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Spanish Broadcasting System, Inc. Reports Results For The Fourth Quarter And Fiscal Year Ended 2012

MIAMI, April 1, 2013 (GLOBE NEWSWIRE) -- Spanish Broadcasting System, Inc. (the "Company" or "SBS") (Nasdaq:SBSA) today reported financial results for the fourth quarter and fiscal year ended December 31, 2012.

Financial Highlights

(in thousands) Quarter Ended December 31, % Fiscal Year Ended December 31, %
  2012 2011 Change 2012 2011 Change
     
Net revenue:            
Radio   $ 32,156  33,522  (4%)  $ 121,414  123,155  (1%)
Television   4,780  4,648 3%  18,108  17,829 2%
Consolidated   $ 36,936  38,170  (3%)  $ 139,522  140,984  (1% )
             
OIBDA, a non-GAAP measure*:            
Radio   $ 15,219  14,671 4%  $ 52,205  57,030  (8%)
Television   335  (1,209) 128%  (1,557)  (5,960) 74%
Corporate   (1,955)  (1,657)  (18%)  (7,507)  (7,247)  (4%)
Consolidated   $ 13,599  11,805 15%  $ 43,141  43,823  (2%)

* 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 past year we continued to focus on strengthening our multi-media platform through prudent investments in our content, sales force and digital distribution assets," commented Raul Alarcón, Jr., Chairman and CEO. "Building on the strength of our brands among Spanish-speaking audiences in the nation's top Hispanic markets, we made notable progress in expanding our presence in the live entertainment, mobile and online arenas, while maintaining strong audience shares across our radio clusters.   We also continued to improve the performance of our TV division, which posted positive operating cash flow once again in the fourth quarter. Looking ahead, we remain very positive regarding the prospects of our business given the growth of the Hispanic population and the increasing need for advertisers to connect with our audience."

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