Spanish Broadcasting System Sees Q1 Revenue Growth
May 8, 2006 at 12:05 PM (PT)
SPANISH BROADCASTING SYSTEM first quarter 2006 revenue rose 7% to $37.8 million, with radio up 6% to $37.3 million, credited to PUERTO RICO, SAN FRANCISCO, and CHICAGO growth offset by decreases in NEW YORK. Income before Income Taxes and Discontinued Operations rose from a loss of $2.5 million to a gain of $47.2 million, but the gain came primarily from the sale of KZAB-KZBA (now KDAY-KDAI)/LOS ANGELES for $120 million (resulting in a $50.8 million gain) and reduction of interest expense of $4.8 million from debt refinancing.
Second quarter revenue growth is being projected in the low single digit range.