Urban One 8K Reports Fourth Quarter Results | UONE 11 Mar 19

NEWS RELEASE

March 6, 2019 Contact: Peter D. Thompson, EVP and CFO

FOR IMMEDIATE RELEASE (301) 429-4638

Washington, DC

URBAN ONE, INC. REPORTS FOURTH QUARTER RESULTS

Washington, DC: - Urban One, Inc. (NASDAQ: UONEK and UONE) today reported its results for the quarter ended December 31, 2018. Net revenue was approximately $113.5 million, an increase of 4.1% from the same period in 2017. Broadcast and digital operating income¹ was approximately $44.6 million, an increase of 0.5% from the same period in 2017. The Company reported operating income of approximately $9.4 million for the three months ended December 31, 2018, compared to approximately $20.6 million for the same period in 2017. Net income was approximately $116.9 million or $2.62 per share (basic) and $2.49 per share (diluted) compared to approximately $121.3 million or $2.63 per share (basic) and $2.50 per share (diluted) for the same period in 2017. Adjusted EBITDA² was approximately $35.3 million for the three months ended December 31, 2018, compared to $38.7 million for the same period in 2017.

Alfred C. Liggins, III, Urban One's CEO and President stated, "I was pleased that we came in slightly ahead of our Adjusted EBITDA guidance, led by extremely strong radio performance. Our radio segment revenue was up by 16.5% including political advertising, and by 8.8% excluding political. For the quarter, we outperformed the radio markets in which we operate by 850 bps. Our Cable TV operation posted strong growth in advertising revenues, up 9.3%, driven by increased direct response rates, and additional ad units, which was offset by a modest decline in affiliate revenues (-2.0%). Our digital revenues underperformed expectations, and we have taken significant steps to remediate. I expect improved performance from the division in 2019. In December, we substantially completed the refinancing of our 2020 Notes, which significantly extends the Company's debt maturity profile. On January 19, 2019 we successfully launched our new Women's lifestyle channel, Cleo TV, which will further enhance our ability to entertain and inform our core consumers."

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PAGE 2 -- URBAN ONE, INC. REPORTS FOURTH QUARTER RESULTS

RESULTS OF OPERATIONS

	Three Months Ended December 31,						Year Ended December 31,
	2018			2017			2018			2017
STATEMENT OF OPERATIONS	(unaudited)						(unaudited)
	(in thousands, except share data)						(in thousands, except share data)

NET REVENUE	$	113,541		$	109,036		$	439,098		$	440,041
OPERATING EXPENSES
Programming and technical, excluding stock-based compensation		31,842			30,619			125,316			130,417
Selling, general and administrative, excluding stock-based compensation		37,136			34,096			148,967			147,923
Corporate selling, general and administrative, excluding stock-based compensation		11,056			12,525			32,019			41,171
Stock-based compensation		1,076			2,701			4,711			4,647
Depreciation and amortization		8,320			8,468			33,189			34,016
Impairment of long-lived assets		14,700			-			21,256			29,148
Total operating expenses		104,130			88,409			365,458			387,322
Operating income		9,411			20,627			73,640			52,719
INTEREST INCOME		46			40			240			200
INTEREST EXPENSE		19,244			19,273			76,667			79,420
GAIN ON SALE-LEASEBACK		-			-			-			(14,411	)
LOSS (GAIN) ON RETIREMENT OF DEBT		2,794			(1,174	)		1,809			5,219
OTHER INCOME, net		(2,152	)		(1,863	)		(8,002	)		(6,608	)
(Loss) income before benefit from income taxes and noncontrolling interest in income of subsidiaries		(10,429	)		4,431			3,406			(10,701	)
BENEFIT FROM INCOME TAXES		(127,844	)		(117,196	)		(138,758	)		(123,163	)
CONSOLIDATED NET INCOME		117,415			121,627			142,164			112,462
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		493			343			1,163			575
CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	116,922		$	121,284		$	141,001		$	111,887

