 | 11,286 | ||||
Current Amount Outstanding
|
Applicable Interest Rate
|
|||||
(in thousands) |
|
|||||
SELECTED LEVERAGE DATA:
|
||||||
2015 Credit Facility, net of original issue discount and issuance costs of approximately $10.1 million (subject to variable rates) (a)
|
$ | 336,428 | 5.14 | % | ||
9.25% senior subordinated notes due February 2020, net of original issue discount and issuance costs of approximately $2.6 million (fixed rate)
|
312,364 | 9.25 | % | |||
7.375% senior secured notes due April 2022, net of original issue discount and issuance costs of approximately $5.3 million (fixed rate)
|
344,685 | 7.375 | % | |||
Comcast Note due April 2019 (fixed rate)
|
11,872 | 10.47 | % |
(a)
|
Subject to variable Libor plus a spread that is incorporated into the applicable interest rate set forth above.
|
Three Months Ended June 30,
|
|||||||||||||
2016
|
2015
|
$ Change
|
% Change
|
||||||||||
(Unaudited)
|
|||||||||||||
(in thousands)
|
|||||||||||||
Net Revenue:
|
|||||||||||||
Radio Advertising
|
$ | 56,068 | $ | 55,298 | $ | 770 | 1.4 | % | |||||
Political Advertising
|
852 | 449 | 403 | 89.8 | % | ||||||||
Digital Advertising
|
6,027 | 5,811 | 216 | 3.7 | % | ||||||||
Cable Television Advertising
|
20,170 | 20,608 | (438 | ) | -2.1 | % | |||||||
Cable Television Affiliate Fees
|
27,403 | 24,975 | 2,428 | 9.7 | % | ||||||||
Event Revenues & Other
|
12,199 | 12,680 | (481 | ) | -3.8 | % | |||||||
Net Revenue (as reported)
|
$ | 122,719 | $ | 119,821 | $ | 2,898 | 2.4 | % |
Three Months Ended June 30, 2016
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Radio
|
Reach
|
Cable
|
Corporate/
|
|||||||||||||||||||||
Consolidated
|
Broadcasting
|
Media
|
Internet
|
Television
|
Eliminations
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$ | 122,719 | $ | 53,135 | $ | 18,829 | $ | 4,874 | $ | 47,553 | $ | (1,672 | ) | |||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
30,693 | 10,074 | 5,789 | 1,877 | 14,151 | (1,198 | ) | |||||||||||||||||
Selling, general and administrative
|
43,092 | 21,336 | 9,681 | 3,237 | 9,311 | (473 | ) | |||||||||||||||||
Corporate selling, general and administrative
|
11,878 | - | 1,129 | - | 2,854 | 7,895 | ||||||||||||||||||
Stock-based compensation
|
765 | 55 | 10 | 4 | - | 696 | ||||||||||||||||||
Depreciation and amortization
|
8,572 | 1,077 | 47 | 438 | 6,552 | 458 | ||||||||||||||||||
Total operating expenses
|
95,000 | 32,542 | 16,656 | 5,556 | 32,868 | 7,378 | ||||||||||||||||||
Operating income (loss)
|
27,719 | 20,593 | 2,173 | (682 | ) | 14,685 | (9,050 | ) | ||||||||||||||||
INTEREST INCOME
|
55 | - | - | - | - | 55 | ||||||||||||||||||
INTEREST EXPENSE
|
20,531 | 330 | - | - | 1,919 | 18,282 | ||||||||||||||||||
GAIN ON RETIREMENT OF DEBT
|
2,646 | - | - | - | - | 2,646 | ||||||||||||||||||
OTHER INCOME, net
|
(43 | ) | (5 | ) | - | - | - | (38 | ) | |||||||||||||||
Income (loss) before provision for income taxes and noncontrolling interest in income of subsidiaries
|
9,932 | 20,268 | 2,173 | (682 | ) | 12,766 | (24,593 | ) | ||||||||||||||||
PROVISION FOR INCOME TAXES
|
2,183 | 2,116 | 37 | 20 | 10 | - | ||||||||||||||||||
CONSOLIDATED NET INCOME (LOSS)
|
7,749 | 18,152 | 2,136 | (702 | ) | 12,756 | (24,593 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
435 | - | - | - | - | 435 | ||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | 7,314 | $ | 18,152 | $ | 2,136 | $ | (702 | ) | $ | 12,756 | $ | (25,028 | ) | ||||||||||
