For some companies, fiscal 2023 concludes on Friday. This will lead CFOs to begin crunching the numbers for the three-month period ending June 30.
At Urban One, however, fiscal year 2022 results have yet to be released, as the company needed to adjust its financial statements due to a reevaluation of its investment interest in the MGM National Harbor casino resort, which Urban One sold on April 21.
We now know when the long-awaited FY ’22 fiscal report will be released by the company led by Alfred Liggins III.
Mark your calendars for a conference call scheduled for Friday, July 7 at 10am Eastern.
But, don’t expect any discussions about the first quarter of 2023, or anything other than how Urban One’s finances were in 2022.
And, with no Q1 2023 report filed as of yet, a Nasdaq noncompliance warning will likely remain a key concern for CFO Peter Thompson and his team.
As RBR+TVBR first reported on May 10, an adjustment to Urban One financial statements as of January 1, 2021 were needed. This came after the multimedia company superserving African American consumers shared on April 7 that, in connection with the preparation of its financial statements for 2022, company management, in consultation with its independent registered public accounting firm, “re-evaluated its accounting” for the valuation of its investment interest in MGM National Harbor.
Urban One’s on April 21 sold its interest in the Prince George’s County, Md., casino resort for cash proceeds of approximately $136.8 million.
But, Urban One explained, understatements in the value of its MGM Interest forced the company to delay those financial statements. There’s more: further review of the company’s accounting for its MGM interest led to the determination that adjustments are required to the company’s financial statements as of January 1, 2021. Thus, adjustments are required for each of the annual and interim periods ended December 31, 2021 and September 30, 2022.
