SBS Revs Up 9% In Q4
April 2, 2012 at 4:59 AM (PT)
SPANISH BROADCASTING SYSTEM has reported financial results for the fourth quarter and fiscal year ended DECEMBER 31st, 2011.
For the quarter ended DECEMBER 31st, 2011, consolidated net revenue totaled $38.2 million compared to $34.9 million for the same prior year period, resulting in an increase of $3.3 million or 9%.
"Our radio segment net revenue increased $3.4 million or 11%, primarily due to special events revenue, network sales and barter sales. The increase in special events revenue and network sales occurred in all of our markets. The increase in barter sales occurred in all of our markets, with the exception of our LOS ANGELES MARKET," reported SBS.
"Our radio segment OIBDA increased $0.7 million or 5%, primarily due to the increase in net revenue of $3.4 million, offset by an increase of station operating expenses of $2.7 million. Radio station operating expenses increased mainly due to an increase in special events expenses," added the report.
Corporate operating income totaled $10.4 million compared to $7.0 million for the same prior year period, representing an increase of $3.4 million or 48%. This increase was primarily attributed to the increase in net revenues.
"We made significant progress during 2011 in executing our plan and advancing our financial performance," commented Chairman/CEO RAUL ALARCÓN, JR. "Our results reflect the improving advertising climate and the strength of our diversified media assets in reaching the fast-growing Hispanic audience. We have improved the cash generation of our business considerably through a disciplined approach to cost management, even as we have continued to strategically invest in building our brands, expanding our content and supporting our digital platform. Given the positioning of our assets in the nation's largest Hispanic markets and the ongoing robust growth of the Spanish speaking population, we remain very optimistic about our long-term outlook given the increasing need for advertisers to reach our audience."