SBS Revenues Down For Q2
August 7, 2008 at 5:49 AM (PT)
SPANISH BROADCASTING SYSTEM, INC. TODAY reported financial results for the three- and six-month periods ended JUNE 30th, 2008.
For the quarter ended JUNE 30th, 2008, consolidated net revenue totaled $45.2 million compared to $47.9 million for the same prior year period, resulting in a decrease of $2.7 million or 6%. This consolidated decrease was mainly attributable to SBS's radio segment which had a net revenue decrease of $4.3 million or 9%, offset by an increase in the television segment net revenue of $1.6 million or 60%.
SBS's radio segment had a decrease in net revenue primarily due to lower local and national sales. The decrease in local sales occurred primarily in their MIAMI, LOS ANGELES, CHICAGO and NEW YORK markets, offset by an increase in PUERTO RICO.
Operating (loss) income totaled $(389.3) million compared to $11.1 million for the same prior year period. The decrease was primarily related to the impairment of FCC broadcasting licenses.