LBI Q2 Revenues Rise
August 15, 2007 at 5:44 AM (PT)
LBI MEDIA HOLDINGS second-quarter net revenues increased 11% to $32.5 million, credited to increases for the company's LOS ANGELES and DALLAS radio clusters. Radio division net revenues rose 22.1% to $17.1 million. Net income jumped 55.5$ to $6.9 million, due primarily to a credit to deferred compensation expense related to a payment made in AUGUST 2007.
EVP LENARD LIBERMAN said, "2007 has proven to be a very exciting year for us. We have successfully launched our five new radio station formats in DALLAS and in a very short period of time, we have achieved impressive ratings and revenue growth. In our television group, we have successfully launched new programs that have improved our ratings and rank position in our markets. In the most recent July sweeps period, KRCA in LOS ANGELES ranks number two in prime time in the male 18-34 and 18-49 demographics. At our LOS ANGELES radio stations, we have achieved record ratings for our company, with KBUE ranking number two in the 18-34 and 18-49 demographics. This outstanding performance by our stations should result in continued increased revenues as the year progresses.
"We were also very fortunate to have completed our debt financings in the third quarter of this year, which provides our company with significant acquisition capacity and a flexible financial structure. Soon, we will be entering into two new markets with our announced acquisitions of KPNZ-TV in SALT LAKE CITY, UTAH and KWIE-FM in RIVERSIDE/SAN BERNARDINO, CALIFORNIA, which will further expand our interests into two high-growth Mexican-based Hispanic markets. We expect to close these acquisitions in the late third or fourth quarter."