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TheStreet Open House

Spanish Broadcasting System, Inc. Reports Results For The First Quarter 2014

MIAMI, May 15, 2014 (GLOBE NEWSWIRE) -- Spanish Broadcasting System, Inc. (the "Company" or "SBS") (Nasdaq:SBSA) today reported financial results for the first quarter ended March 31, 2014.

Financial Highlights

  Quarter Ended  
(in thousands) March 31, %
  2014 2013 Change
       
Net revenue:      
Radio  $29,445 32,959 (11%)
Television  3,334 6,144 (46%)
Consolidated  $32,779 39,103 (16%)
       
OIBDA, a non-GAAP measure*:      
Radio  $10,285 12,269 (16%)
Television  (772) (179) (331%)
Corporate  (1,704) (2,430) 30%
Consolidated  $7,809 9,660 (19%)

* 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

"Advertising sales at our radio division got off to a healthy start in 2014 with growth in both local and network sales, reflecting the consistent strength of our station brands in the nation's largest Hispanic markets," commented Raul Alarcón, Jr., Chairman and CEO. "Our overall results were primarily impacted by a reduction in special events revenue during the quarter, as our special events initiatives vary from quarter-to-quarter.   Special events remain a key component of our promotion strategy and we expect increased activity in the year ahead. We are continuing to invest in our multi-media platform and sales efforts, in an effort to expand our revenue profile and the breadth of marketing opportunities we provide to our advertising partners. We believe we are well positioned to generate improved results in the year ahead as we focus on leveraging our strong audience shares to attract new advertisers seeking to reach the rapidly growing Hispanic population."

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