Urban One Q2 revenue up 10.4% to $118.8M; reports material weakness, casino vote delayed to 2023

URBAN ONE, INC.

2022-Q2 EPS reported $0.57 revenue$231,159,000

Net revenue $118.8M (+10.4% YoY); net income $15.0M ($0.30 basic) vs $17.9M ($0.36 basic) last year.
Adjusted EBITDA $47.5M (+6.1% YoY); broadcast and digital operating income $55.1M (+11.2%).
Q3 core radio pacing down low-to-mid single digits; CEO still expects consolidated revenue growth in Q3.
Material weakness in internal controls over radio broadcast license valuation; will amend 2021 10-K and Q1 2022 10-Q.
Richmond casino referendum moved to 2023; withdrew 2022 petition after citing desire to avoid protracted legal dispute.

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