<PAGE>

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

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

                     Quarterly Report pursuant to Section 13 or 15(d) of the
         |X|         Securities Exchange Act of 1934
                     FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2001

                                 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 14, 2001, 100 shares of Common Stock, $.01 par
value were outstanding.
--------------------------------------------------------------------------------

<PAGE>

                                RADIO UNICA CORP.

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                            PAGE
                                                                                                            ----
<S>                                                                                                         <C>
PART I.     FINANCIAL INFORMATION

Item 1.  Financial Statements.............................................................................    2
Item 2.  Management's Discussion and Analysis.............................................................    6

PART II.    OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K.................................................................    9

</TABLE>

<PAGE>


RADIO UNICA CORP.

CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>

                                                                               MARCH 31,               DECEMBER 31,
ASSETS                                                                           2001                     2000
------                                                                       ----------------         ---------------
                                                                               (UNAUDITED)
<S>                                                                          <C>                     <C>
Current assets:
  Cash and cash equivalents                                                  $       505,517         $       143,619
  Accounts receivable, net of allowance for doubtful
   accounts of $898,309 and $824,261, respectively                                 6,081,073               8,120,254
  Prepaid expenses                                                                 4,679,934               4,098,210
                                                                             ---------------         ---------------
Total current assets                                                              11,266,524              12,362,083

  Property and equipment, net                                                     22,359,143              22,369,517
  Broadcast licenses, net of accumulated amortization
    of $7,623,190 and $6,685,734, respectively                                   100,914,164             101,969,501
  Other intangible assets, net                                                     7,443,998               7,711,404
  Other assets                                                                     2,438,023               2,186,517
                                                                             ---------------         ---------------
                                                                             $   144,421,852         $   146,599,022
                                                                             ===============         ===============


LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
  Accounts payable                                                           $       891,008         $       946,267
  Accrued expenses                                                                 2,899,545               2,431,903
  Deferred revenue                                                                   262,440                 262,440
  Current portion of notes payable                                                    40,172                  44,217
                                                                             ---------------         ---------------
Total current liabilities                                                          4,093,165               3,684,827

Other liabilities                                                                         --                 165,000
Notes payable                                                                         36,077                  45,707
Deferred taxes                                                                     1,144,531               1,144,531
Due to parent, net                                                                69,322,338              65,129,936
Senior discount notes                                                            135,813,005             131,972,501

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                                                      59,556,278              59,556,278
  Deferred compensation                                                             (924,738)             (1,102,546)
  Accumulated deficit                                                           (124,618,805)           (113,997,213)
                                                                             ---------------         ---------------
Total stockholders' deficit                                                      (65,987,264)            (55,543,480)
                                                                             ---------------         ---------------
                                                                             $   144,421,852         $   146,599,022
                                                                             ===============         ===============
</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,
                                                                             -------------------------------------
                                                                                   2001                   2000
                                                                             ----------------     ---------------
<S>                                                                          <C>                  <C>

Net revenue                                                                  $     5,621,329         $     6,217,703

Operating expenses:
  Direct operating                                                                 1,667,996               1,630,454
  Selling, general and administrative                                              4,112,580               3,863,098
  Network                                                                          3,737,542               3,671,876
  Corporate                                                                          833,684                 877,492
  Depreciation and amortization                                                    1,667,540               1,423,240
  Stock option compensation                                                          177,808                 753,373
                                                                             ---------------         ---------------
                                                                                  12,197,150              12,219,533
                                                                             ---------------         ---------------
Loss from operations                                                              (6,575,821)             (6,001,830)

