Spanish Broadcasting System was hitting on all gears during the first quarter, producing significant revenue increases and gaudy comparable percentages on both the radio and the television side of the business.
Overall, the company enjoyed a 22% increase in net revenue to $39.1M; radio accounted for $32.96M of the revenue, a total that represented a 19% increase over Q1 2012; and TV was up 42% to $6.14M.
OIBDA was also host to similar gains: Radio was up 29% to $12.27M; and television was up 78%, although in its case, that number alluded to the fact that it did not lose nearly as much money as before – it was down only $179K compared to a loss of $829K in Q1 2012.
The company said its local sales were up in Puerto Rico, New York and Los Angeles; and Los Angeles also posted hefty national gains. The company’s Chicago and San Francisco properties suffered losses.
SBS’s Raul Alarcón Jr. commented, “We generated double digit increases in our revenue and cash flow during the first quarter. We are benefitting from the investments we have made in our multi-media platform and sales efforts, as we expand our revenue profile and drive creative marketing opportunities for our advertising partners. Leveraging our audience reach and relationships in the talent arena, we have increasingly demonstrated our ability to drive attendance at special events and deliver returns on our investment. At the same, we continue to carefully manage our costs and expect our TV operations to return to profitability for the remainder of the year. Our audience shares have remained strong and we are seeing an improvement in the advertising environment. As a result, we remain optimistic that we can continue to generate improved results in the year ahead.”