AMOUNTS ATTRIBUTABLE TO COMMON STOCKHOLDERS
CONSOLIDATED NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	116,922		$	121,284		$	141,001		$	111,887

Weighted average shares outstanding - basic³		44,663,033			46,198,362			45,647,696			47,169,682
Weighted average shares outstanding - diluted⁴		46,874,741			48,527,664			48,000,957			49,632,884

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PAGE 3 -- URBAN ONE, INC. REPORTS FOURTH QUARTER RESULTS

	Three Months Ended December 31,						Year Ended December 31,
	2018			2017			2018				2017
PER SHARE DATA - basic and diluted:	(unaudited)			(unaudited)			(unaudited)				(unaudited)
	(in thousands, except per share data)						(in thousands, except per share data)

Consolidated net income attributable to common stockholders (basic)	$	2.62		$	2.63		$	3.09			$	2.37

Consolidated net income attributable to common stockholders (diluted)	$	2.49		$	2.50		$	2.94			$	2.25

SELECTED OTHER DATA
Broadcast and digital operating income ¹	$	44,563		$	44,321		$	164,815			$	161,701
Broadcast and digital operating income margin (% of net revenue)		39.2	%		40.6	%		37.5	%			36.7	%

Broadcast and digital operating income reconciliation:

Consolidated net income attributable to common stockholders	$	116,922		$	121,284		$	141,001			$	111,887
Add back non-broadcast and digital operating income items included in consolidated net income:
Interest income		(46	)		(40	)		(240	)			(200	)
Interest expense		19,244			19,273			76,667				79,420
Benefit from income taxes		(127,844	)		(117,196	)		(138,758	)			(123,163	)
Corporate selling, general and administrative expenses		11,056			12,525			32,019				41,171
Stock-based compensation		1,076			2,701			4,711				4,647
Gain on sale-leaseback		-			-			-				(14,411	)
Loss (gain) on retirement of debt		2,794			(1,174	)		1,809				5,219
Other income, net		(2,152	)		(1,863	)		(8,002	)			(6,608	)
Depreciation and amortization		8,320			8,468			33,189				34,016
Noncontrolling interest in income of subsidiaries		493			343			1,163				575
Impairment of long-lived assets		14,700			-			21,256				29,148
Broadcast and digital operating income	$	44,563		$	44,321		$	164,815		��	$	161,701

Adjusted EBITDA²	$	35,335		$	38,744		$	140,622			$	137,098

Adjusted EBITDA reconciliation:

Consolidated net income attributable to common stockholders:	$	116,922		$	121,284		$	141,001			$	111,887
Interest income		(46	)		(40	)		(240	)			(200	)
Interest expense		19,244			19,273			76,667				79,420
Benefit from income taxes		(127,844	)		(117,196	)		(138,758	)			(123,163	)
Depreciation and amortization		8,320			8,468			33,189				34,016
EBITDA	$	16,596		$	31,789		$	111,859			$	101,960
Stock-based compensation		1,076			2,701			4,711				4,647
Gain on sale-leaseback		-			-			-				(14,411	)
Loss (gain) on retirement of debt		2,794			(1,174	)		1,809				5,219
Other income, net		(2,152	)		(1,863	)		(8,002	)			(6,608	)
Noncontrolling interest in income of subsidiaries		493			343			1,163				575
Employment Agreement Award, incentive plan award expenses and other compensation		(1,173	)		5,210			(3,654	)			9,084
Contingent consideration from acquisition		684			(226	)		2,399				(226	)
Severance-related costs		411			373			2,032				1,629
Cost method investment income from MGM National Harbor		1,906			1,591			7,049				6,081
Impairment of long-lived assets		14,700			-			21,256				29,148
Adjusted EBITDA	$	35,335		$	38,744		$	140,622			$	137,098

