<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 SEPTEMBER 30, 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              65-00856900
                  (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 November 14, 2001, 20,941,656 shares of Common Stock, $.01 par value were
outstanding.

================================================================================
<Page>

                        RADIO UNICA COMMUNICATIONS 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 2.  Changes in Securities................................................15
Item 6.  Exhibits and Reports on Form 8-K.....................................16

<Page>

RADIO UNICA COMMUNICATIONS CORP.
CONSOLIDATED BALANCE SHEETS

<Table>
<Caption>

                                                                             SEPTEMBER 30,      DECEMBER 31,
ASSETS                                                                           2001               2000
------------------------------------------------------------------------------------------------------------
                                                                             (UNAUDITED)
<S>                                                                         <C>                <C>
Current assets:
  Cash and cash equivalents                                                 $  27,614,734      $  39,274,817
  Accounts receivable, net of allowance for doubtful accounts of
    $1,144,168 and $824,261, respectively                                      10,191,797          8,120,255
  Prepaid expenses and other current assets                                     3,043,414          4,102,427
                                                                            -------------      -------------
Total current assets                                                           40,849,945         51,497,499

  Property and equipment, net of accumulated depreciation of $6,366,914
    and $4,464,924, respectively                                               23,023,137         22,369,517
  Broadcast licenses, net of accumulated amortization of $9,432,135
    and $6,685,734, respectively                                               99,105,208        101,969,501
  Other intangible assets, net of accumulated amortization of
    $4,367,791 and $3,504,074, respectively                                     9,407,817          7,711,404
Other assets                                                                      646,099          2,323,650
                                                                            -------------      -------------
                                                                            $ 173,032,206      $ 185,871,571
                                                                            =============      =============

LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------------------------------------------------------------------------------
Current liabilities:
  Accounts payable                                                          $   1,248,024      $     946,267
  Accrued expenses                                                              6,626,989          2,508,674
  Current portion of notes payable                                                988,643             44,217
  Deferred revenue                                                                681,271            262,440
                                                                            -------------      -------------
Total current liabilities                                                       9,544,927          3,761,598

Other liabilities                                                                  43,000            165,000
Notes payable                                                                   1,145,633             45,707
Deferred taxes                                                                  1,027,479          1,144,531
Senior discount notes                                                         143,792,019        131,972,501

Commitments and contingencies

Preferred stock; $.01 par value; 5,000,000 shares authorized;
  no shares issued and outstanding                                                     --                 --

Stockholders' equity:
  Common stock; $.01 par value; 40,000,000 shares authorized;
    21,420,456 and 21,290,402 shares issued, respectively; and
    20,941,656 and 20,811,602 shares outstanding, respectively                    214,205            212,904
  Additional paid-in-capital                                                  161,466,410        161,421,490
  Treasury stock at cost; 478,800 shares                                       (1,315,644)        (1,315,644)
  Shareholder notes receivable                                                   (749,657)          (329,069)
  Deferred compensation expense                                                  (569,121)        (1,102,546)
  Accumulated deficit                                                        (141,567,045)      (110,104,901)
                                                                            -------------      -------------
Total stockholders' equity                                                     17,479,148         48,782,234
                                                                            -------------      -------------
                                                                            $ 173,032,206      $ 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                   NINE MONTHS ENDED
                                                            SEPTEMBER 30,                      SEPTEMBER 30,
---------------------------------------------------------------------------------------------------------------------
                                                       2001              2000              2001              2000
                                                   ------------      ------------      ------------      ------------
<S>                                                <C>               <C>               <C>               <C>
Net revenue                                        $ 11,408,829      $  8,677,436      $ 26,953,385      $ 22,641,072

Operating expenses:
  Direct operating                                    1,817,328         1,937,242         5,909,611         5,171,301
  Selling, general and administrative                 4,656,440         3,741,573        13,015,428        11,622,285
  Network                                             4,730,205         3,221,459        12,432,243        10,027,182
  Corporate                                             996,316           975,930         2,974,410         2,949,011
  Cost of promotion services                          1,509,953                --         2,210,460                --
  Depreciation and amortization                       1,746,601         1,583,019         5,076,312         4,452,037
  Stock option compensation                             177,811           753,374           533,425         2,260,120
                                                   ------------      ------------      ------------      ------------
                                                     15,634,654        12,212,597        42,151,889        36,481,936
                                                   ------------      ------------      ------------      ------------
Loss from operations                                 (4,225,825)       (3,535,161)      (15,198,504)      (13,840,864)

