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

Operating income totaled $12.4 million compared to $10.4 million for the same prior year period, representing an increase of $2.0 million or 19%.  This increase in operating income was attributed to the decrease in operating expenses.

Year Results

For the year-ended December 31, 2012, consolidated net revenues totaled $139.5 million compared to $141.0 million for the same prior year period, resulting in a decrease of $1.5 million or 1%. Our radio segment net revenues decreased by $1.7 million or 1%, primarily due to decreases in national and network sales, and special events revenue, offset by increases in barter, interactive and local sales. The decrease in national sales took place mainly in our New York and Chicago markets and the decrease in network sales occurred throughout all of our markets. The decrease in special events revenue occurred in our Puerto Rico, Los Angeles and New York markets. The increases in barter and interactive sales took place throughout all of our markets and the increase in local sales was mainly in our New York, Los Angeles and Puerto Rico markets. Our television segment net revenues increased $0.3 million or 2%, largely due to increases in paid-programming, sub-channel rental revenue, barter and interactive sales, offset by decreases in national, local and integrated sales.

OIBDA, a non-GAAP measure, totaled $43.1 million compared to $43.8 million for the same prior year period, representing a decrease of $0.7 million or 2%. Our radio segment OIBDA decreased $4.8 million or 8%, primarily due to the increase of station operating expenses of $3.1 million and the decrease in net revenues of $1.7 million. Radio station operating expenses increased mainly due to increases in local and national commissions, barter expense, compensation and benefits, offset by decreases in music license fees, legal settlements and special event expenses. Our television segment OIBDA (loss) decreased $4.4 million or 74%, largely due to the decrease in station operating expenses of $4.1 million and the increase in net revenues of $0.3 million. Television station operating expenses decreased predominantly due to decreases in originally produced programming costs, compensation and benefits, advertising and promotions, facilities expenses, and a reduction in broadcasting rights fees related to our former New York, Puerto Rico and Chicago outlets. Our corporate expenses increased $0.3 million or 4%, mostly due to an increase in compensation and benefits related to bonuses awarded for the successful 2012 debt refinancing, offset by decreases in professional fees and rent expense. 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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