Radio Flat, TV Up For LBI Media In Q1
May 18, 2010 at 4:04 AM (PT)
LBI MEDIA net revenues increased 9.9% year-to-year to $23.6 million for first quarter, attributed to increased television advertising revenue. Radio net revenues remained flat at $11.8 million, while TV jumped 21.5% to $11.8 million. The company's net loss narrowed from $37.7 million to $2.5 million, primarily attributable to a $51.5 million decrease in broadcast license impairment charges, partially offset by a $17.6 million change in income tax (provision) benefit and other changes.
CEO/Pres. LENARD LIBERMAN said, "We are pleased to announce that during the first quarter, we generated year-over-year revenue growth. We are encouraged by our improving financial results and the positive trends we are seeing in the advertising market."
"Our focus for the balance of 2010 is sustaining the momentum generated during the first quarter and building upon our successes," added LIBERMAN. "We will continue to strengthen our lineup by introducing new and innovative programming, pursue additional opportunities for expanding the distribution of ESTRELLATV and effectively utilize our radio and TV broadcasting assets to drive increased revenue and ratings performance."