LBI Media Revenues Up In Q3, But Radio Lags
November 16, 2010 at 4:24 AM (PT)
LBI MEDIA third-quarter net revenues rose 11.6% to $30.7 million, with radio off 0.4% to $16.4 million but television up 29.6% to $14.3 million. The company's net loss narrowed from $70.3 million to $5.2 million, attributed to taking an impairment charge for broadcast licenses in 2009 plus the higher net revenues.
CEO/Pres. LENARD LIBERMAN said, "This quarter marks the one-year anniversary of the launch of our national television network, ESTRELLATV. We are pleased with ESTRELLATV''s performance and it is already contributing to the company as we leverage the strength of our programming across the nation ... Our results this quarter represent the third consecutive quarter of year-over-year revenue growth, led primarily by the performance of our core television markets and the contribution of ESTRELLATV. We are pleased that our investments in original programming are now starting to produce additional returns through the development of a Hispanic television network. Going forward, we will continue to invest in and strengthen our content through new and compelling programming, as well as continuing to improve our distribution platform, so that ESTRELLATV could one day be enjoyed by all Hispanic viewers in the US."