NEW YORK — Miami-based Spanish Broadcasting System somewhat stealthy released its Q3 2018 earnings results following the Closing Bell on Wall Street Friday (11/9).
By the end of Monday, it was clear among key shareholders that SBS, despite its numerous leverage issues and outstanding debt, is a cash-flow monster. Net income was seen, compared to a net loss a year ago, as net revenue improved by 4%.
“Our third quarter results evidenced sustained growth at all of our business units, as previously announced,” noted Raúl Alarcón Jr., Chairman/CEO of SBS, which in October celebrated its 35th anniversary.
Consolidated net revenue jumped to $34.04 million, from $32.79 million, as radio revenue — the bulk of SBS’s incoming cash — improved by 3%, to $30.26 million.
Mega TV, proving resilient, saw net revenue grow by 9% to $3.78 million.
Adjusted OIBDA, a popular non-GAAP measure, on a consolidated basis was up to $11.1 million, from $8.3 million.
Maintaining strict cost controls was a hallmark of Q3 for SBS, the company notes. But, it is the strong revenue that is pacing SBS — not to mention its continued ratings prowess in key markets including New York, Miami, Los Angeles and Puerto Rico.
“The Company looks to continue this strong operational and financial performance at all of its operating divisions in the fourth quarter with revenue pacings currently tracking 13% and costs remaining firmly in check,” SBS says. “In addition, our major-market audience ratings continue to be the best since commencing operations in 1983.”
In fact, SBS expects a robust Q4 to be contributive to a 2018 Consolidated OIBDA in the $50 Million range.
“Looking to 2019, we will be implementing a number of growth initiatives in our digital, experiential, audio and video units in order to enhance our standing as a premier producer and distributor of entertainment content,” Alarcón said.