<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. 001-15151

                        RADIO UNICA COMMUNICATIONS CORP.

             (Exact name of registrant as specified in its charter)

                 DELAWARE                                      65-0856900
        (State of Incorporation)                            (I.R.S. Employer
                                                          Identification Number)

              8400 N.W. 52ND STREET, SUITE 101
                           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 20,811,602 shares of Common Stock, $.01 par value were
                                  outstanding.

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

<PAGE>


                        RADIO UNICA COMMUNICATIONS 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 2.  Changes in Securities............................................... 9
Item 6.  Exhibits and Reports on Form 8-K....................................10

</TABLE>



<PAGE>


RADIO UNICA COMMUNICATIONS CORP.

CONSOLIDATED BALANCE SHEETS

<TABLE>
<CAPTION>


                                                                               MARCH 31,               DECEMBER 31,
ASSETS                                                                           2001                     2000
                                                                              ------------             ------------
                                                                               (UNAUDITED)
<S>                                                                          <C>                     <C>
Current assets:
  Cash and cash equivalents                                                  $    35,405,986         $    39,274,817
  Accounts receivable, net of allowance for doubtful accounts of
   $898,309 and $824,261, respectively                                             6,081,073               8,120,255
  Prepaid expenses and other current assets                                        4,908,212               4,102,427
                                                                             ---------------         ---------------
Total current assets                                                              46,395,271              51,497,499
  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               2,323,650
                                                                             ---------------         ---------------
                                                                             $   179,550,599         $   185,871,571
                                                                             ===============         ===============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                                                           $       891,008         $       946,267
  Accrued expenses                                                                 3,077,565               2,508,674
  Deferred revenue                                                                   262,440                 262,440
  Current portion of notes payable                                                    40,172                  44,217
                                                                             ---------------         ---------------
Total current liabilities                                                          4,271,185               3,761,598

Other liabilities                                                                         --                 165,000
Notes payable                                                                         36,077                  45,707
Deferred taxes                                                                     1,144,531               1,144,531
Senior discount notes                                                            135,813,005             131,972,501

Commitments and contingencies

Stockholders' equity :
  Preferred stock; $.01 par value; 5,000,000 shares authorized;
   no shares issued or outstanding                                                       --                      --
  Common stock; $.01 par value; 40,000,000 shares authorized;
   21,290,402 shares issued and 20,811,602 shares outstanding                        212,904                 212,904
  Additional paid-in capital                                                     161,421,490             161,421,490
  Treasury stock at cost, 478,800 shares                                          (1,315,644)             (1,315,644)
  Stockholder notes receivable                                                      (749,657)               (329,069)
  Deferred compensation expense                                                     (924,738)             (1,102,546)
  Accumulated deficit                                                           (120,358,554)           (110,104,901)
                                                                             ---------------         ---------------
Total stockholders' equity                                                        38,285,801              48,782,234
                                                                             ---------------         ---------------
                                                                             $   179,550,599         $   185,871,571
                                                                             ===============         ===============
</TABLE>


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



                                       2
<PAGE>



RADIO UNICA COMMUNICATIONS 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                                                                        1,015,459               1,085,708
  Depreciation and amortization                                                    1,701,824               1,423,240
  Stock option compensation                                                          177,808                 753,373
                                                                             ---------------         ---------------
                                                                                  12,413,209              12,427,749
                                                                             ---------------         ---------------
Loss from operations                                                              (6,791,880)             (6,210,046)
Other income (expense):
  Interest expense                                                                (4,065,058)             (3,645,774)
  Interest income                                                                    595,576                 907,911
  Other                                                                                7,709                   3,688
                                                                             ---------------         ---------------
                                                                                  (3,461,773)             (2,734,175)
                                                                             ---------------         ---------------
Net loss                                                                     $   (10,253,653)        $    (8,944,221)
                                                                             ===============         ===============
Net loss per common share - basic and diluted                                $         (0.49)        $         (0.43)
                                                                             ===============         ===============
Weighted average common shares
  outstanding - basic and diluted                                                 20,811,602              21,012,873
                                                                             ===============         ===============
</TABLE>




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



                                       3
<PAGE>


RADIO UNICA COMMUNICATIONS CORP.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

<TABLE>
<CAPTION>

                                                                                     THREE MONTHS ENDED
                                                                                          MARCH 31,
                                                                             ---------------------------------------
                                                                                  2001                    2000
                                                                             ---------------         ---------------
<S>                                                                          <C>                     <C>
OPERATING ACTIVITIES
  Net loss                                                                  $   (10,253,653)        $    (8,944,221)
  Adjustments to reconcile net loss to net cash used in operating
     activities:
    Depreciation and amortization                                                 1,701,824               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              (1,160,476)
      Prepaid expenses                                                             (758,527)               (646,328)
      Other assets                                                                 (121,073)             (2,273,380)
      Accounts payable                                                              (55,259)               (692,651)
      Accrued expenses                                                              568,892                 598,278
      Radio broadcasting rights                                                          --                 576,924
                                                                             ----------------        ----------------
Net cash used in operating activities                                             (2,929,943)             (6,881,509)
                                                                             ----------------        ----------------

