Spanish Broadcasting System Revenues Rise For Second Quarter

Q2 Results

SPANISH BROADCASTING SYSTEM consolidated net revenue for second quarter 2019 rose 6% year-to-year to $36.9 million, with radio up 5% to $33 million and TV up 13% to $3.9 million. Adjusted OIBDA increased 2% to $12.2 million, with radio up 4% to $14.6 million and TV off 68% to $351,000 (corporate rose 14% to negative $2.8 million). Radio's results were attributed to increases in local, barter, network and digital sales, offset by decreases in special events revenue and national sales.

"Our second quarter results once again validate the Company's strategic and operational strengths and give further evidence as to our standing as the undisputed leader in Hispanic radio, as well as one of the premier radio owner/operators in the nation's largest markets," said Chairman/CEO RAUL ALARCON. "During the quarter, Management's focus on operations yielded superior metric results in all of the major facets of our Company's operations: ratings (top rankings in all core markets, including the #1 AND #2 Spanish-language stations in the two largest radio markets of NEW YORK and LOS ANGELES, as well as 3 out of the 4 most-listened-to Hispanic stations in America), revenues and adjusted OIBDA growth, while maintaining industry-leading radio margins of 44%.

"Our radio, television, interactive and live events businesses are growing and our 250+ affiliate radio network will have one of its best sales years since commencing operations. Looking forward, we will continue to focus on growing our core revenue while adhering to strict cost controls to further solidify and expand our operating margins. We fully expect 2019 to be, in all respects, another banner year for SBS."

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