LBI Revenues Rise For Q1
May 14, 2008 at 5:28 AM (PT)
LBI MEDIA first quarter net revenues increased 5% to $26.4 million, attributed to improved radio ad revenues that jumped 13.5% to $13.7 million. The radio improvement was credited to returns from DALLAS and from KRQB/RIVERSIDE-SAN BERNARDINO, which the company acquired last SEPTEMBER.
Television net revenues decreased slightly by less than 3% to $12.7 million, blamed on declines in CALIFORNIA and the loss of the company's SAN DIEGO LPTV in the OCTOBER wildfires, partially offset by growth in KPNZ-TV/SALT LAKE CITY and in TEXAS. Net loss narrowed from $46.5 million to $5.9 million, but the 2007 loss was the result of a tax provision of $46.9 million due to converting from a S corporation to a C corporation.
EVP/Secretary LENARD LIBERMAN said, "Despite the impact of a softening economy both locally and nationally, LBI MEDIA continues to grow its top line revenue through aggressive sales management, ratings performance and targeted acquisitions. For the first time since 2004, UNIVISION's PIOLIN morning show dropped to #2 in the market and was beaten by LBI's DON CHETO morning show in LOS ANGELES. In addition, television ratings continue to improve; our prime time performance in the important Male 18-34 demographic ranks LBI #2, outperforming TELEFUTURA and TELEMUNDO. This continued ratings success in both radio and television underscores the value of LBI's franchise and sets the stage for continued investment and growth through the increase of our distribution platform. Our ratings success continues to distinguish LBI in the Spanish language media industry and points to the importance and value of our programming content. With the continued growth of the underlying Hispanic population and its associated buying power, LBI's programming content and ratings success along with its strategy to increase its distribution foot print, will allow LBI to monetize its significant franchise value and outperform its competitors in the Spanish language media market. These factors will allow us to continue to grow and I remain optimistic about our potential in 2008."