Other income (expense):
  Interest expense                                   (4,390,201)       (3,866,666)      (12,615,654)      (11,223,514)
  Interest income                                       262,956           907,176         1,240,540         2,860,963
  Loss on investment in unconsolidated company       (5,209,817)               --        (5,008,160)               --
  Other, net                                            (11,809)            7,841             2,581            17,064
                                                   ------------      ------------      ------------      ------------
                                                     (9,348,871)       (2,951,649)      (16,380,693)       (8,345,487)
                                                   ------------      ------------      ------------      ------------
Loss before income taxes                            (13,574,696)       (6,486,810)      (31,579,197)      (22,186,351)
Income tax benefit                                       39,018                --           117,053                --
                                                   ------------      ------------      ------------      ------------
Net loss                                           $(13,535,678)     $ (6,486,810)     $(31,462,144)     $(22,186,351)
                                                   ============      ============      ============      ============
Net loss per common share - basic and diluted      $      (0.65)     $      (0.31)     $      (1.51)     $      (1.05)
                                                   ============      ============      ============      ============

Weighted average common shares
  outstanding - basic and diluted                    20,836,982        21,219,386        20,820,294        21,138,115
                                                   ============      ============      ============      ============
</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>

                                                                                NINE MONTHS ENDED SEPTEMBER 30,
                                                                                ------------------------------
                                                                                    2001              2000
--------------------------------------------------------------------------------------------------------------
<S>                                                                             <C>               <C>
OPERATING ACTIVITIES
Net loss                                                                        $(31,462,144)     $(22,186,351)
Adjustments to reconcile net loss to net cash used in operating activities:
  Depreciation and amortization                                                    5,076,312         4,452,037
  Provision for bad debts                                                            299,907           375,267
  Accretion of interest on senior discount notes                                  11,819,518        10,544,183
  Amortization of deferred financing costs                                           579,134           578,124
  Stock option compensation expense                                                  533,425         2,260,120
  Loss on investment in unconsolidated company                                     5,008,160                --
  Amortization of deferred revenue                                                        --          (505,035)
  Deferred income taxes                                                             (117,053)               --
  Other                                                                             (579,540)         (254,500)
  Changes in assets and liabilities, net of effects of acquisitions:
    Accounts receivable                                                             (955,448)       (3,775,470)
    Prepaid expenses and other current assets                                      1,428,593          (872,435)
    Other assets                                                                      79,906           (31,678)
    Accounts payable and accrued expenses                                            105,631           451,906
    Deferred revenue                                                                 530,093                --
    Deposit payable                                                                   43,000          (761,175)
                                                                                ------------      ------------
Net cash used in operating activities                                             (7,610,506)       (9,725,007)
                                                                                ------------      ------------

INVESTING ACTIVITIES
Acquisition of property and equipment                                             (2,292,940)       (2,746,197)
Restricted cash-escrow account                                                            --          (650,000)
Acquisition of wholly owned subsidiary, net of cash received                      (1,342,687)               --
Acquisition of radio stations                                                             --       (11,155,733)
Investment in unconsolidated company                                                      --        (3,504,000)
                                                                                ------------      ------------
Net cash used in investing activities                                             (3,635,627)      (18,055,930)
                                                                                ------------      ------------

FINANCING ACTIVITIES
Stockholder notes receivable                                                        (420,588)               --
Repayment of notes payable                                                           (39,583)         (155,000)
Proceeds from employee stock option exercises                                         46,221           129,423
                                                                                ------------      ------------
Net cash used in financing activities                                               (413,950)          (25,577)
                                                                                ------------      ------------

Net decrease in cash and cash equivalents                                        (11,660,083)      (27,806,514)
Cash and cash equivalents at beginning of period                                  39,274,817        76,806,025
                                                                                ------------      ------------
Cash and cash equivalents at end of period                                      $ 27,614,734      $ 48,999,511
                                                                                ============      ============

Issuance of note payable in connection with acquisition of
  wholly owned subsidiary                                                       $  2,078,561      $         --
                                                                                ============      ============
Investment in unconsolidated company in exchange for
  advertising                                                                   $         --      $  1,000,000
                                                                                ============      ============
Reclassification of other assets to broadcast licenses and property
  and equipment upon consummation of the acquisitions of radio stations         $         --      $  4,678,322
                                                                                ============      ============
Issuance of common stock for acquisition of radio station                       $         --      $  2,000,000
                                                                                ============      ============
</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 and nine months ended September 30, 2001 are not
necessarily indicative of the results that may be expected for the year ending
December 31, 2001. The consolidated 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. Seasonal fluctuations are common in the radio broadcasting
industry and are due primarily to fluctuations in consumer spending.

