SBS Revenues, Led By Radio Division, Rise 14%
November 15, 2013 at 3:57 AM (PT)
SPANISH BROADCASTING SYSTEM has reported its latest financial information, with the radio division leading the way to higher revenues.
For the quarter-ended SEPTEMBER 30th, 2013, consolidated net revenues totaled $41.1 million compared to $35.9 million for the same prior year period, resulting in an increase of $5.2 million or 14%.
The company reported, "Our radio segment net revenues increased $4.2 million or 14%, primarily due to special events revenue, national sales, local sales and interactive sales. The special events revenue increase took place in our MIAMI, PUERTO RICO, NEW YORK and LOS ANGELES markets. The increase in national sales was mainly in our LOS ANGELES, SAN FRANCISCO and NEW YORK markets. The increase in local sales was primarily in our NEW YORK, MIAMI and LOS ANGELES markets. The increase in interactive sales occurred throughout most of our markets. Our television segment net revenues increased $1.0 million or 21%, largely due to the increase in special events revenue, offset by the decreases in national and local spot sales."
OIBDA totaled $11.3 million compared to $11.7 million for the same prior year period, representing a decrease of $0.4 million or 4%. SBS noted, "Our radio segment OIBDA increased $0.4 million or 3%, primarily due to the increase in net revenues of $4.2 million, offset by the increase of station operating expenses of $3.8 million. Radio station operating expenses increased mainly due to compensation and benefits, special events expenses, legal settlements and professional fees, which were offset by a decrease in local commissions."
Operating income totaled $10.2 million for the current and same prior year period, respectively.