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PAGE 4 -- URBAN ONE, INC. REPORTS FOURTH QUARTER RESULTS

	December 31, 2018		December 31, 2017
	(unaudited)
	(in thousands)
SELECTED BALANCE SHEET DATA:
Cash and cash equivalents and restricted cash	$	15,890	$	37,811
Intangible assets, net		916,824		971,484
Total assets		1,237,409		1,316,755
Total debt (including current portion, net of original issue discount and issuance costs)		912,463		970,666
Total liabilities		1,048,477		1,263,320
Total stockholders' equity		178,700		42,655
Redeemable noncontrolling interest		10,232		10,780

	December 31, 2018		Applicable Interest Rate
	(in thousands)
SELECTED LEVERAGE DATA:
2017 Credit Facility, net of original issue discount and issuance costs of approximately $6.8 million (subject to variable rates) (a)	$	317,154		6.53	%
9.25% senior subordinated notes due February 2020, net of original issue discount and issuance costs of $0 (fixed rate) (b)		2,037		9.25	%
7.375% senior secured notes due April 2022, net of original issue discount and issuance costs of approximately $3.3 million (fixed rate)		346,675		7.375	%
Comcast Note due April 2019 (fixed rate) (b)		11,872		10.47	%
2018 Credit Facility, net of original issue discount and issuance costs of approximately $4.7 million (fixed rate)		187,314		12.875	%
MGM National Harbor Loan, net of original issue discount and issuance costs of approximately $2.7 million (fixed rate)		47,411		11.00	%

(a)	Subject to variable Libor plus a spread that is incorporated into the applicable interest rate set forth above.

(b)	On February 15, 2019, the remaining 2020 Notes were redeemed and the Comcast Note was paid in full and retired.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements represent management's current expectations and are based upon information available to Urban One at the time of this release. These forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond Urban One's control, that may cause the actual results to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially are described in Urban One's reports on Forms 10-K, 10-Q, 8-K and other filings with the Securities and Exchange Commission (the "SEC"). Urban One does not undertake any duty to update any forward-looking statements.

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PAGE 5 -- URBAN ONE, INC. REPORTS FOURTH QUARTER RESULTS

Net revenue consists of gross revenue, net of local and national agency and outside sales representative commissions. Agency and outside sales representative commissions are calculated based on a stated percentage applied to gross billing.

	Three Months Ended December 31,
	2018		2017		$ Change			% Change
	(Unaudited)
	(in thousands)
Net Revenue:
Radio Advertising	$	53,238	$	51,330	$	1,908			3.7	%
Political Advertising		4,268		835		3,433			411.1	%
Digital Advertising		8,071		10,382		(2,311	)		-22.3	%
Cable Television Advertising		20,218		18,502		1,716			9.3	%
Cable Television Affiliate Fees		25,764		26,289		(525	)		-2.0	%
Event Revenues & Other		1,982		1,698		284			16.7	%

Net Revenue (as reported)	$	113,541	$	109,036	$	4,505			4.1	%

Net revenue increased to approximately $113.5 million for the quarter ended December 31, 2018, from approximately $109.0 million for the same period in 2017. Net revenues from our radio broadcasting segment increased 16.5% compared to the same period in 2017. We experienced net revenue growth most significantly in our Atlanta, Baltimore, Charlotte, Cleveland, Detroit, Indianapolis, Raleigh, St. Louis and Washington DC markets, with our Richmond market experiencing a decline for the quarter. We recognized approximately $45.9 million of revenue from our cable television segment during the three months ended December 31, 2018, compared to approximately $45.2 million for the same period in 2017, with an increase primarily in advertising sales. Net revenue from our Reach Media segment decreased 5.9% for the quarter ended December 31, 2018, compared to the same period in 2017. Finally, net revenues for our digital segment decreased approximately $2.3 million for the three months ended December 31, 2018, compared to the same period in 2017, primarily due to a decrease in direct revenues driven by client attrition and reduced demand among other factors.

