<Page>

================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 10-Q

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

                                       OR

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

                          COMMISSION FILE NO. 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 13, 2002, 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...............................  8

PART II.    OTHER INFORMATION

Item 2.  Changes in Securities.............................................. 12
Item 6.  Exhibits and Reports on Form 8-K................................... 13



<Page>

RADIO UNICA COMMUNICATIONS CORP.
CONSOLIDATED BALANCE SHEETS

<Table>
<Caption>

                                                                              MARCH 31,            DECEMBER 31,
ASSETS                                                                          2002                  2001
---------------------------------------------------------------------------------------------------------------
                                                                             (UNAUDITED)
<S>                                                                         <C>                   <C>
Current assets:
  Cash and cash equivalents                                                 $  16,504,221         $  19,909,952
  Accounts receivable, net of allowance for doubtful
    accounts of $1,431,502 and $1,253,425, respectively                         7,836,121            10,251,340
  Prepaid expenses and other current assets                                     1,409,263             1,600,898
                                                                            -------------         -------------
Total current assets                                                           25,749,605            31,762,190
  Property and equipment, net                                                  24,656,129            23,971,415
  Broadcast licenses, net of accumulated amortization of $10,336,623           98,200,730            98,200,730
  Other intangible assets, net                                                  8,830,387             9,055,938
  Other assets                                                                    445,880               344,543
                                                                            -------------         -------------
                                                                            $ 157,882,731         $ 163,334,816
                                                                            =============         =============

LIABILITIES AND STOCKHOLDERS' DEFICIT
---------------------------------------------------------------------------------------------------------------
Current liabilities:
  Accounts payable                                                          $     816,615         $   2,216,655
  Accrued expenses                                                              2,623,537             2,942,467
  Deferred revenue                                                                513,927               658,943
  Current portion of notes payable                                                981,888               984,991
                                                                            -------------         -------------
Total current liabilities                                                       4,935,967             6,803,056

Other liabilities                                                                  70,000                55,000
Notes payable                                                                   1,133,312             1,139,276
Deferred taxes                                                                    949,442               988,460
Senior discount notes                                                         152,239,803           147,934,782

Commitments and contingencies

Stockholders' (deficit) equity:
  Preferred stock; $.01 par value; 5,000,000 shares authorized;
    no shares issued or outstanding                                                    --                    --
  Common stock; $.O1 par value; 40,000,000 shares authorized,
    21,420,456 shares issued and 20,941,656 shares outstanding                    214,205               214,205
  Additional paid in capital                                                  161,522,206           161,522,206
  Treasury stock at cost; 478,800 shares                                       (1,315,644)           (1,315,644)
  Stockholder notes receivable                                                   (749,657)             (749,657)
  Deferred compensation expense                                                  (410,672)             (570,817)
  Accumulated deficit                                                        (160,706,231)         (152,686,051)
                                                                            -------------         -------------
Total stockholders' deficit                                                    (1,445,793)            6,414,242
                                                                            -------------         -------------
                                                                            $ 157,882,731         $ 163,334,816
                                                                            =============         =============
</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,
                                                     ---------------------------------
                                                         2002                 2001
---------------------------------------------------- ------------         ------------
<S>                                                  <C>                  <C>
Net revenue                                          $  8,161,736         $  5,621,329
Operating expenses:
  Direct operating                                      1,195,473            1,667,996
  Selling, general and administrative                   4,195,693            4,112,580
  Network                                               3,761,046            3,737,542
  Corporate                                               925,272            1,015,459
  Cost of promotion company sales                         787,356                 --
  Depreciation and amortization                           739,250            1,701,824
  Stock option compensation                               160,145              177,808
                                                     ------------         ------------
                                                       11,764,235           12,413,209
                                                     ------------         ------------
Loss from operations                                   (3,602,499)          (6,791,880)
Other income (expense):
  Interest expense                                     (4,513,465)          (4,065,058)
  Interest income                                         105,249              595,576
  Other                                                   (48,483)               7,709
                                                     ------------         ------------
                                                       (4,456,699)          (3,461,773)
                                                     ------------         ------------
Loss before income taxes                               (8,059,198)         (10,253,653)
Income tax benefit                                         39,018                 --
                                                     ------------         ------------
Net loss                                             $ (8,020,180)        $(10,253,653)
                                                     ============         ============

Net loss per common share - basic and diluted        $      (0.38)        $      (0.49)
                                                     ============         ============
Weighted average common shares
  outstanding - basic and diluted                      20,941,656           20,811,602
                                                     ============         ============
</Table>

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

                                       3
<Page>

RADIO UNICA COMMUNICATIONS CORP.
COSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

