SBS Radio Revenue Up 3% In Q3
November 7, 2006 at 6:00 PM (PT)
SPANISH BROADCASTING SYSTEM's third-quarter consolidated net revenue climbed 7% to $45.9 million, while radio net revenue rose 3% to $44.6 million. The company said the radio growth, primarily in SAN FRANCISCO and LOS ANGELES, came mostly from local and barter revenues and was offset by a decrease in national sales. Net income was $843,000, compared to a loss of $33 million in Q3 2005; per share, the net loss was 2 cents vs. 49 cents last year.
SBS Chairman/CEO RAUL ALARCON JR. said, "Once again, our radio division posted revenue growth ahead of the industry, reflecting our consistently strong ratings in the nation's top markets and our focus on monetizing our audience shares. While fourth-quarter trends are soft, we believe the steps we are taking to expand our connection with the audiences we serve through our multi-media portfolio will strengthen our competitive profile and improve our long-term growth potential. As the Hispanic population continues to grow and advertisers increasingly take notice, we remain very well-positioned to benefit over the long term."