Q2 Revenues Fall 3% At Spanish Broadcasting System
August 14, 2012 at 2:46 PM (PT)
SPANISH BROADCASTING SYSTEM second-quarter revenues fell 3% to $34.611 million, with radio also off 3% to $30.288 million. SBS blamed the radio decrease on drops in national and network sales, offset by increases in barter, interactive and local sales. Local sales increases were primarily from the NEW YORK and LOS ANGELES clusters. A sharp 16% drop in OIBDA in the radio segment to $14.294 million contributed to a 12% decrease in consolidated OIBDA to $11,466 million.
"During the second quarter, we continued to execute our plan to strengthen our multi-media platform, while carefully managing our costs," said Chairman/CEO RAUL ALARCON, JR. "The advertising environment was mixed, but we were able to offset some of the weakness at the national level through increased local and interactive sales. We also made significant progress in reducing the operating loss at our television operations. Looking ahead, our station brands remain strong, and we are continuing to expand our interactive footprint and build on our revitalized sales force. We also remain well positioned to attract our share of political dollars in the second half of the year given our leading audience shares in the nation's top-ten Hispanic markets."