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

Included below are tables that reconcile OIBDA to operating income (loss) for each segment and consolidated net (loss) income, which is the most directly comparable GAAP financial measure.

  Three-Months Ended June 30, 2012
(Unaudited and in thousands) Consolidated Radio Television Corporate
         
OIBDA  $ 11,466  14,294  (1,192)  (1,636)
Less expenses excluded from OIBDA but included in operating income (loss):        
Depreciation and amortization  1,304  526  666  112
(Gain) loss on the disposal of assets, net  (5)  (5)  --   -- 
Impairment charges and restructuring costs  368  71  11  286
Operating Income (Loss)  $ 9,799  13,702  (1,869)  (2,034)
         
         
  Three-Months Ended June 30, 2011
(Unaudited and in thousands) Consolidated Radio Television Corporate
         
OIBDA  $ 13,089  17,007  (1,906)  (2,012)
Less expenses excluded from OIBDA but included in operating income (loss):        
Depreciation and amortization  1,257  545  575  137
(Gain) loss on the disposal of assets, net  (2)  (2)  --   -- 
Impairment charges and restructuring costs  207  --   --   207
Operating Income (Loss)  $ 11,627  16,464  (2,481)  (2,356)
         
         
  Three-Months Ended June 30,    
(Unaudited and in thousands) 2012 2011    
Operating Income  $ 9,799  11,627    
Other (expense) income:        
Interest expense, net  (9,844)  (2,024)    
(Loss) income before income taxes  (45)   9,603    
Income tax expense  256  1,159    
Net (loss) income  $ (301)  8,444    
   
   
  Six-Months Ended June 30, 2012
(Unaudited and in thousands) Consolidated Radio Television Corporate
         
OIBDA  $ 17,798  23,807  (2,021)  (3,988)
Less expenses excluded from OIBDA but included in operating income (loss):        
Depreciation and amortization  2,757  1,077  1,446  234
(Gain) loss on the disposal of assets, net  (5)  (5)  --   -- 
Impairment charges and restructuring costs  424  71  11  342
Operating Income (Loss)  $ 14,622  22,664  (3,478)  (4,564)
         
         
  Six-Months Ended June 30, 2011
(Unaudited and in thousands) Consolidated Radio Television Corporate
         
OIBDA  $ 18,548  26,203  (3,712)  (3,943)
Less expenses excluded from OIBDA but included in operating income (loss):        
Depreciation and amortization   2,596  1,163  1,150  283
(Gain) loss on the disposal of assets, net  (9)  (9)  --   -- 
Impairment charges and restructuring costs  207  --   --   207
Operating Income (Loss)  $ 15,754  25,049  (4,862)  (4,433)
         
         
  Six-Months Ended June 30,    
(Unaudited and in thousands) 2012 2011    
Operating Income  $ 14,622  15,754    
Other (expense) income:        
Interest expense, net  (16,682)  (4,060)    
Loss on early extinguishment of debt  (391)  --     
(Loss) income before income taxes  (2,451)  11,694    
Income tax expense  1,513  2,940    
Net (loss) income  $ (3,964)  8,754    

Unaudited Segment Data

We have two reportable segments: radio and television. The following summary table presents separate financial data for each of our operating segments:

  Three-Months Ended Six-Months Ended
  June 30, June 30,
  2012 2011 2012 2011
  (In thousands) (In thousands)
Net revenue:        
Radio  $ 30,288  31,222  58,066  57,663
Television  4,323  4,405  8,639  8,739
 Consolidated  $ 34,611  35,627  66,705  66,402
         
Engineering and programming expenses:        
Radio  $ 4,422  5,279  9,729  11,688
Television  3,193  4,290  6,290  8,087
Consolidated  $ 7,615  9,569  16,019   19,775
         
Selling, general and administrative expenses:        
Radio  $ 11,572  8,936  24,530  19,772
Television  2,322  2,021  4,370   4,364
Consolidated  $ 13,894  10,957  28,900  24,136
         
Corporate expenses:  $ 1,636  2,012  3,988  3,943
         
Depreciation and amortization:        
Radio  $ 526  545  1,077  1,163
Television  666  575  1,446   1,150
Corporate  112  137  234  283
Consolidated  $ 1,304  1,257  2,757  2,596
         
(Gain) loss on the disposal of assets, net:        
Radio  $ (5)  (2)  (5)  (9)
Television  --   --   --    -- 
Corporate  --   --   --   -- 
Consolidated  $ (5)  (2)  (5)  (9)
         
Impairment charges and restructuring costs:        
Radio  $ 71  --   71  -- 
Television  11  --   11   -- 
Corporate  286  207  342  207
Consolidated  $ 368  207  424  207
         
Operating income (loss):        
Radio  $ 13,702  16,464  22,664  25,049
Television  (1,869)  (2,481)  (3,478)  (4,862)
Corporate  (2,034)  (2,356)  (4,564)  (4,433)
Consolidated  $ 9,799  11,627  14,622  15,754

Selected Unaudited Balance Sheet Information and Other Data:

     
  As of  
(Amounts in thousands) June 30, 2012  
     
Cash and cash equivalents  $ 22,528  
     
Total assets  $ 466,741  
     
12.5% Senior Secured Notes due 2017, net  $ 267,204  
Other debt   14,107  
 Total debt  $ 281,311  
     
Series B preferred stock  $ 92,349  
Accrued Series B preferred stock dividends payable  24,405  
Total  $  116,754  
     
Total stockholders' deficit  $ (43,633)  
     
Total capitalization  $ 354,432  
     
   For the Six-Months Ended June 30, 
   2012  2011
     
Capital expenditures  $ 734  2,207
Cash paid for income taxes  $ 23  8
CONTACT: Analysts and Investors
         Jose I. Molina
         Vice President of Finance
         (305) 441-6901
         
         Analysts, Investors or Media
         Brad Edwards
         Brainerd Communicators, Inc.
         (212) 986-6667

Stock quotes in this article: SBSA 

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