Adjusted EBITDA5
|
$ | 39,933 | $ | 22,017 | $ | 2,271 | $ | (238 | ) | $ | 21,236 | $ | (5,353 | ) |
Three Months Ended June 30, 2015
|
||||||||||||||||||||||||
(in thousands, unaudited, as reclassified2)
|
||||||||||||||||||||||||
Radio
|
Reach
|
Cable
|
Corporate/
|
|||||||||||||||||||||
Consolidated
|
Broadcasting
|
Media
|
Internet
|
Television
|
Eliminations
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$ | 119,821 | $ | 53,243 | $ | 18,315 | $ | 4,516 | $ | 45,594 | $ | (1,847 | ) | |||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
31,425 | 10,270 | 5,621 | 1,996 | 14,732 | (1,194 | ) | |||||||||||||||||
Selling, general and administrative
|
42,002 | 23,211 | 9,519 | 3,192 | 7,352 | (1,272 | ) | |||||||||||||||||
Corporate selling, general and administrative
|
11,429 | - | 1,138 | - | 3,488 | 6,803 | ||||||||||||||||||
Stock-based compensation
|
1,198 | 32 | - | 17 | - | 1,149 | ||||||||||||||||||
Depreciation and amortization
|
8,980 | 1,169 | 268 | 473 | 6,542 | 528 | ||||||||||||||||||
Total operating expenses
|
95,034 | 34,682 | 16,546 | 5,678 | 32,114 | 6,014 | ||||||||||||||||||
Operating income (loss)
|
24,787 | 18,561 | 1,769 | (1,162 | ) | 13,480 | (7,861 | ) | ||||||||||||||||
INTEREST INCOME
|
28 | - | - | - | (11 | ) | 39 | |||||||||||||||||
INTEREST EXPENSE
|
20,019 | 305 | - | - | 2,254 | 17,460 | ||||||||||||||||||
LOSS ON RETIREMENT OF DEBT
|
(7,091 | ) | - | - | - | - | (7,091 | ) | ||||||||||||||||
OTHER EXPENSE, net
|
437 | 27 | - | - | 92 | 318 | ||||||||||||||||||
(Loss) income before provision for income taxes and noncontrolling interest in income of subsidiaries
|
(2,732 | ) | 18,229 | 1,769 | (1,162 | ) | 11,123 | (32,691 | ) | |||||||||||||||
PROVISION FOR INCOME TAXES
|
9,942 | 9,912 | 30 | - | - | - | ||||||||||||||||||
CONSOLIDATED NET (LOSS) INCOME
|
(12,674 | ) | 8,317 | 1,739 | (1,162 | ) | 11,123 | (32,691 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
365 | - | - | - | - | 365 | ||||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (13,039 | ) | $ | 8,317 | $ | 1,739 | $ | (1,162 | ) | $ | 11,123 | $ | (33,056 | ) | |||||||||
Adjusted EBITDA5
|
$ | 36,429 | $ | 20,015 | $ | 2,037 | $ | (654 | ) | $ | 20,121 | $ | (5,090 | ) |
Six Months Ended June 30, 2016
|
||||||||||||||||||||||||
(in thousands, unaudited)
|
||||||||||||||||||||||||
Radio
|
Reach
|
Cable
|
Corporate/
|
|||||||||||||||||||||
Consolidated
|
Broadcasting
|
Media
|
Internet
|
Television
|
Eliminations
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$ | 231,807 | $ | 97,894 | $ | 29,798 | $ | 10,294 | $ | 97,036 | $ | (3,215 | ) | |||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
64,696 | 19,969 | 11,578 | 3,695 | 31,732 | (2,278 | ) | |||||||||||||||||
Selling, general and administrative
|
78,541 | 40,887 | 11,718 | 6,630 | 20,243 | (937 | ) | |||||||||||||||||
Corporate selling, general and administrative
|
23,252 | - | 2,076 | - | 5,316 | 15,860 | ||||||||||||||||||
Stock-based compensation
|
1,537 | 139 | 21 | 6 | - | 1,371 | ||||||||||||||||||
Depreciation and amortization
|
17,254 | 2,221 | 89 | 881 | 13,105 | 958 | ||||||||||||||||||
Total operating expenses
|
185,280 | 63,216 | 25,482 | 11,212 | 70,396 | 14,974 | ||||||||||||||||||
Operating income (loss)
|
