Spanish Broadcasting System Q3 Radio Revenues Flat
November 7, 2007 at 5:35 AM (PT)
SPANISH BROADCASTING SYSTEM third quarter consolidated net revenue rose 2% to $46.8 million, credited to increases for the company's Spanish independent WSBS-TV (MEGA TV)/KEY WEST-MIAMI, offset by flat radio revenues ($44.333 million) blamed on local sales decreases in LOS ANGELES, PUERTO RICO, CHICAGO, and MIAMI. National sales were up in NEW YORK and LOS ANGELES and off in MIAMI. Net income applicable to common stockholders rose froma loss of $1.574 million to a gain of $124,000 (0 cents/share).
Chairman and CEO RAUL ALARCON, JR. said, "Our overall third quarter revenue increase exceeded our guidance, reflecting substantial growth at Mega TV, offset by flat results at our radio segment. MEGA TV continued to convert its fast-growing audience share in the MIAMI market into robust gains in advertising revenue, a trend that has continued into the current quarter. MEGA TV premiered nationally on DIRECTV MAS in October and we are confident this will lead to significant growth in our viewing audience as we capitalize on our top-ten market presence to cross-promote our radio, TV and online properties. While the radio advertising market remains difficult, we are seeing an improvement in revenue trends and we are continuing to deliver consistently strong audience shares across our portfolio. Through the continued development and expansion of our diversified asset base in the nation's largest media markets, we remain well positioned to benefit from the growth of the nation's Hispanic population."
The company expects net revenue to rise in the low-single digit range for fourth quarter.