Special Events, Network Sales Boost Spanish Broadcasting System Second Quarter
August 15, 2014 at 3:57 AM (PT)
SPANISH BROADCASTING SYSTEM, INC. net revenue rose 13% in second quarter 2014 to $40.887 million, with radio up 12% to $36.019 million and television up 27% to $4.868 million. The radio revenue hike was attributed to special events revenue in MIAMI, LOS ANGELES, and NEW YORK and network sales (AIRE RADIO NETWORKS), offset by a decrease in national sales. Operating income fell 13% to $9.4 million due to higher operating expenses.
Chairman/CEO RAUL ALARCÓN, JR. said, "During the second quarter, we continued to execute our plan to expand our audiences and strengthen our multi-media platform to position our company for growth. Our radio station clusters continue to rank among the most successful media properties serving the Spanish-speaking population in the nation's largest Hispanic media markets. Our consistent success in building and maintaining strong audience shares was only confirmed by our NEW YORK radio franchise, WSKQ-FM, capturing the number one position among all radio stations for adults 18-49, regardless of language, in the NEW YORK market, according to the JUNE NIELSEN book. Building on our success, we are continuing to invest in our radio network and digital assets, in an effort to capitalize on our loyal following, close ties to the music community and recent ratings gains. Looking ahead, we remain focused on increasing our share of advertising budgets across our markets and converting our investments into returns to the benefit of our shareholders."