11-15-13
Spanish Broadcasting System reports that its radio revenue rose by 14 percent in the third quarter, going from $31.2 million to $35.4 million. TV was up 21 percent, from $4.7 million to $5.7 million, and the company's net revenue overall rose from $35.9 million in Q3 2012 to $41.1 million last quarter. SBS Chairman Raul Alarcon called the growth "robust" and noted that, "Our radio revenue growth was well ahead of our industry, as we effectively converted our leading audience shares into increased advertising dollars."
Alarcon continued, "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."
SBS said the radio gains were primarily due to special events and increases in national, local, and interactive sales. Special events increases were in SBS's Miami, Puerto Rico, New York, and Los Angeles markets, with the gains in national in L.A., San Francisco, and New York. The local gains were mostly in New York, Miami, and Los Angeles, while interactive sales were up in most of SBS's markets.
SBS's OIBDA in Q3 was $11.3 million, compared to $11.7 million for the same period in 2012, with radio OIBDA up $400,000, or 3 percent, primarily doe to the $4.2 million increase in net revenue offset by an increase in station operating expenses.
SBS reports net income for the quarter of $106 million, up from $55 million in Q3 2012.
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