Third Quarter Revenues Up For Spanish Broadcasting System

Q3 Revenues Rise

Third quarter 2019 was good on the revenue side with or without political ads for SPANISH BROADCASTING SYSTEM, with overall revenue up 7% to $36.3 million overall and up 10% to $36.2 million excluding political revenue. Radio revenue rose 7% including political and 10% excluding political, to $32.5 million, credited to increases in local, digital, special events, network and barter sales, partially offset by a decrease in national sales. Television was flat overall and up 14% excluding political to $3.7 million. Adjusted OIBDA fell 4% including political and rose 7% excluding political. Operating income fell 62% to $7.7 million, attributed to the prior year recognition of a gain on the sale of SBS' former NEW YORK facility.

"During the third-quarter, our 10% revenue growth, excluding political, was once again at or near the top of the announced results for the radio industry," said Chairman/CEO RAÚL ALARCÓN. "Our strong revenue growth and cost-controls helped drive our 40% radio adjusted OIBDA margins in the quarter, which were likewise among the highest in the radio industry.

"Our operating momentum continues, delivering consistent ratings and audience growth for our brands, including 4 out of the 6 most-listened-to Hispanic stations in the nation, the Top 2 stations among Hispanic millennials and the global leader in Spanish-language radio, WSKQ-FM in NEW YORK CITY. In addition, we have successfully transitioned our core audio expertise into the digital sector with our LAMUSICA platform, which was recently ranked the #1 Hispanic music streaming and radio site with strong growth across all our digital media metrics. Our AIRE radio network is on track to achieve one of the best years in its history and our experiential platform continues to produce successful Tier A live events in all of our major markets.

"Looking to Q4 and fiscal year 2019, we remain confident as to what we believe will be, by all indications, an exceptional operating performance that will extend into 2020."

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