<Table>
<Caption>
                                                                                          THREE MONTHS ENDED
                                                                                               MARCH 31,
                                                                                   ---------------------------------
                                                                                       2002                 2001
---------------------------------------------------------------------------------- ------------         ------------
<S>                                                                                <C>                  <C>
OPERATING ACTIVITIES
Net loss                                                                           $ (8,020,180)        $(10,253,653)
Adjustments to reconcile net loss to net cash used in operating activities:
   Depreciation and amortization                                                        739,250            1,701,824
   Provision for bad debt                                                               178,077               74,048
   Accretion of interest on senior discount notes                                     4,305,021            3,840,504
   Amortization of deferred financing costs                                             159,981              192,708
   Stock option compensation expense                                                    160,145              177,808
   Deferred income taxes                                                                (39,018)                --
   Other                                                                               (110,325)             (97,350)
   Change in assets and liabilities:
    Accounts receivable                                                               2,237,142            1,800,135
    Prepaid expenses and other current assets                                           207,345             (758,527)
    Other assets                                                                       (117,652)            (121,073)
    Accounts payable                                                                 (1,400,040)             (55,259)
    Accrued expenses                                                                   (318,930)             568,892
    Deferred revenue                                                                    (34,691)                --
    Deposit payable                                                                      15,000                 --
                                                                                   ------------         ------------
Net cash used in operating activities                                                (2,038,875)          (2,929,943)
                                                                                   ------------         ------------

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

FINANCING ACTIVITIES
Stockholder notes receivable                                                               --               (420,588)
Repayment of notes payable                                                               (9,067)                --
                                                                                   ------------         ------------
Net cash provided by financing activities                                                (9,067)            (420,588)
                                                                                   ------------         ------------

Net decrease in cash and cash equivalents                                            (3,405,731)          (3,868,831)
Cash and cash equivalents at beginning of period                                     19,909,952           39,274,817
                                                                                   ------------         ------------
Cash and cash equivalents at end of period                                         $ 16,504,221         $ 35,405,986
                                                                                   ============         ============
</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, 2002 are not necessarily
indicative of the results that may be expected for the year ending December 31,
2002. The consolidated condensed financial statements include the accounts of
the Company and all majority owned subsidiaries over which the Company has
control. All significant intercompany accounts and transactions have been
eliminated. For further information, refer to the Company's 2001 consolidated
financial statements and notes thereto.

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

2.     SEGMENT OPERATING RESULTS

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

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


                                       5
<Page>

RADIO UNICA COMMUNICATIONS CORP.

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

2.   SEGMENT OPERATING RESULTS, CONTINUED

Results by segment are as follows:

<Table>
<Caption>
                                            Three Months Ended
                                                 March 31,
                                    -----------------------------------
                                        2002                   2001
                                    -------------         -------------
<S>                                 <C>                   <C>
Net revenue

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

Operating income (loss)

   Radio broadcasting               $  (3,733,667)        $  (6,791,880)
   Promotion services                     131,168                  --
                                    -------------         -------------
Consolidated                        $  (3,602,499)        $  (6,791,880)
                                    =============         =============

EBITDA

   Radio broadcasting               $  (3,048,896)        $  (5,090,056)
   Promotion services                     185,647                  --
                                    -------------         -------------
Consolidated                        $  (2,863,249)        $  (5,090,056)
                                    =============         =============

Total assets as of March 31,

   Radio broadcasting               $ 152,459,612         $ 179,550,599
   Promotion services                   5,423,119                  --
                                    -------------         -------------
Consolidated                        $ 157,882,731         $ 179,550,599
                                    =============         =============
</Table>


                                       6
<Page>

RADIO UNICA COMMUNICATIONS CORP.

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

3.     NEW ACCOUNTING STANDARDS

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

<Table>
<Caption>
                                                            THREE MONTHS ENDED
                                                                 MARCH 31,
                                                     ---------------------------------
                                                         2002                 2001
                                                     ------------         ------------
<S>                                                  <C>                  <C>
Net loss as reported                                 $ (8,020,180)        $(10,253,653)
Goodwill and broadcast licenses amortization                 --                978,080
                                                     ------------         ------------
Net loss as adjusted                                 $ (8,020,180)        $ (9,275,573)
                                                     ============         ============

Net loss per common share - basic and diluted

As reported                                          $      (0.38)        $      (0.49)
                                                     ============         ============
As adjusted                                          $      (0.38)        $      (0.45)
                                                     ============         ============
</Table>

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

4.     SUBSEQUENT EVENTS

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

                                       7
<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 2002 and beyond, the Company's expectations, beliefs,
future plans and strategies, anticipated events or trends, and similar
expressions concerning matters that are not historical facts. The
forward-looking statements in this report are subject to risks and uncertainties
that could cause actual results to differ materially from those expressed in or
implied by the statements.