     Certain amounts appearing in the 2000 consolidated financial statements
have been reclassified to conform with the 2001 presentation.

RECENT ACCOUNTING PRONOUNCEMENTS

     In July 2001, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards ("SFAS") No. 141, "Business
Combinations". The statement discontinues the use of the pooling of interests
method of accounting for business combinations. The statement is effective for
all business combinations after June 30, 2001.

      In July 2001, the FASB issued SFAS No. 142, "Goodwill and Other Intangible
Assets". The statement will require discontinuing the amortization of goodwill
and other intangible assets with indefinite useful lives. Instead, these assets
will be tested periodically for impairment and written down to their fair market
value as necessary. The Company will adopt this statement effective January 1,
2002. Management is currently evaluating the effect of the adoption of the
statement on the Company's results of operations and financial position.


                                       5
<Page>

RADIO UNICA COMMUNICATIONS CORP.

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

2.       ACQUISITIONS

     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 $1.5 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 are 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>

     The acquisition was accounted for as a purchase and, accordingly, the
purchase price was allocated to the assets acquired and liabilities assumed
based on estimates of their underlying values.

     The pro forma unaudited results of operations of the Company for the nine
months ended September 30, 2001 and 2000 assuming this acquisition had been
consummated as of January 1, 2000 are as follows:

<Table>
<Caption>

                                                        NINE MONTHS ENDED
                                                          SEPTEMBER 30,
                                                  ------------------------------
                                                     2001               2000
                                                  ------------      ------------
                                                          (UNAUDITED)

<S>                                               <C>               <C>
Net revenue                                       $ 29,869,308      $ 30,773,973
                                                  ============      ============
Net loss                                          $(31,074,028)     $(20,022,502)
                                                  ============      ============
Net loss per common share - basic and diluted     $      (1.49)     $      (0.95)
                                                  ============      ============
</Table>


     The unaudited pro forma results do not purport to be indicative of the
results of operations which actually would have resulted had this acquisition
occurred on January 1, 2000, or of future results of operations of the
consolidated entities.




                                       6
<Page>

RADIO UNICA COMMUNICATIONS CORP.

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

3.       INVESTMENTS

     On July 18, 2000, the Company acquired approximately 13.5% of
Estrellamundo, LLC for $1.5 million in cash. As of February 9, 2001,
Estrellamundo, LLC completed construction and commenced operations of its
Latin-themed restaurant and club, "Y Arriba Y Arriba", which is located within
Disneyland in Anaheim, California.

     In 2001, the Company guaranteed a $3.5 million loan for Estrellamundo, LLC.
The loan was guaranteed through the issuance of a letter of credit and reduced
the Company's borrowing capacity under its revolving credit facility. In
exchange for this guarantee, the Company received an additional 10.5% equity
interest in Estrellamundo, LLC valued at approximately $1.2 million. In
connection with this transaction, the Company recorded $1.2 million in deferred
income which was being amortized over the life of the guarantee. On September
28, 2001 due to financial difficulties encountered by Estrellamundo, LLC, the
loan, which was guaranteed through the letter of credit, was called by the
issuing bank. The letter of credit was subsequently drawn upon and on October 5,
2001, the Company repaid the amounts outstanding under the letter of credit.

     In October 2001, Estrellamundo, LLC filed for relief under Chapter 11 of
the Bankruptcy code. Accordingly, the Company evaluated the recoverability of
its investment, including the $3.5 million associated with the loan
guaranteee, in Estrellamundo LLC and determined that the carrying value of
its investment was impaired. Therefore, at September 30, 2001, based on the
information available, the Company wrote off the entire carrying value in its
investment in Estrellamundo, LLC. The loss on this investment is reflected in
the accompanying statement of operations. The $3.5 million liability related
to the loan guarantee is reflected in accrued expenses in the accompanying
balance sheet at September 30, 2001.

4. SEGMENT OPERATING RESULTS

     Pursuant to SFAS No. 131, "Disclosure About Segments of a Business
Enterprise and Related Information", the Company is required to report
segment information. As a result of the MASS acquisition, during the second
quarter of 2001 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 recently acquired marketing and promotions business, MASS. The
Company evaluates performance based on several factors, of which the primary
financial measures are business segment net revenue, operating income (loss)
and operating income (loss) before depreciation and amortization ("EBITDA").

