While most general market radio groups were reporting revenue gains for Q3, the Spanish market has not been as fast to recover. Spanish Broadcasting System reported that its Q3 radio revenues were down 12% to $30.5 million.
The company’s much-smaller TV division did better, with revenues up 2% to $4.1 million. For all of SBS revenues were down 10% to $34.6 million.
Radio operating income before depreciation, amortization and other special charges (OIBDA) was down 18% to $14 million. TV costs increased, so TV negative OIBDA doubled to nearly $2 million. Total OIBDA was down 22% to $10.8 million.
“Our third quarter results reflect continued volatile advertising conditions in our markets, offset in part by our efforts to prudently manage our costs. Our multi-media platform includes some of the most recognized brands in the nation, including our top-ranked radio stations in the largest Hispanic markets. As the economy continues to rebound and the census results are reported, we believe we are well positioned to benefit as advertisers see the importance of reaching the fast-growing Hispanic market,” said CEO Raúl Alarcón in a statement. The company no longer conducts quarterly Wall Street conference calls.
SBS said both national and local radio ad sales were down in the quarter. National was down in all markets except Miami and Puerto Rico. Local was down in all markets except Puerto Rico. The gain in TV revenues was attributed to an increase in local spot sales and integrated sales.