OVERVIEW

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

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

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

RESULTS OF OPERATIONS

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

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

       OPERATING EXPENSES. Operating expenses decreased by approximately $0.6
million or 5% to approximately $11.8 million for the three months ended March
31, 2002 from approximately $12.4 million for the comparable period in the prior
year. The decrease in operating expenses is due to decreased direct operating
expenses of approximately $0.5 million, decreased selling, general and
administrative expenses related to the radio business of approximately
$0.5 million and decreased depreciation and amortization of approximately
$1.0 million offset in part by the cost associated with the operations
of MASS of approximately $0.5 million of selling, general and administrative
expenses and approximately $0.8 million of cost of promotions services.


                                       8
<Page>

RADIO UNICA COMMUNICATIONS CORP.

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

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

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

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

       Corporate expenses decreased by approximately $0.1 million or 9% to
approximately $0.9 million for the three months ended March 31, 2002 from
approximately $1.0 million for the comparable period in the prior year. The
decrease in corporate expenses is mainly due to decreased outside services.

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

       Depreciation and amortization decreased by approximately $1.0 million or
57% to approximately $0.7 million for the three months ended March 31, 2002 from
approximately $1.7 million for the comparable period in the prior year. The
decrease in depreciation and amortization is due to the fact that effective
January 1, 2002 in accordance with the provisions of Financial Accounting
Standards Board ("FASB") Statement of Financial Accounting Standards ("SFAS")
No. 142, "Goodwill and Other Intangible Assets", the Company discontinued the
amortization of goodwill and broadcast licenses with indefinite useful lives.

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

       OTHER INCOME (EXPENSE). Other income (expense) increased by approximately
$1.0 million or 29% to approximately $(4.5) million for the three months ended
March 31, 2002 from approximately $(3.5) million for the comparable period in
the prior year. Other income (expense) for the three months ended March 31, 2002
included interest income of approximately $0.1 million, and interest expense of
approximately $(4.5) million. Interest expense primarily relates to the interest
on the outstanding balance of the Senior Discount Notes. The Company had
approximately $0.6 million in interest income and $(4.1) million in interest
expense during the three months ended March 31, 2001.


                                       9
<Page>

RADIO UNICA COMMUNICATIONS CORP.

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

       NET LOSS. Net loss decreased by approximately $2.2 million or 22% to
approximately $(8.0) million for the three months ended March 31, 2002 from
approximately $(10.2) million for the comparable period in the prior year. The
decrease in net loss is mainly the result of the increase in the Company's
revenue of approximately $2.5 million and decreased operating expenses of
approximately $0.7, offset in part by the increase in interest expense related
to the Senior Discount Notes of approximately $0.5 million and decreased
interest income of approximately $0.4 million.

       EBITDA. EBITDA less the non-cash charge relating to the stock option
compensation expense of approximately $0.2 million ("Adjusted EBITDA") increased
by approximately $2.2 million or 45% to approximately $(2.7) million for the
three months ended March 31, 2002 from approximately $(4.9) million for the
comparable period in the prior year. EBITDA increased by approximately $2.2
million or 44% to approximately $(2.9) million for the three months ended March
31, 2002 from approximately $(5.1) million for the comparable period in the
prior year. The increase in EBITDA is mainly a result of the increase in revenue
generated by promotional and merchandising services associated with MASS,
increased rates and revenue market share at the network and O&Os, revenue
generated from the broadcast of a soccer event, "Copa Oro", and decreased
operating expenses relating to the radio business.

LIQUIDITY AND CAPITAL RESOURCES

       The Company has had negative cash flows since inception. Working capital
and financing for the Company's acquisitions to date have been provided
primarily by the proceeds from 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.

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

       Net cash used in operating activities decreased by approximately $0.9
million or 30% to approximately $2.0 million for the three months ended March
31, 2002 from approximately $2.9 million for the comparable period in the prior
year. Net cash used in investing activities was approximately $1.4 million and
$0.5 million for the three months ended March 31, 2002 and 2001, respectively.
The increase of approximately $0.9 million from 2002 to 2001 is primarily due to
the increase in capital expenditures associated with signal upgrades currently
in process for our New York and Dallas stations. Net cash used in financing
activities was approximately $(9,000) and $(0.4) million for the three months
ended March 31, 2002 and 2001, respectively. The decrease of approximately $0.4
million from 2002 to 2001 is due to the funding of the stockholder notes
receivable during 2001.


                                       10
<Page>

RADIO UNICA COMMUNICATIONS CORP.

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

LIQUIDITY AND CAPITAL RESOURCES, CONTINUED

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

       The Company believes that the remaining proceeds from its 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 common stock and Senior Discount Notes, and the Company's
ability to pay the principal of and interest on the Senior Discount Notes.











                                       11
<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            5.5
Capital expenditures                                                 9.1
Working capital and other                                           21.5
Acquisition of Company stock held in treasury                        1.3
Investment in unconsolidated companies                               7.0
Acquisition of MASS Promotions, Inc.                                 1.7
Temprary investments in cash and cash equivalents                   16.5
                                                                   -----
                                                                   $99.4
                                                                   =====
</Table>


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<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 13, 2002










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