Spanish Broadcasting System Revenues Rise For First Quarter

Revenues Up

The 2019 first-quarter results for SPANISH BROADCASTING SYSTEM, INC. saw radio leading a 10% increase in net revenue to $37.355 million, $34.079 million of which came from the radio side (up 17%). Television, on the other hand, fell 30% to $3.276 million. Radio revenue's rise was credited to special event revenue and barter, and network and national sales, offset by decreases in digital and local sales. Adjusted OIBDA fell 14% to $8.319 million, with radio off 7% to $10.932 million, television plummeting 82% to $138,000, and corporate off 1% to negative $2.751 million.  Operating income fell from $7.6 million to $5.6 million.

Chairman/CEO RAUL ALARCÓN said, "During the first quarter we again generated robust consolidated revenue gains while simultaneously undertaking a number of strategic investments aimed at paving the way for future growth. These initiatives included bolstering the external marketing of our leading audio brands, improving and expanding our video content offerings and strengthening the infrastructure of our various sales departments.

"We continue to maintain leading ratings, revenue and margin thresholds across the nation's largest Hispanic markets and our digital and social media engagement metrics remain at all-time highs, as does our ability to impact and engage audiences audibly, visually and experientially. This was exemplified recently in radio as we are the only group owner (in any language) to have registered audience growth in 2018 (as compared to 2017), according to a NIELSEN AUDIO Nationwide survey; and in television, our prime time news commentator, JAIME BAYLY, was the only American news source quoted by the irate Venezuelan dictator, NICOLÁS MADURO, when complaining about his media coverage in the U.S.

"At all times and in every way, we strive to be uppermost in the minds of our diversified audiences and advertisers. As in 2018, we see a clear path to accelerated performance this year as we continue to deliver on our goal of creating long-term sustainable value for our shareholders."

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