<Page>


--------------------------------------------------------------------------------

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

                    Quarterly Report pursuant to Section 13 or 15(d) of
         |X|        the Securities Exchange Act of 1934
                    FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2002

                                       OR

                    Transition Report Pursuant to Section 13 or 15(d) of
         |_|        the Securities Exchange Act of 1934

                          COMMISSION FILE NO. 333-61211

                                RADIO UNICA CORP.
             (Exact name of registrant as specified in its charter)

          DELAWARE                                         65-0776004
      (State of Incorporation)                      (I.R.S. Employer
                                                     Identification Number)

    8400 N.W. 52ND STREET, SUITE 100
             MIAMI, FL                                        33166
   (Address of principal executive offices)              (Zip Code)

                                  305-463-5000
              (Registrant's telephone number, including area code)

                                       N/A
      (Former name, former address and former fiscal year, if changed since
                                  last report)

         Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. YES |X| NO |_|

         Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date.

              As of May 13, 2002, 100 shares of Common Stock, $.01 par value
were outstanding.
--------------------------------------------------------------------------------

<Page>

                                RADIO UNICA CORP.

                                TABLE OF CONTENTS


                                                                       PAGE

PART I.     FINANCIAL INFORMATION

Item 1.  Financial Statements........................................    2
Item 2.  Management's Discussion and Analysis........................    9

PART II.    OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K............................   15



<Page>

RADIO UNICA CORP.

CONSOLIDATED BALANCE SHEETS

<Table>
<Caption>

                                                                             MARCH 31,        DECEMBER 31,
ASSETS                                                                         2002               2001
----------------------------------------------------------------------------------------------------------
                                                                            (UNAUDITED)
<S>                                                                         <C>              <C>
Current assets:
   Cash and cash equivalents                                              $   1,121,876      $     964,042
   Accounts receivable, net of allowance for doubtful
     accounts of $1,431,502 and $1,253,425, respectively                      7,836,121         10,251,340
   Prepaid expenses and other current assets                                  1,325,274          1,541,874
                                                                          -------------      -------------
Total current assets                                                         10,283,271         12,757,256

   Property and equipment, net                                               24,656,129         23,971,415
   Broadcast licenses, net of accumulated amortization of $10,336,623        98,200,730         98,200,730
   Other intangible assets, net                                               8,830,387          9,055,938
   Other assets                                                                 445,880            344,543
                                                                          -------------      -------------
                                                                          $ 142,416,397      $ 144,329,882
                                                                          =============      =============

LIABILITIES AND STOCKHOLDERS' DEFICIT
----------------------------------------------------------------------------------------------------------
Current liabilities:
   Accounts payable                                                       $     816,615      $   2,216,655
   Accrued expenses                                                           2,583,764          2,887,929
   Deferred revenue                                                             513,927            658,943
   Current portion of notes payable                                             981,888            984,991
                                                                          -------------      -------------
Total current liabilities                                                     4,896,194          6,748,518

Other liabilities                                                                70,000             55,000
Notes payable                                                                 1,133,312          1,139,276
Deferred taxes                                                                  949,442            988,460
Due to parent, net                                                           89,288,750         85,742,845
Senior discount notes                                                       152,239,803        147,934,782

Commitments and contingencies

Stockholders' deficit:
   Common stock; $.01 par value; 1,000 shares authorized,
      100 shares issued and outstanding                                               1                  1
   Additional paid in capital                                                59,612,074         59,612,074
   Deferred compensation                                                       (410,673)          (570,817)
   Accumulated deficit                                                     (165,362,506)      (157,320,257)
                                                                          -------------      -------------
Total stockholders' deficit                                                (106,161,104)       (98,278,999)
                                                                          -------------      -------------
                                                                          $ 142,416,397      $ 144,329,882
                                                                          =============      =============
</Table>

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.


