SBS Reports Revenues Up 11%, Radio Rises 13%
April 15, 2016 at 4:42 AM (PT)
SPANISH BROADCASTING SYSTEM (SBS) has reported financial results for the quarter- and year-ended DECEMBER 31, 2015.
For the quarter-ended DECEMBER 31, 2015, consolidated net revenues totaled $40.3 million compared to $36.3 million for the same prior year period, resulting in an increase of $4.0 million or 11%. The radio segment net revenues increased $4.1 million or 13%, due to increases in local, network, digital and barter sales, and special events revenue.
The company notes, "Our local sales increased in our LOS ANGELES, MIAMI and NEW YORK markets. Our television segment net revenues decreased $0.2 million or 4%, due to the decreases in local and paid programming sales offset by an increase in national sales."
Consolidated OIBDA, a non-GAAP measure, totaled $9.9 million compared to $12.1 million for the same prior year period, representing a decrease of $2.2 million or 18%. The radio segment OIBDA decreased $0.8 million or 6%, primarily due to an increase in operating expenses of $4.9 million, partially offset by the increase in net revenues of $4.1 million. Radio station operating expenses increased mainly due to increases in special event related expenses, advertising, promotion and prize expenses, commissions, legal fees and settlements, affiliate compensation audience ratings and research, music license fees, taxes and licenses, and compensation and benefits.
“During the fourth quarter, we made continued progress in executing our multi-platform strategy and growing our total audience shares,” commented Chairman/CEO RAÚL ALARCÓN, JR. “Our AIRE radio network gained traction with listeners, advertisers and our station partners and is progressing in line with our plan. Our radio stations continue to increase their audience shares across the nation’s largest Hispanic media markets and we further strengthened our digital platform and reach, most notably through the highly successful launch of our new La Musica app. Moving forward, we are focused on continuing to build on our strong multi-platform audience shares and digital capabilities to connect brands with the rapidly expanding Latino population on-air, online, and via mobile.”