Urban One Files 8-K on Operations and Financials

TL;DR

Urban One dropped an 8-K on June 10th detailing operational and financial updates. Check it out.

AI Summary

Urban One, Inc. filed an 8-K on June 13, 2024, reporting on events that occurred on June 10, 2024. The filing pertains to results of operations, financial condition, and other events, including financial statements and exhibits. The company, formerly known as Radio One, Inc., is incorporated in Delaware and operates in the radio broadcasting industry.

Why It Matters

This filing provides investors with crucial updates on Urban One's operational and financial performance, impacting their investment decisions.

Risk Assessment

Risk Level: medium — 8-K filings can contain significant financial and operational news that may impact a company's stock price.

Key Numbers

• 0-25969 — SEC File Number (Identifies the company's filing history with the SEC.)
• 52-1166660 — IRS Employer Identification No. (Company's tax identification number.)

Key Players & Entities

• URBAN ONE, INC. (company) — Registrant
• RADIO ONE, INC. (company) — Former Company Name
• June 10, 2024 (date) — Date of earliest event reported
• June 13, 2024 (date) — Date of Report
• Delaware (jurisdiction) — State of Incorporation

FAQ

Key Financial Figures

• $110 — to achieve Adjusted EBITDA in the range $110-120 million, with the range driven by b
• $162.9 million — as of June 10, 2024, was approximately $162.9 million. The Company noted it would continue a

Filing Documents

• uone-20240610x8k.htm (8-K) — 39KB
• uone-20240610xex99d1.htm (EX-99.1) — 1041KB
• uone-20240610x8k001.jpg (GRAPHIC) — 3KB
• 0001558370-24-009142.txt ( ) — 1297KB
• uone-20240610.xsd (EX-101.SCH) — 4KB
• uone-20240610_def.xml (EX-101.DEF) — 14KB
• uone-20240610_lab.xml (EX-101.LAB) — 19KB
• uone-20240610_pre.xml (EX-101.PRE) — 14KB
• uone-20240610x8k_htm.xml (XML) — 7KB

02 Results of Operations and Financial Condition

Item 2.02 Results of Operations and Financial Condition. On June 10, 2024, Urban One, Inc. (the "Company") issued a press release setting forth the results for its quarter and year ended December 31, 2023 and for the quarter ended March 31, 2024. A copy of the press release is attached as Exhibit 99.1.

01 Other Events

Item 8.01 Other Events. On June 10, 2024, the Company announced that it had received notice from the Nasdaq Stock Market, LLC ("Nasdaq") confirming that it has regained compliance with Nasdaq Listing Rule 5250(c) (the "Periodic Filing Rule") which requires listed companies to timely file all required periodic financial reports with the Securities and Exchange Commission (the "SEC"). The Company filed both its Annual Report on Form 10-K for the year ended December 31, 2023, and its Quarterly Report on Form 10-Q for the period ended March 31, 2024, on June 7, 2024, bringing the Company into compliance with the Periodic Filing Rule. With the Company in compliance with the Periodic Filing Rule, Nasdaq has ceased any action to delist the Company's securities. During the course of its earnings call, the Company gave a number of updates on current year outlook. First, the Company noted that for the year-ended December 31, 2024, it expects to achieve Adjusted EBITDA in the range $110-120 million, with the range driven by business/revenue mix and the contribution of political revenue. Next, the Company noted that radio segment net revenue for the quarter ended June 30, 2024, was currently pacing down approximately 3 percent on a same station basis. Radio segment net revenue for the second quarter is pacing up mid-single digits overall. Finally, the Company noted that its cash position as of June 10, 2024, was approximately $162.9 million. The Company noted it would continue a disciplined capital allocation strategy with a focus debt management/reduction and accretive corporate development opportunities.

01. Financial Statements and Exhibits

ITEM 9.01. Financial Statements and Exhibits. (c)Exhibits Exhibit Number Description 99.1 Press release dated June 10, 2024: Urban One Reports Year End 2023 and First Quarter 2024 Results 104 Cover Page Interactive Data File (formatted in Inline XBRL and contained in Exhibit 101)

Forward Looking Statements

Forward Looking Statements The Company cautions you certain of the statements in this Form 8-K or in its press release may represent "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. These statements are based on assumptions believed by the Company to be reasonable and speak only as of the date on which such statements are made. Without limiting the generality of the foregoing, words such as "expect," "believe," "anticipate," "intend," "plan," "project," "will" or "estimate," or the negative or other variations thereof or comparable terminology are intended to identify forward-looking statements. Except as required by law, the Company undertakes no obligation to update such statements to reflect events or circumstances arising after such date and cautions investors not to place undue reliance on any such forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those described in the statements based on a number of factors, including but not limited to the following: any recurrence of the COVID-19 pandemic or and other health epidemics or pandemics on the global economy; the cost and availability of capital or credit facility borrowings; the ability to obtain equity financing; general market conditions; the adequacy of cash flows or available debt resources to fund operations; and other risk factors described from time to time in the Company's Forms 10-K, Forms 10-K/A, Forms 10-Q, Forms 10-Q/A and Form 8-K reports (including all amendments to those reports). SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. URBAN ONE, INC. /s/ Peter D. Thompson June 13, 2024 Peter D. Thompson Chief Financ

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View this 8-K filing on SEC EDGAR