SBS Q4 Revenues Drop, Loss Narrows
March 11, 2010 at 4:11 AM (PT)
SPANISH BROADCASTING SYSTEM, INC. fourth-quarter revenue fell 12% to $35.961 million, with radio off 9% to $31.679 million and television falling 27% to $4.282 million. The company blamed "lower local, special event and barter sales caused mainly by the decline in economic conditions" for the decline in radio revenues, with special event revenue in PUERTO RICO and MIAMI off by $1 million.
Operating loss narrowed from $20.1 million to $1.7 million, but 2008's number included $11.7 million more in one-time impairment charges.
Chairman and CEO RAUL ALARCON, JR. said, "Our fourth-quarter results reflect the positive impact of our disciplined approach to managing our costs during the global recession, as we generated significantly improved cash flows from our operations for the fourth consecutive quarter. As we seek to capitalize on the early stages of the rebound in the advertising market, we believe the operating efficiencies in our new broadcast model will become increasingly evident, even as we prudently invest in our content and sales resources.
"Looking ahead, our radio, TV and online brands continue to grow, as we cross-promote our multi-platform media assets with both our advertisers and consumers. As the nation's Hispanic population continues its rapid expansion, we believe we are well positioned to benefit given the strength of our diverse media platform and our leadership position in serving this increasingly influential and powerful audience."