Special event income helped fuel impressive growth in the amount of money Spanish Broadcasting System brought in Q3, but the expenses associated with the events also put the squeeze on the company’s margin.
Revenue was up an impressive 14%, from $35.9M to $41.1M. SBS radio assets matched that percentage in rising from $31.2M to $35.4M, and the smaller television division increased 21% from $4.7M to $5.7M.
However, OIBDA was down 4% overall, from $11.7M to $11.3M. Radio actually bucked that trend, gaining 3% from 413.2M to $13.6M, but television dropped 9% from $129K to $117K.
“We reported robust top-line results during the third quarter, supported by strong revenue gains across our operations,” commented Raul Alarcón, Jr., Chairman and CEO. “Our radio revenue growth was well ahead of our industry, as we effectively converted our leading audience shares into increased advertising dollars. The investments we have made in our station brands, content offering and sales force are leading to a considerable improvement in our financial results. We are also continuing to demonstrate our ability to leverage live events to promote our assets to our target audiences, while driving increased sponsorship dollars. Looking ahead, we remain focused on leveraging our diversified media platform to garner a greater share of advertising budgets across our markets.”