Third-Quarter Revenues Fall 1% At Spanish Broadcasting System
November 14, 2012 at 3:55 AM (PT)
SPANISH BROADCASTING SYSTEM third-quarter consolidated net revenue fell 1% to $35.9 million, with radio revenue dropping 2% to $31.2 million and TV revenue up 6% to $4.7 million. The decrease in radio revenue was primarily attributed to local and network sales in most markets, offset by increases in barter sales in PUERTO RICO, national sales in MIAMI, LOS ANGELES and PUERTO RICO, and interactive sales. Operating income dropped 15% to $10.2 million.
During the third quarter, we continued to focus on strengthening our multi-media assets while prudently controlling our expenses," said Chairman/CEO RAUL ALARCON, JR.. "We continued to experience an uneven advertising environment, primarily in our radio division, although we were able to generate increases in our barter, national and interactive sales. In our television segment, we achieved positive station operating cash flow in line with our plan, reflecting healthy growth in our revenues and a substantial reduction in our expenses. We are committed to achieving ongoing operating profitability at our television operations going forward. Looking ahead, we remain very optimistic about our outlook given the strength of our assets and our audience reach, combined with the growing interest among advertisers in reaching the fast-growing Hispanic population."