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

Stocks in this article: SBSA

In addition, we are to provide our "Secured Leverage Ratio," as defined by the Indenture, as of December 31, 2012. 

Included below is the table that reconciles "Station Operating Income for the Television Segment" to the most directly comparable GAAP financial measure. Also included is our "Secured Leverage Ratio" as of December 31, 2012. 

(Unaudited and in thousands) Quarter Ended September 30, 2012 Quarter Ended December 31, 2012 Six Months Ended December 31, 2012
       
Station Operating Income for the Television Segment, as defined by the Indenture  $ (89)  $ 370  $ 281
Less expenses excluded from Station Operating Income for the Television Segment, as defined by the Indenture, but included in operating income (loss):      
Depreciation and amortization  776  777  1,553
Non-cash barter (income) expense  (218)  28  (190)
Other   --   7  7
GAAP Operating Loss for the Television Segment  $ (647)  $ (442)  $ (1,089)
       
Secured Leverage Ratio, as defined by the Indenture 6.3    

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:

  Quarter Ended  December 31, Fiscal Year Ended December 31,
  2012 2011 2012 2011
  (In thousands) (In thousands)
Net revenue:        
Radio   $ 32,156  33,522  121,414  123,155
Television   4,780  4,648  18,108  17,829
Consolidated   $ 36,936  38,170  139,522  140,984
Engineering and programming expenses:        
Radio   $ 4,902  5,478  20,101  22,488
Television   2,140  3,495  11,144  14,993
Consolidated   $ 7,042  8,973  31,245  37,481
Selling, general and administrative expenses:        
Radio   $ 12,035  13,373  49,108  43,637
Television   2,305  2,362  8,521  8,796
Consolidated   $ 14,340  15,735  57,629  52,433
         
Corporate expenses:  $ 1,955  1,657  7,507  7,247
         
Depreciation and amortization:        
Radio   $ 490  557  2,062  2,267
Television   777  740  2,999  2,629
Corporate   75  129  403  540
Consolidated   $ 1,342  1,426  5,464  5,436
(Gain) loss on the disposal of assets, net:        
Radio   $ (7)  1  (15)  (8)
Television   --   6  --   6
Corporate   --   --   --   (8)
Consolidated   $ (7)  7  (15)  (10)
Impairment charges and restructuring costs:        
Radio   $ --   --   48  -- 
Television   --   --   11  -- 
Corporate   (130)  --   383  207
Consolidated   $ (130)  --   442  207
Operating income (loss):        
Radio   $ 14,736  14,113  50,110  54,771
Television   (442)  (1,955)  (4,567)  (8,595)
Corporate   (1,900)  (1,786)  (8,293)  (7,986)
Consolidated   $ 12,394  10,372  37,250  38,190

Selected Unaudited Balance Sheet Information and Other Data:

(Amounts in thousands) As of  December 31, 2012
   
Cash and cash equivalents  $ 26,660
   
Total assets  $ 467,418
   
12.5% Senior Secured Notes due 2017, net  $ 267,806
Other debt  11,271
Total debt  $ 279,077
   
Series B preferred stock  $ 92,349
Accrued Series B preferred stock dividends payable  29,369
Total   $ 121,718
   
Total stockholders' deficit  $ (45,854)
   
Total capitalization  $ 354,941
   For the Fiscal Year Ended December 31, 
   2012   2011 
     
Capital expenditures  $ 1,591  2,735
Cash paid for income taxes  $ 298  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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