Revenue Rises For Spanish Broadcasting System In Third Quarter
November 11, 2011 at 7:21 AM (PT)
SPANISH BROADCASTING SYSTEM third-quarter consolidated net revenue rose 5% to $36.4 million, with radio revenue also up 5% to $32 million, credited to national and network sales. National sales rose everywhere but SAN FRANCISCO, while network sales were up everywhere but MIAMI. Television revenue rose 9% to $4.4 million. The revenue increase led to a 25% rise in operating income before depreciation and amortization, (gain) loss on the disposal of assets, net, and impairment charges and restructuring costs to $13.5 million.
"We generated healthy revenue growth at our radio and TV operations during the third quarter," said Chairman/CEO RAUL ALARCON, JR. "Our top line results reflect an improving, but still volatile advertising climate in many of our markets, with continued strength in national sales. Our operating income also increased during the quarter, as we continued to carefully manage our costs given the uncertain economic environment. Overall, we are pleased with the progress we are making in improving our financial results and monetizing our audience reach. Our radio, TV and online assets continue to attract significant audience shares in the nation's largest Hispanic markets."
The company is facing another de-listing threat from NASDAQ due to a drop in its market cap below $15 million threshold. SBS has until MARCH 13th, 2012 to regain compliance with the rule to avoid de-listing by bringing the market value of the stock above $15 million for at least 10 consecutive business days.