                                       2
<Page>

RADIO UNICA CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

<Table>
<Caption>
                                                        THREE MONTHS ENDED
                                                             MARCH 31,
                                                  ------------------------------
                                                       2002              2001
--------------------------------------------------------------      ------------
<S>                                               <C>               <C>
Net revenue                                       $  8,161,736      $  5,621,329
Operating expenses:
    Direct operating                                 1,195,473         1,667,996
    Selling, general and administrative              4,195,693         4,112,580
    Network                                          3,761,046         3,737,542
    Corporate                                          847,242           833,684
    Cost of promotion company sales                    787,356                --
    Depreciation and amortization                      739,250         1,667,540
    Stock option compensation                          160,145           177,808
                                                  ------------      ------------
                                                    11,686,205        12,197,150
                                                  ------------      ------------
Loss from operations                                (3,524,469)       (6,575,821)
Other income (expense):
    Interest expense                                (4,511,422)       (4,063,013)
    Interest income                                      3,104             9,534
    Other                                              (48,480)            7,708
                                                  ------------      ------------
                                                    (4,556,798)       (4,045,771)
                                                  ------------      ------------
Loss before income taxes                            (8,081,267)      (10,621,592)
Income tax benefit                                      39,018                --
                                                  ------------      ------------
Net loss                                          $ (8,042,249)     $(10,621,592)
                                                  ============      ============
Net loss per common share - basic and diluted     $    (80,422)     $   (106,216)
                                                  ============      ============
Weighted average common shares
    outstanding - basic and diluted                        100               100
                                                  ============      ============
</Table>

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.


                                       3
<Page>

RADIO UNICA CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

<Table>
<Caption>
                                                                                     THREE MONTHS ENDED
                                                                                           MARCH 31,
                                                                                 ------------------------------
                                                                                     2002              2001
---------------------------------------------------------------------------------------------      ------------
<S>                                                                              <C>               <C>
 OPERATING ACTIVITIES
 Net loss                                                                        $ (8,042,249)     $(10,621,592)
 Adjustments to reconcile net loss to net cash used in operating activities:
      Depreciation and amortization                                                   739,250         1,667,540
      Provision for bad debt                                                          178,077            74,048
      Accretion of interest on senior discount notes                                4,305,021         3,840,504
      Amortization of deferred financing costs                                        159,981           192,708
      Stock option compensation expense                                               160,145           177,808
      Deferred income taxes                                                           (39,018)               --
      Other                                                                          (110,325)          (97,350)
      Change in assets and liabilities:
         Accounts receivable                                                        2,237,142         1,800,135
         Prepaid expenses and other current assets                                    216,600          (704,089)
         Other assets                                                                (101,943)          (54,299)
         Accounts payable                                                          (1,400,040)          (55,259)
         Accrued expenses                                                            (304,165)          467,642
         Deferred revenue                                                             (34,691)               --
         Deposit payable                                                               15,000                --
                                                                                 ------------      ------------
 Net cash used in operating activities                                             (2,021,215)       (3,312,204)
                                                                                 ------------      ------------

 INVESTING ACTIVITIES
 Acquisition of property and equipment                                             (1,357,789)         (518,300)
                                                                                 ------------      ------------
 Net cash used in investing activities                                             (1,357,789)         (518,300)
                                                                                 ------------      ------------

 FINANCING ACTIVITIES
 Repayment of notes payable                                                            (9,067)               --
 Intercompany payable, net                                                          3,545,905         4,192,402
                                                                                 ------------      ------------
 Net cash provided by financing activities                                          3,536,838         4,192,402
                                                                                 ------------      ------------

 Net increase in cash and cash equivalents                                            157,834           361,898
 Cash and cash equivalents at beginning of period                                     964,042           143,619
                                                                                 ------------      ------------
 Cash and cash equivalents at end of period                                      $  1,121,876      $    505,517
                                                                                 ============      ============
</Table>

THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.


                                       4
<Page>

RADIO UNICA CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
--------------------------------------------------------------------------------

1.   BASIS OF PRESENTATION

     The accompanying unaudited consolidated condensed financial statements of
Radio Unica Corp. and subsidiaries (the "Company") for the periods indicated
herein have been prepared pursuant to the rules and regulations of the
Securities and Exchange Commission and in accordance with generally accepted
accounting principles for interim financial information. Accordingly, they do
not include all of the information and notes required by generally accepted
accounting principles for complete financial statements. In the opinion of
management, all adjustments (consisting of normal recurring adjustments)
considered necessary for a fair presentation have been included. Operating
results for the three months ended March 31, 2002 are not necessarily indicative
of the results that may be expected for the year ending December 31, 2002. The
consolidated condensed financial statements include the accounts of the Company
and all majority owned subsidiaries over which the Company has control. All
significant intercompany accounts and transactions have been eliminated. For
further information, refer to the Company's 2001 consolidated financial
statements and notes thereto.

