Revenue Rises At SBS In Q1
May 16, 2013 at 3:55 AM (PT)
SPANISH BROADCASTING SYSTEM first quarter net revenue jumped 22% to $39.103 million and radio revenue rose 19% to $32.959 million, credited to special events revenue, national, barter, local and interactive sales, with LOS ANGELES primarily responsible for the increase in national sales and PUERTO RICO, NEW YORK, and LOS ANGELES showing increases for local revenue offset by decreases in CHICAGO and SAN FRANCISCO.
Television revenues were up 42% on an increase in special events revenue. OIBDA rose 53% to $9.7 million, and operating income jumped 52% to $7.3 million. Net loss narrowed from $3.663 million to $2.753 million.
"We generated double digit increases in our revenue and cash flow during the first quarter," said Chairman and CEO RAUL ALARCÓN, JR., Chairman and CEO. "We are benefiting from the investments we have made in our multi-media platform and sales efforts, as we expand our revenue profile and drive creative marketing opportunities for our advertising partners. Leveraging our audience reach and relationships in the talent arena, we have increasingly demonstrated our ability to drive attendance at special events and deliver returns on our investment. At the same, we continue to carefully manage our costs and expect our TV operations to return to profitability for the remainder of the year. Our audience shares have remained strong and we are seeing an improvement in the advertising environment. As a result, we remain optimistic that we can continue to generate improved results in the year ahead.”
The company also reported that it has replaced its auditor, moving to CROWE HORWATH LLP from KPMG.