Spanish Broadcasting System had a lot to celebrate with the release of its latest quarterly financial results. Both its radio and television divisions were up and driven by an uptick in radio business, the company posted an 11% gain in net revenue to $30.846M.
SBS was also able to report that it was back in the good graces of Nasdaq, having kept its stock afloat over the $1 threshold without resorting to a proposed stock split.
Radio net revenue improved 12% to $27.08M, while the much smaller television side of the company picked up 4% to $3.766M.
Operating income before depreciation and amortization, loss on the disposal of assets, net, and impairment of assets and restructuring costs was up 132% to $5.962M.
Chairman and CEO Raúl Alarcón, Jr., commented, “Our first quarter results reflect the positive impact of the recovering ad market, combined with our efforts to monetize our audience shares, while aggressively controlling costs. The fundamentals of our business continue to improve and we have now generated improved cash flow from our operations for the fifth consecutive quarter.”
Looking ahead, Alarcon said, “As the economy continues to rebound, we believe advertisers will increasingly recognize the benefits of our multi-media platform in reaching the nation’s fast-growing Hispanic population. We remain focused on further strengthening our audience shares, while maximizing our proprietary content across our radio, television and online properties. We will also continue to seek avenues to drive efficiencies across our business, with the goal of converting our revenue growth into improved operating margins and increased cash flow.”