Spanish Broadcasting System Revenue Rises In First Quarter 2023

Q1 Results

SPANISH BROADCASTING SYSTEM net revenue rose 6% year-over-year to $48.85 million for first quarter 2023, with radio leading the way (up 8% to $45.4 million) and TV off 9% to $3.5 million as the company is in the process of selling its television assets to VOZ MEDIA, INC. Adjusted OIBDA fell 39% to $11.3 million, with radio down 34% to $15.4 million and television down 130% to a loss of $212,000, while corporate narrowed its loss by 29% to $4.1 million.

“Our fourth quarter performance reflects continued consolidated revenue growth, spearheaded by our radio results”, said Chairman/CEO RAÚL ALARCÓN. “In addition, 2022 marked another year of aggregate audience growth as well as a continued emphasis on the execution of our multimedia strategy through successful investments in our new ORLANDO and TAMPA markets, our programming content, and our expanded digital offerings.

"Our audio assets remain among the top-ranked in the key markets they serve (among all competitors in any language) and our digital engagement metrics are up significantly compared to last year. In terms of streaming, SBS radio lays claim to three of the top twenty most-streamed-stations in the nation, led by our flagship WSKQ-FM in NEW YORK CITY, the #1 over-the-air and streamed station in AMERICA. Our newly acquired ORLANDO/TAMPA FM duopoly is outperforming expectations as we prepare to commence radio operations in HOUSTON, the nation’s third largest Hispanic DMA.

"Today, SBS has an established stronghold across the nation’s top Hispanic markets at a time when the Latino consumer is rapidly growing in influence and purchasing power. As Corporate AMERICA has always 'followed the money,' likewise we remain bullish on monetizing our ability to serve what many are calling the “New American Mainstream” with over $2 trillion in annual purchasing power.

"This year we celebrate our 40th Anniversary of doing just that... and our momentum continues.”

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