NEW YORK — Take an Uber or Lyft across one of the Five Boroughs, and there’s a good chance you’ll get a driver tuned to WPAT “Amor 93.1” or WSKQ “Mega 97.9” — FM radio properties that command the lion’s share of the Spanish-speaking audience in the New York market.
The properties are just some of the audio properties that make Spanish Broadcasting System (SBS) one of the broadcast media industry’s biggest comeback companies. In Q3, radio revenue and adjusted OIBDA again exceeded 2019 pre-pandemic levels, the company announced late Monday (11/15).
“Our third quarter results evidenced continued solid financial performance as we again delivered double digit growth in both net revenue and adjusted OIBDA, driven by the strong growth of our radio business,” said Raúl Alarcón Jr., Chairman/CEO of SBS.
It was the second quarter in a row that SBS’s radio revenue exceeded 2019 levels. “Our radio operating margins again led the industry, and we expect continued peak operating efficiency as we roll out our previously pandemic-postponed schedule of projected sold-out sponsored concerts in the New York, Los Angeles, Miami, Las Vegas and Puerto Rico markets in the coming months,” Alarcón said.
Despite a 38% drop in television division revenue, to $3.02 million from $4.87 million, radio division net revenue surged to $35.94 million from $25.08 million.
This led SBS to shift to net income of $846,000 ($0.11 per share), compared to a net loss of $4.46 million (-$0.61 per share). Operating income increased to $9.21 million, from $6.58 million. Overall net revenue including $485,000 of political advertising climbed to $38.96 million, from $29.96 million in Q3 2020, when some $2.06 million in political ad dollars were seen.
With SBS President/COO Albert Rodriguez in attendance at Forecast 2022 at the Harvard Club on Tuesday, SBS will have its quarterly earnings call for analysts and shareholders on Thursday.