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

Stocks in this article: SBSA

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.

Financial Highlights

(in thousands) Quarter Ended September 30,   Nine-Months Ended September 30,  
  2013 2012 % Change 2013 2012 % Change
     
Net revenue:            
Radio   $ 35,428  31,192 14%  $ 100,634  89,258 13%
Television   5,654  4,689 21%  15,618  13,328 17%
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%
Television   117  129  (9%)  68  (1,892) 104%
Corporate   (2,371)  (1,564) 52%  (7,413)  (5,552) 34%
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."

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