46,527 | 34,678 | 4,316 | (918 | ) | 26,640 | (18,189 | ) | ||||||||||||||||
INTEREST INCOME
|
123 | - | - | - | - | 123 | ||||||||||||||||||
INTEREST EXPENSE
|
41,169 | 671 | - | - | 3,838 | 36,660 | ||||||||||||||||||
GAIN ON RETIREMENT OF DEBT
|
2,646 | - | - | - | - | 2,646 | ||||||||||||||||||
OTHER INCOME, net
|
(54 | ) | (5 | ) | - | - | - | (49 | ) | |||||||||||||||
Income (loss) before provision for income taxes and noncontrolling interest in income of subsidiaries
|
8,181 | 34,012 | 4,316 | (918 | ) | 22,802 | (52,031 | ) | ||||||||||||||||
PROVISION FOR INCOME TAXES
|
3,958 | 3,845 | 74 | 20 | 19 | - | ||||||||||||||||||
CONSOLIDATED NET INCOME (LOSS)
|
4,223 | 30,167 | 4,242 | (938 | ) | 22,783 | (52,031 | ) | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
856 | - | - | - | - | 856 | ||||||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | 3,367 | $ | 30,167 | $ | 4,242 | $ | (938 | ) | $ | 22,783 | $ | (52,887 | ) | ||||||||||
Adjusted EBITDA5
|
$ | 70,666 | $ | 37,510 | $ | 4,488 | $ | (22 | ) | $ | 39,741 | $ | (11,051 | ) |
Six Months Ended June 30, 2015
|
||||||||||||||||||||||||
(in thousands, unaudited, as reclassified2)
|
||||||||||||||||||||||||
Radio
|
Reach
|
Cable
|
Corporate/
|
|||||||||||||||||||||
Consolidated
|
Broadcasting
|
Media
|
Internet
|
Television
|
Eliminations
|
|||||||||||||||||||
STATEMENT OF OPERATIONS:
|
||||||||||||||||||||||||
NET REVENUE
|
$ | 225,584 | $ | 98,212 | $ | 29,022 | $ | 10,260 | $ | 91,327 | $ | (3,237 | ) | |||||||||||
OPERATING EXPENSES:
|
||||||||||||||||||||||||
Programming and technical
|
65,882 | 20,446 | 11,271 | 4,299 | 32,181 | (2,315 | ) | |||||||||||||||||
Selling, general and administrative
|
77,017 | 44,463 | 11,392 | 6,578 | 16,745 | (2,161 | ) | |||||||||||||||||
Corporate selling, general and administrative
|
21,458 | - | 2,317 | - | 6,435 | 12,706 | ||||||||||||||||||
Stock-based compensation
|
2,779 | 139 | - | 38 | - | 2,602 | ||||||||||||||||||
Depreciation and amortization
|
18,068 | 2,325 | 532 | 1,112 | 13,046 | 1,053 | ||||||||||||||||||
Total operating expenses
|
185,204 | 67,373 | 25,512 | 12,027 | 68,407 | 11,885 | ||||||||||||||||||
Operating income (loss)
|
40,380 | 30,839 | 3,510 | (1,767 | ) | 22,920 | (15,122 | ) | ||||||||||||||||
INTEREST INCOME
|
35 | - | - | - | (93 | ) | 128 | |||||||||||||||||
INTEREST EXPENSE
|
39,264 | 610 | - | - | 5,293 | 33,361 | ||||||||||||||||||
LOSS ON RETIREMENT OF DEBT
|
(7,091 | ) | - | - | - | - | (7,091 | ) | ||||||||||||||||
OTHER EXPENSE, net
|
285 | 55 | - | - | 92 | 138 | ||||||||||||||||||
(Loss) income before provision for income taxes and noncontrolling interest in income of subsidiaries
|
(6,225 | ) | 30,174 | 3,510 | (1,767 | ) | 17,442 | (55,584 | ) | |||||||||||||||
PROVISION FOR INCOME TAXES
|
18,472 | 18,411 | 61 | - | - | - | ||||||||||||||||||
CONSOLIDATED NET (LOSS) INCOME
|
(24,697 | ) | 11,763 | 3,449 | (1,767 | ) | 17,442 | (55,584 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
|
6,831 | - | - | - | - | 6,831 | ||||||||||||||||||
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS
|
$ | (31,528 | ) | $ | 11,763 | $ | 3,449 | $ | (1,767 | ) | $ | 17,442 | $ | (62,415 | ) | |||||||||
Adjusted EBITDA5
|
$ | 63,534 | $ | 33,963 | $ | 4,046 | $ | (581 | ) | $ | 36,103 | $ | (9,997 | ) |
1 Year Urban One Chart |
1 Month Urban One Chart |
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