SBS Net Revenues Up 2%, Radio Down 2%
May 17, 2016 at 3:58 AM (PT)
SPANISH BROADCASTING SYSTEM has reported financial results for the first quarter ended MARCH 31st, 2016.
“During the first quarter, we continued to execute against our strategic plan including expanding our multi-platform audience and reach while also further strengthening our mobile capabilities,” commented Chairman/CEO RAÚL ALARCÓN. “Our radio stations are well positioned across the nation’s top-ten media markets and we continue to benefit from our industry leading content offerings. Looking ahead, we remain focused on leveraging our strong audience shares and expanded digital capabilities to connect advertisers with the rapidly expanding Latino population across all media platforms.”
Consolidated net revenues totaled $31.6 million compared to $32.1 million for the same prior year period, resulting in a decrease of 2%. The radio segment net revenues decreased $0.7 million or 2%, due to decreases in network sales and lower concert activity offset by increases in national, local, digital and barter sales. SBS reported national sales increased in LOS ANGELES, NEW YORK and PUERTO RICO markets. Local sales increased in the MIAMI, NEW YORK and LOS ANGELES markets.
Consolidated OIBDA, a non-GAAP measure, totaled $5.0 million compared to $7.1 million for the same prior year period, representing a decrease of 29%. SBS radio segment OIBDA decreased $1.2 million or 11%, primarily due to the decrease in net revenues of $0.7 million and increases in operating expenses of $0.5 million. Radio station operating expenses decreased due to reduce concert activity, which was offset by increases in professional fees, employee compensation and benefits, and audience research fees.