                                       7
<Page>

RADIO UNICA COMMUNICATIONS CORP.

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

4.   SEGMENT OPERATING RESULTS, CONTINUED

Results by segment are as follows:

<Table>
<Caption>

                            THREE MONTHS        NINE MONTHS
                                ENDED              ENDED
                            -------------      -------------
                                   SEPTEMBER 30, 2001
                            --------------------------------
                                      (UNAUDITED)
<S>                         <C>                <C>
Net revenue

   Radio broadcasting       $   9,079,248      $  23,430,182
   Promotion services           2,329,581          3,523,203
                            -------------      -------------
Consolidated                $  11,408,829      $  26,953,385
                            =============      =============
Operating income (loss)

   Radio broadcasting       $  (4,513,425)     $ (15,681,856)
   Promotion services             287,600            483,352
                            -------------      -------------
Consolidated                $  (4,225,825)     $ (15,198,504)
                            =============      =============
EBITDA

   Radio broadcasting       $  (2,857,233)     $ (10,717,949)
   Promotion services             378,009            595,757
                            -------------      -------------
Consolidated                $  (2,479,224)     $ (10,122,192)
                            =============      =============
Total assets as of
 September 30, 2001

   Radio broadcasting                          $ 169,580,209
   Promotion services                              3,451,997
                                               -------------
Consolidated                                   $ 173,032,206
                                               =============
</Table>



                                       8
<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 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 SEPTEMBER 30, 2001 COMPARED TO THE THREE MONTHS ENDED
SEPTEMBER 30, 2000

     NET REVENUE. Net revenue increased by approximately $2.7 million or 31% to
approximately $11.4 million for the three months ended September 30, 2001 from
approximately $8.7 million for the comparable period in the prior year. The
increase in net revenue relates to increased network and O&Os sales and revenue
generated by promotional and merchandising services associated with MASS.

     OPERATING EXPENSES. Operating expenses increased by approximately $3.4
million or 28% to approximately $15.6 million for the three months ended
September 30, 2001 from approximately $12.2 million for the comparable period
in the prior year. The increase in operating expenses is due to increased
selling, general and administrative expenses of approximately $0.9 million,
increased network expenses of approximately $1.5 million, increased
depreciation and amortization of approximately $0.2 million and costs
associated with the operations of MASS of approximately $1.5 million, offset
in part by a decrease in direct operating expense of $0.1 million and a
decrease in stock option compensation expense of $0.6 million.

     Direct operating expenses decreased by approximately $0.1 million or 6% to
approximately $1.8 million for the three months ended September 30, 2001 from
approximately $1.9 million for the comparable period in the prior year. The
decrease in direct operating expenses is primarily due to decreased spending
relating to the promotion and marketing of the Company's O&Os.


                                       9
<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
$0.9 million or 24% to approximately $4.6 million for the three months ended
September 30, 2001 from approximately $3.7 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, increased sales
commissions associated with the increase in revenue, and administrative
cost associated with MASS.

     Network expenses increased by approximately $1.5 million or 47% to
approximately $4.7 million for the three months ended September 30, 2001 from
approximately $3.2 million for the comparable period in the prior year. The
increase in network expenses is mainly due to an increase in the cost of
network programming, including sporting events, increased sales costs
associated with the increase in network revenue, and increased spending
associated with the promotion and marketing of the network.

     Corporate expenses remained constant at approximately $1.0 million for the
three months ended September 30, 2001 and 2000. Corporate expenses are comprised
of the cost of corporate management as well as legal and professional fees.

     Cost of promotion services of approximately $1.5 million for the three
months ended September 30, 2001 relates to the cost of promotional and
merchandising services incurred by MASS for its clients.

     Depreciation and amortization increased by approximately $0.2 million or
10% to approximately $1.8 million for the three months ended September 30, 2001
from approximately $1.6 million for the comparable period in the prior year. The
increase in depreciation and amortization is due to the additions of fixed and
intangible assets arising from the acquisitions and buildout 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 September 30,
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. 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
$(6.4) million or 217% to approximately $(9.3) million for the three months
ended September 30, 2001 from approximately $(2.9) million for the comparable
period in the prior year. Other income (expense) for the three months ended
September 30, 2001 is mainly comprised of interest expense of approximately
$(4.4) million, interest income of approximately $0.3 million and a loss on
investment in an unconsolidated company of approximately $(5.2) million.
Interest expense primarily relates to the interest on the outstanding balance of
the Senior Discount Notes. The Company had approximately $(3.9) million in
interest expense and approximately $0.9 million in interest income during the
three months ended September 30, 2000.

