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

Stocks in this article: SBSA

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

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