Operating expenses, excluding depreciation and amortization, stock-based compensation and impairment of long-lived assets, increased to approximately $80.0 million for the quarter ended December 31, 2018, up 3.6% from the approximately $77.2 million incurred for the comparable quarter in 2017. The overall operating expense increase was driven primarily by higher programming and technical expenses as well as higher selling, general and administrative expenses, which were partially offset by a decrease in corporate selling, general and administrative expenses. Our cable broadcasting and radio broadcasting segments generated a combined increase of approximately $4.4 million in higher selling, general and administrative expenses for the three months ended December 31, 2018, compared to the same period in 2017. Our cable television segment generated higher marketing and promotional expenses for the three months ended December 31, 2018, due to the timing of certain campaigns. The radio broadcasting segment also incurred higher marketing and promotional expenses in the fourth quarter in addition to higher compensation costs.

Depreciation and amortization expense decreased 1.7% for the quarter ended December 31, 2018, primarily due to the mix of assets approaching or near the end of their useful lives.

Interest expense decreased to approximately $19.2 million for the quarter ended December 31, 2018, compared to approximately $19.3 million for the same period in 2017. The Company made cash interest payments of approximately $27.1 million on its outstanding debt for the quarter ended December 31, 2018, compared to cash interest payments of approximately $18.9 million on its outstanding debt for the quarter ended December 31, 2017. On December 20, 2018, the Company closed on a new $192.0 million unsecured credit facility (the "2018 Credit Facility") and a new $50.0 million loan secured by its interest in the MGM National Harbor Casino (the "MGM National Harbor Loan"). During the quarter ended December 31, 2018, in conjunction with entering into the 2018 Credit Facility and MGM National Harbor Loan, the Company repurchased approximately $243.0 million of its 2020 Notes at an average price of approximately 100.88% of par.

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PAGE 6 -- URBAN ONE, INC. REPORTS FOURTH QUARTER RESULTS

During the quarter ended December 31, 2018, the Company recorded a loss on retirement of debt of approximately $2.8 million. This amount includes a write-off of previously capitalized debt financing costs and original issue discount associated with the 2020 Notes in the amount of $649,000 and also includes approximately $2.1 million associated with the premium paid to the bondholders. By comparison, the gain on retirement of debt of approximately $1.2 million for the quarter ended December 31, 2017, was due to the redemption of approximately $20 million of our 2020 Notes at a discount.

The impairment of long-lived assets for the three months ended December 31, 2018, was related to a non-cash impairment charge recorded to reduce the carrying value of our Atlanta market goodwill.

For the three months ended December 31, 2018, we recorded a benefit from income taxes of approximately $127.8 million on a pre-tax loss from operations of approximately $10.4 million, that results in a tax rate of (1,225.9)%. The tax benefit is primarily attributable to deferred tax benefits from federal and state net operating losses of approximately $128.5 million that will be recognized in a future period, and the Company also recorded current state tax expense of approximately $671,000. For the quarter ended December 31, 2017, we recorded a benefit from income taxes of approximately $117.2 million primarily attributable to the reduction of the deferred tax liability due to the federal tax rate change from 35% to 21%, and other tax impacts due to the 2017 Tax Cut and Jobs Act. The Company received a net tax refund of $131,000 and $89,000 for the quarters ended December 31, 2018 and 2017, respectively.

Other income, net, was approximately $2.2 million and $1.9 million for the quarters ended December 31, 2018 and 2017, respectively. For the three months ended December 31, 2018 and 2017, the Company recognized approximately $1.9 million and $1.6 million, respectively, of cost method investment income from its MGM investment.

The increase in noncontrolling interests in income of subsidiaries was due primarily to higher net income recognized by Reach Media during the three months ended December 31, 2018, compared to the same period in 2017.

Other pertinent financial information includes capital expenditures of $709,000 and approximately $2.9 million for the quarters ended December 31, 2018 and 2017, respectively.

