Getting into television appears to be working out for Spanish Broadcasting System (SBS). The increase in TV ad revenue in Q1 exactly balanced the decline for radio, so the quarter came in flat at $30.8 million.
“We saw some improvement in the business environment across select markets during the first quarter. We have continued to focus on supporting our strong brands and market leadership through strategic investments in our content and distribution, while managing our costs. Looking ahead, our target audience continues to expand rapidly and our multi-media portfolio remains well positioned to attract advertisers in the nation’s largest Hispanic markets,” said CEO Raul Alarcón Jr., who did not conduct a conference call with analysts.
Radio revenues were down 2% to $26.4 million. Operating income before depreciation and amortization (OIBDA) declined 12% to $9.2 million.
For the growing TV division, revenues were up 15% to $4.3 million. OIBDA was still negative, but improved 19% to $1.8 million.
After adding in corporate overhead, OIBDA for the quarter declined 8% for SBS to $5.5 million.