MIAMI, Nov. 14, 2013 (GLOBE NEWSWIRE) -- Spanish Broadcasting System, Inc. (the "Company" or "SBS") (Nasdaq:SBSA) today reported financial results for the three- and nine-months ended September 30, 2013.
|(in thousands)||Quarter Ended September 30,||Nine-Months Ended September 30,|
|2013||2012||% Change||2013||2012||% Change|
|Radio||$ 35,428||31,192||14%||$ 100,634||89,258||13%|
|Consolidated||$ 41,082||35,881||14%||$ 116,252||102,586||13%|
|OIBDA, a non-GAAP measure*:|
|Radio||$ 13,571||13,179||3%||$ 41,029||36,986||11%|
|Consolidated||$ 11,317||11,744||(4%)||$ 33,684||29,542||14%|
* 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 reported robust top-line results during the third quarter, supported by strong revenue gains across our operations," commented Raul Alarcón, Jr., Chairman and CEO. "Our radio revenue growth was well ahead of our industry, as we effectively converted our leading audience shares into increased advertising dollars. The investments we have made in our station brands, content offering and sales force are leading to a considerable improvement in our financial results. We are also continuing to demonstrate our ability to leverage live events to promote our assets to our target audiences, while driving increased sponsorship dollars. Looking ahead, we remain focused on leveraging our diversified media platform to garner a greater share of advertising budgets across our markets."