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Spanish Broadcasting System, Inc. Reports Results For The First Quarter 2013

MIAMI, May 15, 2013 (GLOBE NEWSWIRE) -- Spanish Broadcasting System, Inc. (the "Company" or "SBS") (Nasdaq:SBSA) today reported financial results for the first quarter ended March 31, 2013.

Financial Highlights
  Quarter Ended  
(in thousands) March 31, %
  2013 2012 Change
   
Net revenue:      
Radio   $ 32,959  27,778 19%
Television   6,144  4,316 42%
Consolidated   $ 39,103  32,094 22%
       
OIBDA, a non-GAAP measure*:      
Radio   $ 12,269  9,513 29%
Television   (179)  (829) 78%
Corporate   (2,430)  (2,352)  (3%)
Consolidated   $ 9,660  6,332 53%
       

* 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

"We generated double digit increases in our revenue and cash flow during the first quarter," commented Raul Alarcon, Jr., Chairman and CEO. "We are benefitting from the investments we have made in our multi-media platform and sales efforts, as we expand our revenue profile and drive creative marketing opportunities for our advertising partners. Leveraging our audience reach and relationships in the talent arena, we have increasingly demonstrated our ability to drive attendance at special events and deliver returns on our investment. At the same, we continue to carefully manage our costs and expect our TV operations to return to profitability for the remainder of the year. Our audience shares have remained strong and we are seeing an improvement in the advertising environment. As a result, we remain optimistic that we can continue to generate improved results in the year ahead."

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