Other income (expense):
  Interest expense                                                                (4,063,013)             (3,645,774)
  Interest income                                                                      9,534                  13,127
  Other                                                                                7,708                   3,688
                                                                             ---------------         ---------------
                                                                                  (4,045,771)             (3,628,959)
                                                                             ---------------         ---------------
Net loss                                                                     $   (10,621,592)        $    (9,630,789)
                                                                             ===============         ===============
Net loss per common share - basic and diluted                                $      (106,216)        $       (96,308)
                                                                             ===============         ===============
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,
                                                                                    2001                  2000
                                                                             ---------------        ----------------
<S>                                                                          <C>                    <C>
OPERATING ACTIVITIES
Net loss                                                                     $   (10,621,592)        $    (9,630,789)
Adjustments to reconcile net loss to net cash used in operating
 activities:
  Depreciation and amortization                                                    1,667,540               1,423,240
  Provision for bad debt                                                              74,048                  89,413
  Accretion of interest on senior discount notes                                   3,840,504               3,426,111
  Amortization of deferred financing costs                                           192,708                 192,708
  Stock option compensation expense                                                  177,808                 753,373
  Other                                                                              (97,350)               (224,500)
  Change in assets and liabilities:
    Accounts receivable                                                            1,800,135              (1,160,475)
    Prepaid expenses                                                                (704,089)             (1,038,658)
    Other assets                                                                     (54,299)             (2,273,382)
    Accounts payable                                                                 (55,259)               (692,651)
    Accrued expenses                                                                 467,642                 498,368
    Radio broadcasting rights                                                             --                 576,924
                                                                             ---------------         ---------------
Net cash used in operating activities                                             (3,312,204)             (8,060,318)
                                                                             ---------------         ---------------

INVESTING ACTIVITIES
Acquisition of property and equipment                                               (518,300)               (869,257)
Restricted cash-escrow account                                                            --                (501,500)
Acquisition of radio stations                                                             --              (2,484,015)
                                                                             ---------------         ---------------
Net cash used in investing activities                                               (518,300)             (3,854,772)
                                                                             ---------------         ---------------

FINANCING ACTIVITIES
Intercompany payable, net                                                          4,192,402              10,695,235
                                                                             ---------------         ---------------
Net cash provided by financing activities                                          4,192,402              10,695,235
                                                                             ---------------         ---------------

Net increase (decrease) in cash and cash equivalents                                 361,898              (1,219,855)
Cash and cash equivalents at beginning of period                                     143,619               2,396,044
                                                                             ---------------         ---------------
Cash and cash equivalents at end of period                                   $       505,517         $     1,176,189
                                                                             ===============         ===============

Reclassfication of prepaid expense to broadcasting rights                    $           --          $       395,000
                                                                             ===============         ===============

</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, 2001 are not
necessarily indicative of the results that may be expected for the year
ending December 31, 2001. 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 2000 consolidated financial statements and notes thereto.

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

2.   SUBSEQUENT EVENTS

     On April 30, 2001, the Company entered into an asset purchase agreement
with Marketing Advertising & Sales Services, Inc. and related companies to
acquire its marketing and promotions businesses for a purchase price of
approximately $4.2 million. With this transaction, the Company acquired
approximately $1.6 million in working capital, which included approximately
$0.7 million in cash. The purchase price was comprised of a cash payment of
approximately $2.1 million and a promissory note of approximately $2.1
million. The promissory note bears interest at a rate of 8% per annum.
Principal and interest on the promissory note is payable concurrently.
Principal payments are scheduled to be made as follows:

<TABLE>
<S>                                             <C>
                      April 30, 2002            $   953,561
                      April 30, 2003                625,000
                      April 30, 2004                500,000
                                                ------------
                                                $ 2,078,561
                                                ============

</TABLE>




                                       5
<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 revenues are stated net of any agency commissions. We
recognize advertising revenue when the commercials are broadcast.

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

     As is true of other radio operators, the Company's performance is
customarily measured by its earnings before net interest, taxes, depreciation
and amortization ("EBITDA"). 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, 2001 COMPARED TO THE THREE MONTHS ENDED
MARCH 31, 2000

     NET REVENUE. Net revenue decreased by approximately $0.6 million or 10%
to approximately $5.6 million for the three months ended March 31, 2001 from
approximately $6.2 million for the comparable period in the prior year. The
decrease in net revenue relates to revenue which was generated through the
broadcast of a major soccer event, "Copa Oro", during February 2000.

     OPERATING EXPENSES. Operating expenses remained constant at approximately
$12.2 million for the three months ended March 31, 2001 and 2000.

