Both television and radio posted strong growth in Q4 for LBI Media, with net revenues for the entire company up 19% to $30.7 million. TV led the way with 32% growth, but radio gained 8%.
Adjusted EBITDA for the company soared 45% to $9.2 million. Some of the basic financial data had been reported last month as preliminary results, but the detailed report on Monday (3/7) broke out the separate numbers for the radio and TV divisions.
“We are pleased to confirm our fourth quarter and full year 2010 results, as we previously announced last month. Our results for the fourth quarter of 2010 represent our fourth consecutive quarter of year-over-year revenue growth. This growth was led by incremental revenues from our national broadcast television network, EstrellaTV, and improved performance from our owned and operated radio and television stations. EstrellaTV is now broadcast in 37 markets that comprise approximately 77% of the U.S. Hispanic television households. We anticipate expanding the reach of EstrellaTV through additional affiliates and other distribution channels,” said CEO Lenard Liberman.
TV revenues increased 32% in Q4 to $15.4 million. That was attributed to incremental revenue from the EstrellaTV network, along with growth for the company’s O&O stations in California and Texas. Adjusted EBITDA for the TV division improved 39% to $1.9 million.
Radio revenues increased 8% to $15.3 million. Likewise, LBI cited advertising sales growth in California and Texas. Adjusted EBITDA for radio grew 47% to $7.3 million.
For all of 2010 LBI saw net revenues increase 13% to $115.7 million. Adjusted EBITDA grew 3% to $35.7 million.
Full year TV revenues increased 27% to $55.8 million, with adjusted EBITDA down 26% to $7.5 million, largely due to increased costs from the launch of the new EstrellaTV network.
Radio revenues gained 1% in 2010 to $59.9 million, with adjusted EBITDA up 15% to $28.3 million.
In a conference call with Wall Street analysts, LBI executives proudly noted that the company’s KBUE-FM Los Angeles posted revenue growth of 3% in Q4, while the Spanish radio market in LA was down 3%. Also, LBI’s O&O television stations managed to grow revenues in 2010, despite having turned over about a third of their inventory to the company’s new EstrellaTV network. Asked by one analyst how the company managed to outperform its peers, Liberman had a ready answer: “Because we’re amazing operators.”
LBI Media, a/k/a Liberman Broadcasting, is privately owned but has public bonds.