Net revenue increased to $49.1 million for the quarter, from $46.5 million in Q1 2012, a 5.3% increase. From that, $1.8 million (a 5.4% increase) came from the company’s television segment and was primarily credited to an increase in local ad revenue and an increase in retransmission consent dollars. Additionally, $0.8 million came from their radio segment and was credited to an increase in national advertising revenue.
Operating expenses increased to $31.9 million, from $31.0 million in Q1 2012–an increase of $0.9 million. The increase was from an increase in expenses associated with the increase in net revenue and an increase in salary expense, partially offset by a decrease in bad debt expense.
Corporate expenses increased to $4.5 million for the quarter, from $3.9 million in Q1 2012, an increase of $0.6 million. The increase was primarily
attributable to an increase in non-cash stock-based compensation expense.
Said Walter Ulloa, Chairman and CEO: “During the first quarter, we achieved revenue growth driven by increases in both our television and radio segments. Core revenue (excluding retransmission consent revenue and political advertising revenue) from our television and radio segments outperformed their respective industry averages, and we improved our free cash flow over the first quarter of 2012. Our audience shares remain strong in the nation’s most densely populated Hispanic markets, and we believe we are well positioned to benefit as the U.S. Hispanic market continues to expand and advertisers increasingly recognize the importance of reaching our target audience.”