     INCOME TAX BENEFIT. The Company recorded an income tax benefit of
approximately $39,000 for the three months ended September 30, 2001. The benefit
results from the Company's ability to utilize a portion of its net operating tax
loss carryfowards to offset existing deferred tax liabilities.



                                       10
<Page>

RADIO UNICA COMMUNICATIONS CORP.

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

     NET LOSS. Net loss increased by approximately $7.0 million or 109% to
approximately $13.5 million for the three months ended September 30, 2001 from
approximately $6.5 million for the comparable period in the prior year. The
increase in net loss is mainly the result of the loss on the investment in an
unconsolidated company, increased costs of network programming, marketing and
promotion, increased depreciation and amortization resulting from the increase
in the number of and buildout of O&Os, increased interest on the outstanding
balance of the Senior Discount Notes and decreased interest income.

     EBITDA. EBITDA less the non-cash charge relating to the stock option
compensation expense of approximately $0.2 million decreased by approximately
$1.1 million or 92% to approximately $(2.3) million for the three months ended
September 30, 2001 from approximately $(1.2) million for the comparable period
in the prior year. EBITDA decreased by approximately $0.5 million or 27% to
approximately $(2.5) million for the three months ended September 30, 2001 from
approximately $(2.0) million for the comparable period in the prior year. The
decrease in EBITDA is mainly a result of the increased costs of network
programming, marketing and promotion, offset in part by the reduction of
approximately $0.6 million in non-cash stock option compensation expense.

NINE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO THE NINE MONTHS ENDED SEPTEMBER
30, 2000

     NET REVENUE. Net revenue increased by approximately $4.4 million or 19%
to approximately $27.0 million for the nine months ended September 30, 2001
from approximately $22.6 million for the comparable period in the prior year.
The increase in net revenue relates to increased network sales and revenue
generated by promotional and merchandising services associated with MASS.

     OPERATING EXPENSES. Operating expenses increased by approximately $5.7
million or 16% to approximately $42.2 million for the nine months ended
September 30, 2001 from approximately $36.5 million for the comparable period
in the prior year. The increase in operating expenses is due to increased
direct operating expenses of approximately $0.7 million, increased selling,
general and administrative expenses of approximately $1.4 million, increased
network expenses of approximately $2.4 million, increased depreciation and
amortization of approximately $0.6 million and the cost associated with the
operations of MASS of approximately $2.2 million, offset in part by a
reduction in stock option compensation expense of approximately $1.7 million.

     Direct operating expenses increased by approximately $0.7 million or 14% to
approximately $5.9 million for the nine months ended September 30, 2001 from
approximately $5.2 million for the comparable period in the prior year. The
increase in direct operating expenses is primarily due to the increase in the
number of O&Os and increased spending relating to the promotion and
marketing of those O&Os.

     Selling, general and administrative expenses increased by approximately
$1.4 million or 12% to approximately $13.0 million for the nine months ended
September 30, 2001 from approximately $11.6 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, increased sales costs
associated with the increase in revenue, and administrative costs
associated with MASS.

     Network expenses increased by approximately $2.4 million or 24% to
approximately $12.4 million for the nine months ended September 30, 2001 from
approximately $10.0 million for the comparable period in the prior year. The
increase in network expenses is mainly due to an increase in the cost of
network programming, including sporting events, increased sales costs
associated with the increase in network revenue, and increased spending
associated with the promotion and marketing of the network.

                                       11
<Page>

RADIO UNICA COMMUNICATIONS CORP.

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

     Corporate expenses remained constant at approximately $3.0 million for the
nine months ended September 30, 2001 and 2000. Corporate expenses are comprised
of the cost of corporate management as well as legal and professional fees.

     Cost of promotion services of approximately $2.2 million for the nine
months ended September 30, 2001 relates to the cost of promotional and
merchandising services incurred by MASS for its clients.

     Depreciation and amortization increased by approximately $0.6 million or
14% to approximately $5.1 million for the nine months ended September 30, 2001
from approximately $4.5 million for the comparable period in the prior year. The
increase in depreciation and amortization is due to the additions of fixed and
intangible assets arising from the acquisitions and buildout of O&Os.