During the three months ended December 31, 2018, the Company did not repurchase any Class A common stock and repurchased 914,086 shares of Class D common stock in the amount of approximately $2.0 million. During the quarter ended December 31, 2017, the Company did not repurchase any Class A common stock and repurchased 312,409 shares of Class D common stock in the amount of $597,000.

The Company, in connection with its 2009 stock plan, is authorized to purchase shares of Class D common stock to satisfy employee tax obligations in connection with the vesting of share grants under the plan. During the three months ended December 31, 2018, the Company executed a Stock Vest Tax Repurchase of 13,162 shares of Class D Common Stock in the amount of $27,000. During the quarter ended December 31, 2017, the Company repurchased 8,961 shares of Class D common stock, to satisfy employee tax obligations, in the amount of $19,000.

Supplemental Financial Information:

For comparative purposes, the following more detailed, unaudited statements of operations for the three months and years ended December 31, 2018 and 2017 are included.

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PAGE 7 -- URBAN ONE, INC. REPORTS FOURTH QUARTER RESULTS

	Three Months Ended December 31, 2018
	(in thousands, unaudited)


				Radio			Reach					Cable		Corporate/
	Consolidated			Broadcasting			Media		Digital			Television		Eliminations

STATEMENT OF OPERATIONS:

NET REVENUE	$	113,541		$	50,841		$	9,264	$	8,123		$	45,883	$	(570	)
OPERATING EXPENSES:
Programming and technical		31,842			10,327			4,493		3,033			14,092		(103	)
Selling, general and administrative		37,136			21,376			743		5,723			9,762		(468	)
Corporate selling, general and administrative		11,056			-			1,117		-			3,177		6,762
Stock-based compensation		1,076			136			11		31			1		897
Depreciation and amortization		8,320			894			61		472			6,569		324
Impairment of long-lived assets		14,700			14,700			-		-			-		-
Total operating expenses		104,130			47,433			6,425		9,259			33,601		7,412
Operating income (loss)		9,411			3,408			2,839		(1,136	)		12,282		(7,982	)
INTEREST INCOME		46			-			-		-			-		46
INTEREST EXPENSE		19,244			338			-		-			1,919		16,987
LOSS ON RETIREMENT OF DEBT		2,794			-			-		-			-		2,794
OTHER INCOME, net		(2,152	)		(233	)		-		-			-		(1,919	)
(Loss) income before (benefit from) provision for income taxes and noncontrolling interest in income of subsidiaries		(10,429	)		3,303			2,839		(1,136	)		10,363		(25,798	)
(BENEFIT FROM) PROVISION FOR INCOME TAXES		(127,844	)		4,811			681		643			2,144		(136,123	)
CONSOLIDATED NET INCOME (LOSS)		117,415			(1,508	)		2,158		(1,779	)		8,219		110,325
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		493			-			-		-			-		493
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	116,922		$	(1,508	)	$	2,158	$	(1,779	)	$	8,219	$	109,832

Adjusted EBITDA²	$	35,335		$	19,398		$	2,911	$	142		$	19,116	$	(6,232	)

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PAGE 8 -- URBAN ONE, INC. REPORTS FOURTH QUARTER RESULTS

	Three Months Ended December 31, 2017
	(in thousands, unaudited)


				Radio			Reach					Cable			Corporate/
	Consolidated			Broadcasting			Media		Digital			Television			Eliminations

STATEMENT OF OPERATIONS:

