If you’ve been following this story, you are aware that Urban One is late with this Securities and Exchange Commission filing because of accounting issues related to the valuation of its investment interest in MGM National Harbor, which the company sold for cash proceeds of approximately $136.8 million on April 21, 2023. Re-evaluation of the accounting required adjustment to the company’s filings for the four quarters of 2021 and
Q3 of 2022. For the fourth quarter of 2022, net revenue was approximately $132.6 million, an increase of 1.6% from the same period in 2021. The company reports operating income of approximately $14.3 million for the period, compared to approximately $20.3 million for Q4 of 2021. Broadcast and digital operating income was approximately $47.6 million, an increase of 7.9% from the same period in 2021. Net income was $856,000 compared to approximately $5.3 million in net income for the same period in 2021. The company has yet to file its operating results for Q1 of this year, but its preliminary results from the quarter show same station radio segment revenue up 2.0% on a same station basis.
