Spanish Broadcasting System Revenue Down In Fourth Quarter 2010
April 1, 2011 at 4:16 AM (PT)
SPANISH BROADCASTING SYSTEM fourth quarter 2010 net revenue fell 3% to $34.886 million and radio revenue fell 5% to $30.162 million, leading to a drop in consolidated income before depreciation and amortization, loss (gain) on the disposal of assets, net, and impairment charges and restructuring costs of 12% to $9.523 million.
The decline in radio was attributed to a slip in national sales across the board except for PUERTO RICO and SAN FRANCISCO and special events revenue in LOS ANGELES, PUERTO RICO, and MIAMI. Television revenue rose 10%.
Chairman and CEO RAUL ALARCON JR. said, "We experienced volatile advertising conditions in many of our markets during 2010, even as we continued to drive strong audience shares across our multi-media platform. We are encouraged with the revenue growth at our television segment during the fourth quarter and we are seeing some improvement in the advertising climate in select markets year-to-date. We have continued to focus on strategically investing in our content and distribution, while carefully managing our costs. As a result, we were able to drive considerable improvement in our operating income for the full year. In 2011, we remain committed to building on our strong Hispanic media brands, growing our multi-media footprint and improving our operating results."
The firm's 10-K SEC filing notes that the company hired LAZARD FRERES AND CO. on JANUARY 21st to explore "potential strategic transactions," including debt refinancing.