“Overall we had an extremely strong second quarter,” Urban One President/CEO Alfred Liggins III said Thursday ahead of his company’s earnings call.
Not only was Adjusted EBITDA up 82.4% year-over-year, but the media company superserving Black consumers also surpassed its Q2 2019 pre-pandemic Adjusted EBITDA.
Net revenue increased to $107.59 million from $76 million. And, even with increased expenses as the economy reopened from the pandemic, consolidated net income surged to $17.87 million ($0.33 per diluted share) from $1.42 million ($0.03).
Adjusted EBITDA? That came in at $44.77 million, increasing from $24.54 million.
The biggest takeaway for Urban One? One year ago, COVID-19 ravaged its Radio One division, lowering revenue to just above what the company sees from its cable TV affiliate fees.
In Q2 2021, Radio roared back.
Within the Radio Advertising segment is Reach Media, Urban One’s national media arm. In Q2, segment revenue climbed to $9.4 million from $6.3 million.
Meanwhile, Urban One enjoyed net revenue improvements in all of its radio markets.
With minutes remaining in Thursday’s trading on the Nasdaq GlobalSelect market, UONE was up 5.4% to $7.08. UONEK, the company’s preferred shares, was up 14.7% to $5.70 on lighter than average trading volume.