SBS Radio Net Revenues Down 4% In Q4
April 2, 2013 at 4:43 AM (PT)
SPANISH BROADCASTING SYSTEM has reported financial results for the fourth quarter and fiscal year ended DECEMBER 31, 2012.
For the quarter, consolidated net revenues totaled $36.9 million compared to $38.2 million for the same prior year period, resulting in a decrease of $1.2 million or 3%. The company noted, "Our radio segment net revenues decreased $1.4 million or 4%, primarily due to special events revenue and network sales, offset by increases in national, barter, local and interactive sales. The decrease in special events revenue occurred mainly in our PUERTO RICO market and the decrease in network sales occurred throughout most of our markets. The increases in national, barter and interactive sales took place throughout most of our markets and the increase in local sales was mostly in our LOS ANGELES and PUERTO RICO markets. Our television segment net revenues increased $0.1 million or 3%, largely due to increases in paid-programming, local spot and integrated sales, offset by a decrease in barter sales."
Operating income totaled $12.4 million compared to $10.4 million for the same prior year period, representing an increase of $2.0 million or 19%.
"During the past year we continued to focus on strengthening our multi-media platform through prudent investments in our content, sales force and digital distribution assets," commented Chairman/CEO RAUL ALARCÓN, JR. "Building on the strength of our brands among Spanish-speaking audiences in the nation's top Hispanic markets, we made notable progress in expanding our presence in the live entertainment, mobile and online arenas, while maintaining strong audience shares across our radio clusters. We also continued to improve the performance of our TV division, which posted positive operating cash flow once again in the fourth quarter. Looking ahead, we remain very positive regarding the prospects of our business given the growth of the Hispanic population and the increasing need for advertisers to connect with our audience."