Spanish Broadcasting System Q1 Radio Revenues Off
May 8, 2007 at 5:46 AM (PT)
SPANISH BROADCASTING SYSTEM first quarter consolidated net revenue rose 3% to $38.9 million, attributed to a $1.7 million gain at the company's WSBS-TV (MEGA TV)/KEY WEST-MIAMI, which was only represented for one month of 2006's first quarter. Radio revenues slipped 1% , blamed on lower national and barter sales, with national down in LOS ANGELES, MIAMI, and CHICAGO, offset by increases in NEW YORK and SAN FRANCISCO.
Net income fell from $53.541 million to $1.014 million, with net income applicable to common stockholders dropping from $51.124 million to a loss of $1.403 million (71 to -1 cents/share).
SBS expects second-quarter consolidated net revenue to increase in the low-single-digit range over the comparable prior year period.