Spanish Broadcasting System had positive results at its television properties, but it is predominately a radio company, and the black ink produced on the TV side wasn’t enough to overcome losses on the radio side.
Overall, the company brought in $35.9M in net revenue; television was up 6% to $4.7M, but radio was down 2% to $31.2M, resulting in an overall decrease of 1%.
Radio’s OIBDA result was a decrease of 18% to $13.2M; television brought in a modest $129K, but that represented a big increase over a loss in the preceding year. Overall, adding in corporate results, OIBDA was down 13% to $11.7M.
Operating income for SBS as a whole was $10.2M, a 15% decrease.
“During the third quarter, we continued to focus on strengthening our multi-media assets while prudently controlling our expenses,” commented Raul Alarcón, Jr., Chairman and CEO. “We continued to experience an uneven advertising environment, primarily in our radio division, although we were able to generate increases in our barter, national and interactive sales. In our television segment, we achieved positive station operating cash flow in line with our plan, reflecting healthy growth in our revenues and a substantial reduction in our expenses. We are committed to achieving ongoing operating profitability at our television operations going forward. Looking ahead, we remain very optimistic about our outlook given the strength of our assets and our audience reach, combined with the growing interest among advertisers in reaching the fast-growing Hispanic population.”