     The Company's revenue and cash flow are typically lowest in the first
calendar quarter. Seasonal fluctuations are common in the radio broadcasting
industry and are due primarily to fluctuations in consumer spending.


2.   SEGMENT OPERATING RESULTS

     Pursuant to the provisions of Financial Accounting Standards Board ("FASB")
Statement of Financial Accounting Standards (`SFAS") No. 131, "Disclosure About
Segments of a Business Enterprise and Related Information", the Company is
required to report segment information. The Company classified its businesses
into two reporting segments: radio-broadcasting and promotion services. The
radio-broadcasting segment includes the operations of the Company's radio
network, the operations of all owned and/or operated radio stations and
corporate expenses. The promotion services segment includes the operations of
the Company's marketing and promotions business The Company evaluates
performance based on several factors, of which the primary financial measures
are business segment net revenue, operating income (loss) and earnings (loss)
from operations plus depreciation and amortization ("EBITDA").

     EBITDA is presented not as an alternative measure of operating results or
cash flow from operations (as determined in accordance with generally accepted
accounting principles ("GAAP")), but because it is a widely accepted
supplemental financial measure of a company's ability to service debt. The
Company's calculation of EBITDA may not be comparable to similarly titled
measures reported by other companies since all companies do not calculate this
non-GAAP measure in the same fashion. The Company's EBITDA calculation is not
intended to represent cash used in operating activities, since it does not
include interest and taxes and changes in operating assets and liabilities, nor
is it intended to represent the net increase or decrease in cash, since it does
not include cash provided by (used in) investing and financing activities.


                                       5
<Page>

RADIO UNICA CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
--------------------------------------------------------------------------------

2.   SEGMENT OPERATING RESULTS, CONTINUED

Results by segment are as follows:

<Table>
<Caption>

                                       THREE MONTHS ENDED
                                            MARCH 31,
                                 --------------------------------
                                      2002               2001
                                 -------------      -------------
<S>                              <C>                <C>
Net revenue

      Radio broadcasting         $   6,648,897      $   5,621,329
      Promotion services             1,512,839                 --
                                 -------------      -------------
Consolidated                     $   8,161,736      $   5,621,329
                                 =============      =============

Operating income (loss)

      Radio broadcasting         $  (3,655,637)     $  (6,575,821)
      Promotion services               131,168                 --
                                 -------------      -------------
Consolidated                     $  (3,524,469)     $  (6,575,821)
                                 =============      =============

EBITDA

      Radio broadcasting         $  (2,970,866)     $  (4,908,281)
      Promotion services               185,647                 --
                                 -------------      -------------
Consolidated                     $  (2,785,219)     $  (4,908,281)
                                 =============      =============

Total assets as of March 31,

      Radio broadcasting         $ 136,993,277      $ 144,421,852
      Promotion services             5,423,119                 --
                                 -------------      -------------
Consolidated                     $ 142,416,397      $ 144,421,852
                                 =============      =============
</Table>





                                       6
<Page>

RADIO UNICA CORP.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
--------------------------------------------------------------------------------

3.       NEW ACCOUNTING STANDARDS

     Effective January 1, 2002, the Company adopted SFAS No. 142, "Goodwill and
Other Intangible Assets". Under SFAS No. 142, goodwill and intangible assets
with indefinite lives are no longer amortized but are reviewed annually, or more
frequently if indicators arise, for impairment. Separable intangible assets that
are not deemed to have indefinite lives will continue to be amortized over their
useful lives. As prescribed by SFAS No. 142, the Company will complete the
transitional goodwill impairment test by the second quarter of 2002 and does not
know at this time the impact, if any, on its financial position or results of
operations as a result of the adoption of SFAS No. 142. If a non-cash impairment
charge is required as a result of the transitional impairment test, it would be
accounted for as a cumulative effect of a change in accounting principle. The
Company has completed testing of its broadcast licenses for impairment and has
determined that no impairment exists. The Company has determined that it
broadcast licenses have indefinite lives. As required by SFAS 142, the results
for the periods prior to its adoption have not been restated. A reconciliation
of previously reported net loss and net loss per share to the amounts adjusted
for the exclusion of the amortization of goodwill and broadcast licenses is as
follows.

