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

Stocks in this article: SBSA

MIAMI, Aug. 14, 2013 (GLOBE NEWSWIRE) -- Spanish Broadcasting System, Inc. (the "Company" or "SBS") (Nasdaq:SBSA) today reported financial results for the three- and six-months ended June 30, 2013.

Financial Highlights

(in thousands) Quarter Ended June 30, % Six-Months Ended June 30, %
  2013 2012 Change 2013 2012 Change
     
Net revenue:            
Radio   $ 32,247  30,288 6%  $ 65,206  58,066 12%
Television   3,820  4,323  (12%)  9,964  8,639 15%
Consolidated   $ 36,067  34,611 4%  $ 75,170  66,705 13%
             
OIBDA, a non-GAAP measure*:            
Radio   $ 15,189  14,294 6%  $ 27,458  23,807 15%
Television   130  (1,192) 111%  (49)  (2,021) 98%
Corporate   (2,612)  (1,636) 60%  (5,042)  (3,988) 26%
Consolidated   $ 12,707  11,466 11%  $ 22,367  17,798 26%

* Please refer to the Non-GAAP Financial Measures section for a definition and a reconciliation from a non-GAAP to GAAP financial measure.

Discussion and Results

"We generated healthy gains in our operating profitability during the second quarter, leading to a 26 percent increase in our OIBDA for the first half of the year," commented Raul Alarcón, Jr., Chairman and CEO. "We are encouraged with the overall advertising environment across our markets, and we are confident in our ability to continue to convert our audience shares into financial gains. We are benefiting from the strategic investments we have made in our content, distribution and sales resources. At the same time, we have maintained a disciplined approach to managing our expenses, as reflected in our improving profitability. As advertisers increasingly recognize Spanish-language media as a highly effective channel to promote their brands, we remain focused on leveraging our diversified media platform to garner a greater share of advertising budgets."

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