LBI Media Radio Revenues Fall In Second Quarter
August 16, 2012 at 4:21 AM (PT)
LBI MEDIA, INC. second quarter net revenues increased 1.6% to $32.1 million, primarily attributed to increased TV ad revenue, partially offset by a drop in radio revenue. Radio fell 6% to $14.3 million, blamed on a decline in advertising revenue in LOS ANGELES, DALLAS, and HOUSTON. Television net revenues jumped 8.6% to $17.7 million due to increases at the ESTRELLATV network.
The company's net loss widened from $5.2 million to $7 million, attributed to a $1.1 million increase in operating expenses, a $1.1 million increase in exchange offering costs, a $0.8 million decrease in interest rate swap income, and a $0.9 million decrease in radio revenues, partially offset by a $1.4 million increase in TV revenues and a $0.7 million decrease in interest expense and interest and other income.
In addition, the company announced that the expiration date for its currently active private exchange offers has been extended to midnight (ET) on AUGUST 29th.