A boo-boo made in Urban One‘s first quarter results, which also impacted its Q2 financial report card, has led the Washington, D.C.-based media company superserving African American consumers to restate its earnings for the first half of 2019.
The error is the result of an “out-of-period tax provision adjustment” of approximately $3.4 million in Q1, an SEC filing notes.
The adjustment should be $3.6 million, and relates to the Dec. 31, 2018 period, Urban One notes.
Any impact on Urban One’s thinly traded stock is negligible. As of 3:50pm Eastern, UONE was off 4 cents to $2.11 on volume of just 457 shares; average volume is 1,980 shares.
Urban One shares bottomed out at $1.80 on Sept. 10 are down 14 cents, year-to-date.
The restated Q2 results show net revenue climbing to $121.57 million, from $115.2 million.
Net income shrank to $6.59 million (14 cents per diluted share), from $23.59 million (49 cents).
Radio broadcasting is the top revenue-generating segment.
For Q1 2019, Urban One’s net revenue slipped to $98.45 million, from $99.61 million.
However, the company trimmed its consolidated net loss to $3.1 million (-7 cents per share), from $22.56 million (-48 cents).