had another strong quarter as the owner of media properties in Scandinavia and Eastern Europe reported a solid revenue gain.
Revenue at the Luxembourg-based TV and radio operator was up 30% to $292 million, while net income dropped 21%, spurred by a one-time debt-extinguishment cost. Earnings fell to $17 million, or 52 cents per share, from the year-ago $21.7 million, or 69 cents a share. But operating income margins were in the double digits for the quarter.
"We continue to produce solid operating results and strong cash flow across our asset base," said Markus Tellenback, chief executive in a statement. "Our strong performance during the second quarter was highlighted by the improved operating results of our television stations in Hungary, Sweden and Norway as we benefited from new programming initiatives and improving advertising markets. We also benefited from recent strategic investments, including our C More and Romanian acquisitions and the launch of our new digital entertainment services."
In June the company increased its ownership of Romania's Prima TV to 100%, buying out a 14% equity stake held by others. SBS has also invested heavily in Pay TV services, including C More, in Scandinavia.
examined SBS' prospects in May.
SBS Broadcasting ended Thursday trading up 69 cents or 1.4% to $48.80.