SBS Down In Q1
May 8, 2008 at 7:54 AM (PT)
SPANISH BROADCASTING SYSTEM has reported financial results for the quarter ended MARCH 31st, 2008. Consolidated net revenue totaled $36.4 million compared to $38.9 million for the same prior year period, resulting in a decrease of $2.5 million or 6%. This consolidated decrease was mainly attributable to their radio segment which had a net revenue decrease of $3.8 million or 10%, offset by an increase in SBS' television segment.
Operating (loss) income totaled $(2.8) million compared to $6.0 million for the same prior year period. (Loss) income before income taxes totaled $(5.9) million compared to $3.3 million for the same prior year period.
Chairman/CEO RAUL ALARCON, JR. commented, "Our first quarter results reflect substantial growth momentum at MEGATV, offset by decreased revenues at our radio group due to the effects of a sluggish advertising environment. Consumer interest across our media assets has never been stronger and we are increasingly benefiting from our ability to provide a wide range of blue-chip clients with targeted advertising opportunities spanning TV, radio and online.
"Although the radio advertising market remains difficult primarily due to the impact of the economic downturn, we are successfully building on our loyal listener base in the nation's top markets and continue to operate the leading Spanish-language radio outlets in the country, including the #1 Spanish-language station in AMERICA. Looking ahead, we remain focused on capitalizing on our solid content and expanded distribution platform to further build our audience and improve our financial results."