<Table>
<Caption>

                                                       THREE MONTHS ENDED
                                                            MARCH 31,
                                                  ------------------------------
                                                      2002              2001
                                                  ------------      ------------
<S>                                               <C>               <C>
Net loss as reported                              $ (8,042,249)     $(10,621,592)
Goodwill and broadcast licenses amortization                --           978,080
                                                  ------------      ------------

Net loss as adjusted                              $ (8,042,249)     $ (9,643,512)
                                                  ============      ============

Net loss per common share - basic and diluted

As reported                                       $    (80,422)     $   (106,216)
                                                  ============      ============
As adjusted                                       $    (80,422)     $    (96,435)
                                                  ============      ============
</Table>


     Effective January 1, 2002 the Company adopted SFAS No. 144, "Accounting for
the Impairment or Disposal of Long-Lived Assets". SFAS No. 144 superseded SFAS
No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived
Assets to be Disposed Of" and the accounting and reporting provisions of
Accounting Principles Board Opinion No. 30, "Reporting the Results of Operations
-Reporting the Effects of Disposal of a Segment of a Business, and
Extraordinary, Unusual and Infrequently Occurring Events and Transactions," for
the disposal of a segment of a business. SFAS No. 144 also amended Accounting
Research Bulletin No. 51, "Consolidated Financial Statements," to eliminate the
exception to consolidation for a subsidiary for which control is likely to be
temporary. Consistent with SFAS No. 121, SFAS No. 144 requires impairment losses
to be recorded on long-lived assets used in operations when indicators of
impairment are present and the undiscounted cash flows estimated to be generated
by those assets are less than the assets' carrying amount. Our adoption of SFAS
No. 144 did not have an effect on our consolidated financial statements.

4.      SUBSEQUENT EVENTS


                                       7
<Page>

     The Company has received a commitment for a $20 million senior secured
credit facility from GE Capital Commercial Finance, Inc. The Company expects to
close on the facility on or before June 30, 2002.




                                       8
<Page>

RADIO UNICA CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF
OPERATIONS AND FINANCIAL CONDITION
--------------------------------------------------------------------------------

     This report contains "forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements include, among others, statements concerning the
Company's outlook for 2000 and beyond, the Company's expectations, beliefs,
future plans and strategies, anticipated events or trends, and similar
expressions concerning matters that are not historical facts. The
forward-looking statements in this report are subject to risks and uncertainties
that could cause actual results to differ materially from those expressed in or
implied by the statements.

OVERVIEW

We generate revenue from sales of network advertising time, and sales of local
and national advertising time on radio stations that we own and those that we
operate under local marketing agreements (collectively "O&Os"). Advertising
rates are, in large part, based upon the network's and each station's ability to
attract audiences in demographic groups targeted by advertisers. All revenue is
stated net of any agency commissions. We recognize advertising revenue when the
commercials are broadcast. We also generate revenue from our promotional and
merchandising services company, MASS Promotions, Inc. ("MASS"). We recognize
revenue generated by MASS when the promotional and/or merchandising services are
performed.

     Our operating expenses consist of programming expenses, marketing and
selling costs, including commissions paid to our sales staff, technical and
engineering costs, cost of promotion services and general and administrative
expenses.

     The Company's performance is customarily measured by its earnings before
net interest, taxes, depreciation and amortization ("EBITDA"). EBITDA is defined
as operating income (loss) plus depreciation and amortization. Although EBITDA
is not a measure of performance calculated in accordance with generally accepted
accounting principles, EBITDA is presented because it provides useful
information regarding the Company's ability to service debt. However, EBITDA
should not be considered as an alternative measure of operating results or cash
flows from operations (as determined in accordance with generally accepted
accounting principles).

