Weak Q3 For SBS
November 15, 2010 at 3:50 AM (PT)
SPANISH BROADCASTING SYSTEM third-quarter revenue fell 10% year-to-year to $34.553 million, with radio off 12% to $30.468 million.
The fall in radio income was attributed to both national and local sales, with local off everywhere but PUERTO RICO and MIAMI. Operating income before depreciation and amortization, loss (gain) on the disposal of assets, net, and impairment charges and restructuring costs fell 22% to $10.8 million.
"Our third quarter results reflect continued volatile advertising conditions in our markets, offset in part by our efforts to prudently manage our costs," said Chairman and CEO RAUL ALARCON. "Our multi-media platform includes some of the most recognized brands in the nation, including our top-ranked radio stations in the largest Hispanic markets. As the economy continues to rebound and the census results are reported, we believe we are well positioned to benefit as advertisers see the importance of reaching the fast-growing Hispanic market."