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

Operating income totaled $9.8 million compared to $11.6 million for the same prior year period, representing a decrease of $1.8 million or 16%.  This decrease was primarily attributed to the decrease in net revenue and the increase in operating expenses.

Six-Months Results

For the six-months ended June 30, 2012, consolidated net revenue totaled $66.7 million compared to $66.4 million for the same prior year period, resulting in an increase of $0.3 million. Our radio segment net revenue increased $0.4 million or 1%, primarily due to local, interactive, barter and special events revenue, offset by decreases in national and network sales. The increase in local sales occurred in our New York and Los Angeles markets. The increase in interactive and barter sales occurred throughout most of our markets. The increase in special events revenue occurred mainly in our Puerto Rico and Miami markets. The decrease in national and network sales occurred in all of our markets.  Our television segment net revenues decreased $0.1 million or 1%, primarily as a result of decreases in national and local spot sales and integrated sales, offset by increases in paid-programming, sub-channel rental revenue, barter and interactive sales.

OIBDA, a non-GAAP measure, totaled $17.8 million compared to $18.5 million for the same prior year period, representing a decrease of $0.7 million or 4%. Our radio segment OIBDA decreased $2.4 million or 9%, primarily due to the increase in station operating expenses of $2.8 million, offset by an increase in net revenue of $0.4 million. Radio station operating expenses increased mainly due to local and national commissions, advertising, barter expense, and compensation and benefits, offset by decreases in music license fees and legal settlements. Our television segment OIBDA (loss) decreased $1.7 million or 46%, primarily due to the decrease in station operating expenses of $1.8 million. Television station operating expenses decreased primarily due to a decrease in originally produced programming costs and a reduction in broadcasting rights fees related to our former New York and Puerto Rico outlets. Our corporate expenses increased by 1%, primarily a result of an increase in compensation and benefits related to bonuses for the successful 2012 debt refinancing, offset by a decrease in professional fees. Please refer to the Non-GAAP Financial Measures section for a definition and reconciliation from a non-GAAP to GAAP financial measure.

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