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Spanish Broadcasting System, Inc. Reports Results For The Fourth Quarter And Fiscal Year 2013

Stocks in this article: SBSA

MIAMI, April 15, 2014 (GLOBE NEWSWIRE) -- Spanish Broadcasting System, Inc. (the "Company" or "SBS") (Nasdaq:SBSA) today reported financial results for the fourth quarter- and fiscal year-ended December 31, 2013.

Financial Highlights

  Quarter Ended   Fiscal Year Ended  
(in thousands) December 31, % December 31, %
  2013 2012 Change 2013 2012 Change
Net revenue:            
Radio   $ 32,902  32,156 2%  $ 133,536  121,414 10%
Television   4,620  4,780  (3%)  20,238  18,108 12%
Consolidated   $ 37,522  36,936 2%  $ 153,774  139,522 10%
OIBDA, a non-GAAP measure*:            
Radio   $ 12,141  15,219  (20%)  $ 53,170  52,205 2%
Television   464  335 39%  532  (1,557) 134%
Corporate   (1,903)  (1,955)  (3%)  (9,316)  (7,507) 24%
Consolidated   $ 10,702  13,599  (21%)  $ 44,386  43,141 3%

* 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 improved financial and operating results in the past year, reflecting our efforts to build our multimedia brands, while carefully managing our costs," commented Raul Alarcón, Jr., Chairman and CEO. "Our radio revenue growth exceeded the industry, as we continued to deliver impressive audience shares, while making further inroads in attracting advertisers to our platform.   Throughout our history, we have consistently displayed our expertise in launching new formats and growing and sustaining top ranked radio station franchises in the nation's largest Hispanic markets. At our television operations, we are very pleased to have recorded profitable results for the year. We remain focused on leveraging our diversified media platform to grow our audience shares and garner a greater share of advertising budgets across our markets."  

Quarter End Results

For the quarter-ended December 31, 2013, consolidated net revenues totaled $37.5 million compared to $36.9 million for the same prior year period, resulting in an increase of $0.6 million or 2%. Our radio segment net revenues increased $0.7 million or 2%, primarily due to local sales, special events revenue and interactive sales. The increase in local sales was primarily in our New York, Los Angeles and San Francisco markets. The special events revenue increase took place mainly in our New York market.   The increase in interactive sales occurred throughout most of our markets. Our television segment net revenues decreased $0.2 million or 3%, largely due to the decrease in paid-programming. 

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