     Stock option compensation expense decreased by approximately $1.7 million
or 76% to approximately $0.6 million for the nine months ended September 30,
2001 from approximately $2.3 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. 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
$(8.0) million or 96% to approximately $(16.4) million for the nine months ended
September 30, 2001 from approximately $(8.4) million for the comparable period
in the prior year. Other income (expense) for the nine months ended September
30, 2001 is mainly comprised of interest expense of approximately $(12.6)
million, interest income of approximately $1.2 million and a loss on investment
in an unconsolidated company of approximately $(5.0) million. Interest expense
primarily relates to the interest on the outstanding balance of the Senior
Discount Notes. The Company had approximately $(11.2) million in interest
expense and approximately $2.9 million in interest income during the nine months
ended September 30, 2000.

     INCOME TAX BENEFIT. The Company recorded an income tax benefit of
approximately $0.1 million for the nine months ended September 30, 2001. The
benefit results from the Company's ability to utilize a portion of its net
operating tax loss carryfowards to offset existing deferred tax liabilities.

     NET LOSS. Net loss increased by approximately $9.3 million or 42% to
approximately $31.5 million for the nine months ended September 30, 2001 from
approximately $22.2 million for the comparable period in the prior year. The
increase in net loss is mainly the result of the loss on the investment in an
unconsolidated company, increased costs of network programming, increased costs
associated with the promotion and marketing of the Company's network and O&Os,
increased depreciation and amortization resulting from the increase in the
number of and buildout of O&Os, increased interest on the outstanding balance of
the Senior Discount Notes and decreased interest income.



                                       12
<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 $0.5 million decreased by approximately
$2.5 million or 35% to approximately $(9.6) million for the nine months ended
September 30, 2001 from approximately $(7.1) million for the comparable period
in the prior year. EBITDA decreased by approximately $0.7 million or 8% to
approximately $(10.1) million for the nine months ended September 30, 2001 from
approximately $(9.4) million for the comparable period in the prior year. The
decrease in EBITDA is mainly a result of increased costs of network programming,
increased costs associated with the promotion and marketing of the Company's
network and O&Os and the increased costs associated with the operation of the
O&Os.

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 $2.1
million or 22% to approximately $7.6 million for the nine months ended September
30, 2001 from approximately $9.7 million for the comparable period in the prior
year. Net cash used in investing activities was approximately $3.6 million and
$18.1 million for the nine months ended September 30, 2001 and 2000,
respectively. The decrease of approximately $14.5 million from 2000 to 2001 is
primarily due to the lack of radio station acquisitions and investments in
unconsolidated companies during 2001. Net cash used in financing activities was
approximately $0.4 million and $26,000 for the nine months ended September 30,
2001 and 2000, respectively. The increase of approximately $0.4 million from
2000 to 2001 is due to the funding of the stockholder notes receivable during
2001.

     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 $2.3
million and $2.7 million for the nine months ended September 30, 2001 and 2000,
respectively. The decrease in capital expenditures is primarily due to fewer
station buildouts and signal upgrades taking place 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.


                                       13
<Page>

RADIO UNICA COMMUNICATIONS CORP.

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

RECENT ACCOUNTING PRONOUNCEMENTS

     In July 2001, the FASB issued SFAS No. 141, "Business Combinations". The
statement discontinues the use of the pooling of interests method of accounting
for business combinations. The statement is effective for all business
combinations after June 30, 2001.

     In July 2001, the FASB issued SFAS No. 142, "Goodwill and Other Intangible
Assets". The statement will require discontinuing the amortization of goodwill
and other intangible assets with indefinite useful lives. Instead, these assets
will be tested periodically for impairment and written down to their fair market
value as necessary. The Company will adopt this statement effective January 1,
2002. Management is currently evaluating the effect of the adoption of the
statement on the Company's results of operations and financial position.





                                       14
<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 was
paid to persons who were officers, directors, 10% stockholders or affiliates:

<Table>
<Caption>

                                                                                     (in millions)
                                                                                     -------------
<S>                                                                                     <C>
     Repayments of amounts outstanding under the senior credit facility                 $  16.5
       Acquisition of radio stations                                                       20.3
     Other purposes, including deposits on time brokerage agreements
        and acquisition of radio broadcasting rights                                        5.2
     Capital expenditures                                                                   6.8
     Working capital and other                                                             16.9
     Acquisition of Company stock held in treasury                                          1.3
     Investment in unconsolidated companies                                                 3.5
     Acquisition of MASS Promotions, Inc                                                    1.3
     Temporary investments in cash and cash equivalents                                    27.6
                                                                                        --------
                                                                                        $  99.4
</Table>



                                       15
<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:     November 14, 2001





                                       16