LBI Q1 Revs Down 17.4%
May 14, 2009 at 12:33 PM (PT)
LBI MEDIA, INC. has reported its financial results for the three months ended MARCH 31, 2009. For Q1, net revenues decreased by $4.6 million, or 17.4%, to $21.8 million for the first quarter of 2009 as compared to the same period in 2008.
Commenting on the company's earnings results, EVP/Secretary LENARD LIBERMAN said, "During the first quarter, we experienced weak revenues across most of our stations as a result of the national recession. While our radio segment outperformed the industry, our TV segment experienced losses of business in line with those seen by our competitors. Our ratings remain strong and our programming continued to drive audience shares across our operations during the first quarter. We also took steps to begin to reduce our operating costs and we expect to demonstrate solid progress in cost management for the full year."