     Direct operating expenses remained constant at approximately $1.6 million
for the three months ended March 31, 2001 and 2000. Direct operating expenses
are comprised of costs associated with the operation of the O&Os.




                                       6
<PAGE>


RADIO UNICA CORP.

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

    Selling, general and administrative expenses increased by approximately
$0.2 million or 6% to approximately $4.1 million for the three months ended
March 31, 2001 from approximately $3.9 million for the comparable period in
the prior year. The increase in selling, general and administrative expenses
primarily relates to the increase in the number of O&Os.

     Network expenses remained constant at approximately $3.7 million for the
three months ended March 31, 2001 and 2000. Network expenses are comprised of
network programming and other network related costs.

     Corporate expenses decreased by approximately $0.1 million or 5% to
approximately $0.8 million for the three months ended March 31, 2001 from
approximately $0.9 million for the comparable period in the prior year. The
decrease in corporate expenses is mainly due to decreased legal and
professional fees and other costs.

     Depreciation and amortization increased by approximately $0.3 million or
17% to approximately $1.7 million for the three months ended March 31, 2001
from approximately $1.4 million for the comparable period in the prior year.
The increase in depreciation and amortization is due to significant additions
of fixed assets and intangible assets arising from the acquisitions, upgrades
and build outs of O&Os.

     Stock option compensation expense decreased by approximately $0.6
million or 76% to approximately $0.2 million for the three months ended March
31, 2001 from approximately $0.8 million for the comparable period in the
prior year. 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. These
stock options were granted prior to October 19, 1999, the date of the RUCC's
initial public offering. The decrease in stock option compensation expense is
due to a large portion of the stock options granted becoming fully vested
during 2000.

     OTHER INCOME (EXPENSE). Other income (expense) increased by
approximately $0.4 million or 11% to approximately $(4.0) million for the
three months ended March 31, 2001 from approximately $(3.6) million for the
comparable period in the prior year. Other income (expense) for the three
months ended March 31, 2001 primarily relates to included interest expense on
the outstanding balance of the Senior Discount Notes of approximately $(4.1)
million. The Company had approximately $(3.6) million in interest expense
during the three months ended March 31, 2000.

     NET LOSS. Net loss increased by approximately $1.0 million or 10% to
approximately $(10.6) million for the three months ended March 31, 2001 from
approximately $(9.6) million for the comparable period in the prior year. The
increase in net loss is mainly the result of the decrease in the Company's
revenue and increased interest expense relating to the Senior Discount Notes.






                                       7
<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 decreased by approximately
$0.9 million or 24% to approximately $(4.7) million for the three months ended
March 31, 2001 from approximately $(3.8) million for the comparable period in
the prior year. EBITDA decreased by approximately $0.3 million or 7% to
approximately $(4.9) million for the three months ended March 31, 2001 from
approximately $(4.6) million for the comparable period in the prior year. The
decrease in EBITDA is mainly a result of the decrease in the Company's revenue
and increased selling, general and administrative expense offset in part by
decreased non-cash stock option compensation expense.

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.

     Net cash used in operating activities decreased by approximately $4.8
million or 59% to approximately $3.3 million for the three months ended March
31, 2001 from approximately $8.1 million for the comparable period in the
prior year. Net cash used in investing activities was approximately $0.5
million and $3.9 million for the three months ended March 31, 2001 and 2000,
respectively. The decrease of approximately $3.4 million from 2001 to 2000 is
primarily due to the lack of radio station acquisitions during 2001. Net cash
provided by financing activities was approximately $4.2 million and $10.7
million for the three months ended March 31, 2001 and 2000, respectively. The
decrease of approximately $6.5 million from 2001 to 2000 is due to fewer
borrowings from RUCC due to the lack of radio station acquisitions during
2001.

     Capital expenditures primarily relates to the purchase of broadcast
equipment for the network and O&Os, leasehold improvements, computer
equipment and telecommunications equipment. Capital expenditures were
approximately $0.5 million and $0.9 million for the three months ended March
31, 2001 and 2000, respectively. The decrease in capital expenditures is
primarily due to fewer upgrades and build-outs of O&Os during 2001.

     The Company believes that its current cash position and 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.




                                       8
<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 14, 2001