NET REVENUE	$	109,036		$	43,634		$	9,847	$	10,401		$	45,182		$	(28	)
OPERATING EXPENSES:
Programming and technical		30,619			9,516			5,530		3,177			12,417			(21	)
Selling, general and administrative		34,096			18,571			1,322		6,037			8,192			(26	)
Corporate selling, general and administrative		12,525			-			569		-			1,854			10,102
Stock-based compensation		2,701			345			38		-			5			2,313
Depreciation and amortization		8,468			942			56		537			6,567			366
Total operating expenses		88,409			29,374			7,515		9,751			29,035			12,734
Operating income (loss)		20,627			14,260			2,332		650			16,147			(12,762	)
INTEREST INCOME		40			-			-		-			(5	)		45
INTEREST EXPENSE		19,273			356			-		-			1,918			16,999
GAIN ON RETIREMENT OF DEBT		(1,174	)		-			-		-			-			(1,174	)
OTHER INCOME, net		(1,863	)		(219	)		-		-			-			(1,644	)
Income (loss) before (benefit from) provision for income taxes and noncontrolling interest in income of subsidiaries		4,431			14,123			2,332		650			14,224			(26,898	)
(BENEFIT FROM) PROVISION FOR INCOME TAXES		(117,196	)		9,129			917		(35	)		5,271			(132,478	)
CONSOLIDATED NET INCOME		121,627			4,994			1,415		685			8,953			105,580
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		343			-			-		-			-			343
NET INCOME ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	121,284		$	4,994		$	1,415	$	685		$	8,953		$	105,237

Adjusted EBITDA²	$	38,744		$	15,669		$	2,439	$	1,134		$	23,351		$	(3,849	)

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PAGE 9 -- URBAN ONE, INC. REPORTS FOURTH QUARTER RESULTS

	Year Ended December 31, 2018
	(in thousands, unaudited)


				Radio			Reach					Cable			Corporate/
	Consolidated			Broadcasting			Media		Digital			Television			Eliminations

STATEMENT OF OPERATIONS:

NET REVENUE	$	439,098		$	182,765		$	42,984	$	31,577		$	184,298		$	(2,526	)
OPERATING EXPENSES:
Programming and technical		125,316			40,165			17,294		13,289			55,054			(486	)
Selling, general and administrative		148,967			76,648			15,205		24,208			34,963			(2,057	)
Corporate selling, general and administrative		32,019			-			3,512		6			9,076			19,425
Stock-based compensation		4,711			614			53		114			11			3,919
Depreciation and amortization		33,189			3,484			250		1,907			26,259			1,289
Impairment of long-lived assets		21,256			21,256			-		-			-			-
Total operating expenses		365,458			142,167			36,314		39,524			125,363			22,090
Operating income (loss)		73,640			40,598			6,670		(7,947	)		58,935			(24,616	)
INTEREST INCOME		240			-			-		-			-			240
INTEREST EXPENSE		76,667			1,363			-		-			7,676			67,628
LOSS ON RETIREMENT OF DEBT		1,809			-			-		-			-			1,809
OTHER INCOME, net		(8,002	)		(876	)		-		-			(2	)		(7,124	)
Income (loss) before (benefit from) provision for income taxes and noncontrolling interest in income of subsidiaries		3,406			40,111			6,670		(7,947	)		51,261			(86,689	)
(BENEFIT FROM) PROVISION FOR INCOME TAXES		(138,758	)		13,561			1,622		13			12,285			(166,239	)
CONSOLIDATED NET INCOME (LOSS)		142,164			26,550			5,048		(7,960	)		38,976			79,550
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		1,163			-			-		-			-			1,163
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	141,001		$	26,550		$	5,048	$	(7,960	)	$	38,976		$	78,387

Adjusted EBITDA²	$	140,622		$	66,679		$	6,986	$	(3,101	)	$	86,975		$	(16,917	)

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PAGE 10 -- URBAN ONE, INC. REPORTS FOURTH QUARTER RESULTS

	Year Ended December 31, 2017
	(in thousands, unaudited)


				Radio			Reach					Cable			Corporate/
	Consolidated			Broadcasting			Media		Digital			Television			Eliminations

STATEMENT OF OPERATIONS:

