SBS Revs Down 6% In Q3
November 13, 2009 at 4:33 AM (PT)
SPANISH BROADCASTING SYSTEM has reported financial results for the three and nine-month periods ended SEPTEMBER 30th, 2009.
For Q3, consolidated net revenue totaled $38.6 million compared to $41.3 million for the same prior year period, resulting in a decrease of $2.7 million or 6%. "This consolidated decrease was mainly attributable to the decrease in our radio segment net revenue of $1.9 million or 5%. Our radio segment net revenue decreased due to lower local and barter sales caused mainly by the decline in economic conditions. The decrease in local sales occurred in all of our markets, with the exception of our SAN FRANCISCO market," said SBS.
Chairman/CEO RAUL ALARCON, JR commented, "Our third-quarter operating income improved significantly over the prior year as a result of our disciplined focus on cost management, combined with improving top-line trends at our radio station group. While our results were impacted by the economic recession and industry-wide weak advertising market, we continue to execute our strategy and deliver valuable, market-leading audiences across our multi-media footprint. We remain focused on expanding Mega TV's national reach, strengthening our content and increasing our online presence among Hispanic audiences. Looking ahead, our sales teams are working aggressively to convert our solid audience shares into revenues and we are beginning to see some signs of improvement in the environment in many of our markets. As the economy begins to recover and advertising spending increases, we believe we are well positioned to benefit from the improved operating leverage in our model."