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
Stockholder notes receivable                                                        (420,588)                     --
Proceeds from issuance of common stock                                                    --                  71,385
                                                                             ----------------        ----------------
Net cash (used in) provided by financing activities                                 (420,588)                 71,385
                                                                             ----------------        ----------------

Net decrease in cash and cash equivalents                                         (3,868,831)            (10,664,896)
Cash and cash equivalents at beginning of period                                  39,274,817              76,806,025
                                                                             ----------------        ----------------
Cash and cash equivalents at end of period                                   $    35,405,986         $    66,141,129
                                                                             ================        ================

Issuance of common stock for investment in radio station                     $            --         $     2,000,000
                                                                             ================        ================
Reclassification of prepaid expense to broadcasting rights                   $            --         $       395,000
                                                                             ================        ================

</TABLE>

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



                                       4
<PAGE>


RADIO UNICA COMMUNICATIONS CORP.

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


1.   BASIS OF PRESENTATION

     The accompanying unaudited consolidated condensed financial statements of
Radio Unica Communications 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 revenue 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. In connection 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 COMMUNICATIONS 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 2001 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"). 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, 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 $12.4 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 COMMUNICATIONS 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 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 6% to
approximately $1.0 million for the three months ended March 31, 2001 from
approximately $1.1 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
20% 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 the
Company's common stock. These stock options were granted prior to October 19,
1999, the date of the Company'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
$0.7 million or 27% to approximately $(3.4) million for the three months ended
March 31, 2001 from approximately $(2.7) million for the comparable period in
the prior year. Other income (expense) for the three months ended March 31, 2001
included interest income of approximately $0.6 million, and interest expense of
approximately $(4.1) million. Interest expense primarily relates to the interest
on the outstanding balance of the Senior Discount Notes. The Company had
approximately $0.9 million in interest income and $(3.6) million in interest
expense during the three months ended March 31, 2000.

     NET LOSS. Net loss increased by approximately $1.3 million or 15% to
approximately $(10.2) million for the three months ended March 31, 2001 from
approximately $(8.9) 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, increased interest expense relating to the Senior Discount Notes and
decreased interest income.




                                       7
<PAGE>


RADIO UNICA COMMUNICATIONS 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 ("Adjusted EBITDA") decreased
by approximately $0.9 million or 22% to approximately $(4.9) million for the
three months ended March 31, 2001 from approximately $(4.0) million for the
comparable period in the prior year. EBITDA decreased by approximately $0.3
million or 6% to approximately $(5.1) million for the three months ended March
31, 2001 from approximately $(4.8) 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 the Company'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 the Company's shareholders.

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

     Net cash used in operating activities decreased by approximately $4.0
million or 57% to approximately $2.9 million for the three months ended March
31, 2001 from approximately $6.9 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 (used in) provided
by financing activities was approximately $(0.4) million and $0.1 million for
the three months ended March 31, 2001 and 2000, respectively. The decrease of
approximately $0.5 million from 2001 to 2000 is due to the funding of the
stockholder notes receivable during 2001 as compared to the proceeds generated
through the issuance of the Company's common stock during 2000.

     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 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
common stock and Senior Discount Notes, and the Company's ability to pay the
principal of and interest on the Senior Discount Notes.



                                       8
<PAGE>


RADIO UNICA COMMUNICATIONS CORP.

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

ITEM 2.  CHANGES IN SECURITIES

     On October 19, 1999, the Company's first registration statement under the
Securities Act of 1933 was declared effective by the Securities and Exchange
Commission (File No. 333-82561). The offering commenced October 19, 1999 and was
consummated on October 22, 1999.

     The net proceeds received by the Company from the offering were
approximately $99,450,000. In connection with the offering, the Company incurred
an estimated $9,990,000 of expenses, including underwriting discounts of
$7,660,800, and other expenses of the offering of approximately $2,329,200. The
payments were all made to persons who were not directors, officers, 10%
stockholders or affiliates.

     From the effective date of the registration statement, the net proceeds
from the offering have been used for the following purposes, none of which were
paid to persons who were officers, directors, 10% stockholders or affiliates:


<TABLE>
<CAPTION>
                                                                                 (IN MILLIONS)
                                                                                 -------------
<S>                                                                              <C>
     Repayments of amounts outstanding under the revolving credit facility            $16.5
     Acquisition of radio stations                                                     20.3
     Other purposes, including deposits on time brokerage agreements
       and acquisition of radio broadcasting rights                                     5.0
     Capital expenditures                                                               5.1
     Working capital and other                                                         12.3
     Investment in unconsolidated companies                                             3.5
     Acquisition of Company stock held in treasury                                      1.3
     Temporary investments in cash and cash equivalents                                35.4
                                                                                      -----

                                                                                      $99.4
                                                                                     ======
</TABLE>







                                       9
<PAGE>


RADIO UNICA COMMUNICATION 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 Communications Corp.

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


Date:  May 14, 2001




















                                       10