NET REVENUE	$	440,041		$	176,716		$	45,529	$	30,754		$	187,480		$	(438	)
OPERATING EXPENSES:
Programming and technical		130,417			35,574			21,797		12,686			60,430			(70	)
Selling, general and administrative		147,923			75,645			16,228		19,564			36,813			(327	)
Corporate selling, general and administrative		41,171			-			3,183		4			7,350			30,634
Stock-based compensation		4,647			594			43		-			209			3,801
Depreciation and amortization		34,016			3,761			214		2,153			26,263			1,625
Impairment of long-lived assets		29,148			29,148			-		-			-			-
Total operating expenses		387,322			144,722			41,465		34,407			131,065			35,663
Operating income (loss)		52,719			31,994			4,064		(3,653	)		56,415			(36,101	)
INTEREST INCOME		200			-			-		-			(5	)		205
INTEREST EXPENSE		79,420			1,438			-		-			7,675			70,307
GAIN ON SALE-LEASEBACK		(14,411	)		(14,411	)		-		-			-			-
LOSS ON RETIREMENT OF DEBT		5,219			-			-		-			-			5,219
OTHER INCOME, net		(6,608	)		(605	)		-		-			-			(6,003	)
(Loss) income before (benefit from) provision for income taxes and noncontrolling interest in income of subsidiaries		(10,701	)		45,572			4,064		(3,653	)		48,735			(105,419	)
(BENEFIT FROM) PROVISION FOR INCOME TAXES		(123,163	)		21,420			1,567		45			18,373			(164,568	)
CONSOLIDATED NET INCOME (LOSS)		112,462			24,152			2,497		(3,698	)		30,362			59,149
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS		575			-			-		-			-			575
NET INCOME (LOSS) ATTRIBUTABLE TO COMMON STOCKHOLDERS	$	111,887		$	24,152		$	2,497	$	(3,698	)	$	30,362		$	58,574

Adjusted EBITDA²	$	137,098		$	66,208		$	4,549	$	(1,507	)	$	83,862		$	(16,014	)

-MORE

PAGE 11 -- URBAN ONE, INC. REPORTS FOURTH QUARTER RESULTS

Urban One, Inc. will hold a conference call to discuss its results for the fourth fiscal quarter of 2018. The conference call is scheduled for Wednesday, March 06, 2019 at 10:00 a.m. EST. To participate on this call, U.S. callers may dial toll-free 1-800-288-8968; international callers may dial direct (+1) 612-234-9960.

A replay of the conference call will be available from 12:00 p.m. EST March 06, 2019 until 11:59 a.m. EST March 08, 2019. Callers may access the replay by calling 1-800-475-6701; international callers may dial direct (+1) 320-365-3844. The replay Access Code is 464225.

Access to live audio and a replay of the conference call will also be available on Urban One's corporate website at www.urban1.com. The replay will be made available on the website for seven days after the call.

Urban One, Inc. (urban1.com), together with its subsidiaries, is the largest diversified media company that primarily targets Black Americans and urban consumers in the United States. The Company owns TV One, LLC (tvone.tv), a television network serving more than 59 million households, offering a broad range of original programming, classic series and movies designed to entertain, inform and inspire a diverse audience of adult Black viewers. As one of the nation's largest radio broadcasting companies, Urban One currently owns and/or operates 60 broadcast stations (including all HD stations, translator stations and the low power television station we operate) branded under the tradename "Radio One" in 15 urban markets in the United States. Through its controlling interest in Reach Media, Inc. (blackamericaweb.com), the Company also operates syndicated programming including the Tom Joyner Morning Show, the Rickey Smiley Morning Show, the Russ Parr Morning Show and the DL Hughley Show. In addition to its radio and television broadcast assets, Urban One owns iOne Digital (ionedigital.com), our wholly owned digital platform serving the African-American community through social content, news, information, and entertainment websites, including its Cassius, Bossip, HipHopWired and MadameNoire digital platforms and brands. We also have invested in a minority ownership interest in MGM National Harbor, a gaming resort located in Prince George's County, Maryland. Through our national multi-media operations, we provide advertisers with a unique and powerful delivery mechanism to the African-American and urban audiences.