RESULTS OF OPERATIONS

THREE MONTHS ENDED MARCH 31, 2002 COMPARED TO THE THREE MONTHS ENDED MARCH 31,
2001

     NET REVENUE. Net revenue increased by approximately $2.6 million or 45% to
approximately $8.2 million for the three months ended March 31, 2002 from
approximately $5.6 million for the comparable period in the prior year. The
increase in net revenue relates to revenue generated by promotional and
merchandising services associated with MASS of approximately $1.5 million,
increased rates and revenue market share at the network and O&Os and revenue
generated from the broadcast of a soccer event, "Copa Oro", of approximately
$1.0 million.

     OPERATING EXPENSES. Operating expenses decreased by approximately $0.5
million or 4% to approximately $11.7 million for the three months ended March
31, 2002 from approximately $12.2 million for the comparable period in the prior
year. The decrease in operating expenses is due to decreased direct operating
expenses of approximately $0.5 million, decreased selling, general and
administrative expenses related to the radio business of approximately $0.5
million and decreased depreciation and amortization of approximately $0.9
million offset in part by the cost associated with the operations of



                                       9
<Page>

MASS of approximately $0.5 million of selling, general and administrative
expenses and approximately $0.8 million of cost of promotions services.




                                       10
<Page>

RADIO UNICA CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
AND FINANCIAL CONDITION (CONTINUED)
--------------------------------------------------------------------------------

     Direct operating expenses decreased by approximately $0.5 million or 28% to
approximately $1.2 million for the three months ended March 31, 2002 from
approximately $1.7 million for the comparable period in the prior year. The
decrease in direct operating expenses is primarily due to a decrease in
headcount at certain stations which took place throughout 2001 and the fact that
we are no longer operating our San Diego station.

     Selling, general and administrative expenses increased by approximately
$0.1 million or 2% to approximately $4.2 million for the three months ended
March 31, 2002 from approximately $4.1 million for the comparable period in the
prior year. The increase in selling, general and administrative expenses
primarily relates to the general and administrative expenses associated with
MASS of approximately $0.5 million, offset by the decrease in selling, general
and administrative expenses for the radio business due to a decrease in
headcount at certain stations which took place throughout 2001 and the fact that
we are no longer operating our San Diego station.

     Network expenses remained constant at approximately $3.7 million for the
three months ended March 31, 2002 and 2001. Network expenses are comprised of
network programming, including sporting events , network sales expense and other
network related costs.

     Corporate expenses remained constant at approximately $0.8 million for the
three months ended March 31, 2002 and 2001. Corporate expenses are comprised of
the cost of corporate management as well as legal and professional fees.

     Cost of promotion services of approximately $0.8 million for the three
months ended March 31, 2002 relates to the cost of promotional and merchandising
services incurred by MASS.

     Depreciation and amortization decreased by approximately $1.0 million or
56% to approximately $0.7 million for the three months ended March 31, 2002 from
approximately $1.7 million for the comparable period in the prior year. The
decrease in depreciation and amortization is due to the fact that effective
January 1, 2002 in accordance with the provisions of Financial Accounting
Standards Board ("FASB") Statement of Financial Accounting Standards ("SFAS")
No. 142, "Goodwill and Other Intangible Assets", the Company discontinued the
amortization of goodwill and broadcast licenses with indefinite useful lives.

     Stock option compensation expense remained constant at approximately $0.2
million for the three months ended March 31, 2002 and 2001. Stock option
compensation expense represents a non-cash charge relating to the vesting of
stock options granted to employees to purchase shares of Radio Unica
Communications Corp's ("RUCC") common stock.

     OTHER INCOME (EXPENSE). Other income (expense) increased by approximately
$0.5 million or 24% to approximately $(4.5) million for the three months ended
March 31, 2002 from approximately $(4.0) million for the comparable period in
the prior year. Other income (expense) for the three months ended March 31, 2002
primarily relates to included interest expense on the outstanding balance of the
Senior Discount Notes of approximately $(4.5) million. The Company had
approximately $(4.1) million in interest expense during the three months ended
March 31, 2001.

     NET LOSS. Net loss decreased by approximately $2.6 million or 24% to
approximately $(8.0) million for the three months ended March 31, 2002 from
approximately $(10.6) million for the comparable period in the prior year. The
decrease in net loss is mainly the result of the increase in the Company's
revenue of approximately $2.5 million and decreased operating expenses of
approximately


                                       11
<Page>

$0.5 offset in part by the increase in interest expense related to the Senior
Discount Notes of approximately $0.4 million.



