Spanish Broadcasting System Third Quarter Revenues Dip
November 17, 2014 at 3:55 AM (PT)
SPANISH BROADCASTING SYSTEM consolidated revenue dipped 12% to $36,278,000 and radio revenue fell 8% to $32,713,000 for third quarter 2014. The decline in radio revenues was blamed on decreases in national, local and barter sales, partially offset by an increase in network sales.
National sales fell across most markets, with the exception of PUERTO RICO; local sales fell in LOS ANGELES, PUERTO RICO, and MIAMI, while barter fell in most markets, except PUERTO RICO and CHICAGO.
Network sales rose due to the addition of the new AIRE RADIO NETWORKS ad sales platform. Television fell 37% due to declines in special events revenue, paid-programming, and local and national spot sales. Operating income dipped 15% to $24.5 million.
Chairman/CEO RAÚL ALARCÓN, JR. said, "During the third quarter, we continued to execute our plan to support our market leading stations and strengthen our multi-media platform to position our company for long-term 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. Building on our strong station brands, we are continuing to invest in our radio network and digital assets, in an effort to expand our audience nationally and compete for a larger pool of advertising dollars. We are pleased with our progress to date and believe our efforts will lead to improved results in the year ahead."