Notes:

1 "Broadcast and digital operating income" consists of net (loss) income before depreciation and amortization, corporate selling, general and administrative expenses, stock-based compensation, income taxes, noncontrolling interest in income (loss) of subsidiaries, interest expense, impairment of long-lived assets, other (income) expense, loss (gain) on retirement of debt, gain on sale-leaseback and interest income. Broadcast and digital operating income is not a measure of financial performance under generally accepted accounting principles. Nevertheless, broadcast and digital operating income is a significant measure used by our management to evaluate the operating performance of our core operating segments because broadcast and digital operating income provides helpful information about our results of operations apart from expenses associated with our fixed assets and long-lived intangible assets, income taxes, investments, debt financings and retirements, overhead, stock-based compensation, impairment charges, and asset sales. Our measure of broadcast and digital operating income is similar to industry use of station operating income; however, it reflects our more diverse business and therefore is not completely analogous to "station operating income" or other similarly titled measures used by other companies. Broadcast and digital operating income does not purport to represent operating income or cash flow from operating activities, as those terms are defined under generally accepted accounting principles, and should not be considered as an alternative to those measurements as an indicator of our performance. A reconciliation of net income (loss) to broadcast and digital operating income has been provided in this release.

2 "Adjusted EBITDA" consists of net loss plus (1) depreciation, amortization, income taxes, interest expense, noncontrolling interest in (loss) income of subsidiaries, impairment of long-lived assets, stock-based compensation, (gain) loss on retirement of debt, gain on sale-leaseback, Employment Agreement and incentive plan award expenses and other compensation, contingent consideration from acquisition, severance-related costs, cost investment income, less (2) other income and interest income. Net income before interest income, interest expense, income taxes, depreciation and amortization is commonly referred to in our business as "EBITDA." Adjusted EBITDA and EBITDA are not measures of financial performance under generally accepted accounting principles. However, we believe Adjusted EBITDA is often a useful measure of a company's operating performance and is a significant measure used by our management to evaluate the operating performance of our business because Adjusted EBITDA excludes charges for depreciation, amortization and interest expense that have resulted from our acquisitions and debt financing, our taxes, impairment charges, and gain on retirements of debt. Accordingly, we believe that Adjusted EBITDA provides useful information about the operating performance of our business, apart from the expenses associated with our fixed assets and long-lived intangible assets or capital structure. EBITDA is frequently used as one of the measures for comparing businesses in the broadcasting industry, although our measure of Adjusted EBITDA may not be comparable to similarly titled measures of other companies, including, but not limited to the fact that our definition includes the results of all four segments (radio broadcasting, Reach Media, digital and cable television). Adjusted EBITDA and EBITDA do not purport to represent operating income or cash flow from operating activities, as those terms are defined under generally accepted accounting principles, and should not be considered as alternatives to those measurements as an indicator of our performance. A reconciliation of net income (loss) to EBITDA and Adjusted EBITDA has been provided in this release.

3 For the three months ended December 31, 2018 and 2017, Urban One had 44,663,033 and 46,198,362 shares of common stock outstanding on a weighted average basis (basic), respectively. For the years ended December 31, 2018 and 2017, Urban One had 45,647,696 and 47,169,682 shares of common stock outstanding on a weighted average basis (basic), respectively.

4 For the three months ended December 31, 2018 and 2017, Urban One had 46,874,741 and 48,527,664 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively. For the years ended December 31, 2018 and 2017, Urban One had 48,000,957 and 49,632,884 shares of common stock outstanding on a weighted average basis (fully diluted for outstanding stock awards), respectively.

Urban One (UONE) 8-KUrban One, Inc. Reports Fourth Quarter Results