                                       12
<Page>

RADIO UNICA CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
AND FINANCIAL CONDITION (CONTINUED)
--------------------------------------------------------------------------------

     EBITDA. EBITDA less the non-cash charge relating to the stock option
compensation expense of approximately $0.2 million increased by approximately
$2.1 million or 46% to approximately $(2.6) million for the three months ended
March 31, 2002 from approximately $(4.7) million for the comparable period in
the prior year. EBITDA increased by approximately $2.2 million or 44% to
approximately $(2.7) million for the three months ended March 31, 2002 from
approximately $(4.9) million for the comparable period in the prior year The
increase in EBITDA is mainly a result of the increase in revenue generated by
promotional and merchandising services associated with MASS, increased rates and
revenue market share at the network and O&Os, revenue generated from the
broadcast of a soccer event, "Copa Oro", and decreased operating expenses
relating to the radio business.

LIQUIDITY AND CAPITAL RESOURCES

     The Company has had negative cash flows since inception. Working capital
and financing for the Company's acquisitions to date have been provided
primarily by the proceeds from RUCC's initial public offering, the issuance of
the 11 3/4% Senior Discount Notes due August 1, 2006 and the issuance of
promissory notes, common stock and preferred stock to RUCC's and the Company's
shareholders.

     The Company's primary source of liquidity is the remaining proceeds from
RUCC's initial public offering.

     The Company has received a commitment for a $20 million senior secured
credit facility from GE Capital Commercial Finance, Inc. The Company expects
to close on the facility on or before June 30, 2002. There is no assurance
that the Company will enter into the definitive secured credit facility.

     Net cash used in operating activities decreased by approximately $1.3
million or 39% to approximately $2.0 million for the three months ended March
31, 2002 from approximately $3.3 million for the comparable period in the prior
year. Net cash used in investing activities was approximately $1.4 million and
$0.5 million for the three months ended March 31, 2002 and 2001, respectively.
The increase of approximately $0.9 million from 2002 to 2001 is primarily due to
the increase in capital expenditures associated with signal upgrades currently
in process for our New York and Dallas stations. Net cash provided by financing
activities was approximately $3.5 million and $4.2 million for the three months
ended March 31, 2002 and 2001, respectively. The decrease of approximately $0.7
million from 2002 to 2001 is due to fewer borrowings from RUCC.

     Capital expenditures primarily relate to the purchase of broadcast
equipment for the network and O&Os, leasehold improvements, computer equipment
and telecommunications equipment. Capital expenditures were approximately $1.4
million and $0.5 million for the three months ended March 31, 2002 and 2001,
respectively. The increase in capital expenditures is primarily due to signal
upgrades that are currently in process for our New York and Dallas stations.





                                       13
<Page>

RADIO UNICA CORP.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS
AND FINANCIAL CONDITION (CONTINUED)
--------------------------------------------------------------------------------

LIQUIDITY AND CAPITAL RESOURCES, CONTINUED

The Company believes that the remaining proceeds from RUCC's initial public
offering, will provide adequate resources to fund the Company's operating
expenses, working capital requirements, capital expenditures and acquisitions
until its business strategy provides the Company with sufficient operating cash
flow. There can be no assurance that such business strategy will be successfully
implemented or that the future cash flows of the Company will be sufficient to
meet all of the Company's obligations and commitments. The failure to generate
such sufficient cash flow could significantly adversely affect the market value
of the Company's Senior Discount Notes, and the Company's ability to pay the
principal of and interest on the Senior Discount Notes.




                                       14
<Page>

RADIO UNICA CORP.

PART II - OTHER INFORMATION
--------------------------------------------------------------------------------


ITEM 6.   EXHIBITS AND REPORTS ON FORM 8-K.

     (a) None




     (b) SIGNATURES
         ----------

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.


                                                    Radio Unica Corp.

                                            By:    /s/ Steven E. Dawson
                                                -----------------------------
                                                     Steven E. Dawson
                                                     Chief Financial Officer


Date:   May 13, 2002