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Spanish Broadcasting System, Inc. Reports Results For The Second Quarter 2012

Stocks in this article: SBSA

MIAMI, Aug. 14, 2012 (GLOBE NEWSWIRE) -- Spanish Broadcasting System, Inc. (the "Company" or "SBS") (Nasdaq:SBSA) today reported financial results for the three- and six-months ended June 30, 2012.

Financial Highlights

  Three-Months Ended   Six-Months Ended  
(in thousands) June 30, % June 30, %
  2012 2011 Change 2012 2011 Change
Net revenue:            
Radio  $ 30,288  31,222  (3%)  $ 58,066  57,663 1%
Television  4,323  4,405  (2%)  8,639  8,739  (1%)
Consolidated  $ 34,611  35,627  (3%)  $ 66,705  66,402 0%
OIBDA, a non-GAAP measure*:            
Radio  $ 14,294  17,007  (16%)  $ 23,807  26,203  (9%)
Television  (1,192)  (1,906) 37%  (2,021)  (3,712) 46%
Corporate  (1,636)  (2,012) 19%  (3,988)  (3,943)  (1%)
Consolidated  $ 11,466  13,089  (12%)  $ 17,798  18,548  (4%)

* Please refer to the Non-GAAP Financial Measures section for a definition and reconciliation from a non-GAAP to GAAP financial measure.

Discussion and Results

"During the second quarter, we continued to execute our plan to strengthen our multi-media platform, while carefully managing our costs," commented Raul Alarcón, Jr., Chairman and CEO. "The advertising environment was mixed, but we were able to offset some of the weakness at the national level through increased local and interactive sales. We also made significant progress in reducing the operating loss at our television operations. Looking ahead, our station brands remain strong, and we are continuing to expand our interactive footprint and build on our revitalized sales force. We also remain well positioned to attract our share of political dollars in the second half of the year given our leading audience shares in the nation's top-ten Hispanic markets."

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