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

Quarter Results

For the quarter-ended December 31, 2012, consolidated net revenues totaled $36.9 million compared to $38.2 million for the same prior year period, resulting in a decrease of $1.2 million or 3%. Our radio segment net revenues decreased $1.4 million or 4%, primarily due to special events revenue and network sales, offset by increases in national, barter, local and interactive sales. The decrease in special events revenue occurred mainly in our Puerto Rico market and the decrease in network sales occurred throughout most of our markets. The increases in national, barter and interactive sales took place throughout most of our markets and the increase in local sales was mostly in our Los Angeles and Puerto Rico markets. Our television segment net revenues increased $0.1 million or 3%, largely due to increases in paid-programming, local spot and integrated sales, offset by a decrease in barter sales. 

OIBDA, a non-GAAP measure, totaled $13.6 million compared to $11.8 million for the same prior year period, representing an increase of $1.8 million or 15%. Our television segment OIBDA increased $1.5 million or 128%, largely due to the decrease in station operating expenses of $1.4 million and an increase in net revenues of $0.1 million. Television station operating expenses decreased predominantly due to decreases in originally produced programming costs, compensation and benefits, facilities expenses and a reduction in broadcasting rights fees related to our former Puerto Rico and Chicago outlets. Our radio segment OIBDA increased $0.5 million or 4%, primarily due to the decrease of station operating expenses of $1.9 million, offset by the decrease in net revenues of $1.4 million. Radio station operating expenses decreased mainly due to special events expenses and music license fees, offset by an increase in local and national commissions and barter expense. Our corporate expenses increased by $0.3 million or 18%, mostly due to an increase 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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