SBS Takes a Revenue Hit in 4Q, '08
March 23, 2009 at 3:33 PM (PT)
Like most everyone else in broadcasting, SPANISH BROADCASTING SYSTEM reports decreased revenue in its latest quarterly and year-end statements. consolidated net revenues in the 4Q '08 fell 12%. to $40.9 million. For the entire year, consolidated net revenue fell 9% to $163.7 million
SBS' Radio division suffered thorough a 19% decline in 4Q, "primarily due to lower local and national sales cause mainly by the decline in economic conditions," with all markets down except PUERTO RICO. Radio was off 14% for the entire year
"Our fourth quarter financial results were impacted by the national recession and industry-wide advertising slowdown, offset in part by the robust growth at MEGATV," Chairman/CEO RAUL ALARCON, JR. said. "Our TV operations exceeded our expectations during the quarter with 95% revenue growth over the prior year. We are continuing to build on MEGATV's expanded distribution and ratings traction and we are successfully monetizing our growing audience shares.
"Our radio stations faced a very difficult operating environment during the quarter as advertisers decreased their budgets in the nation's top markets. However, we continued to generate industry-leading audience shares across our portfolio. We also continued to seek avenues to reduce our operating expenses, while maintaining prudent levels of investment in our station brands, content and sales personnel.
"Looking ahead, the advertising market remains weak and visibility is limited, but we believe we are taking the right steps to position the company for growth over the long-term."