“Our results reflect the ongoing stabilization of the advertising market, the strength of our brands and our ability to successfully execute our strategy,” CEO Walter Ulloa told analysts in his quarterly conference call. Excluding the impact of retransmission consent payments and political advertising, he said Q4 core ad revenues were up 5%.
Radio revenues in Q4 fell 6% to $15.8 million, while operating expenses increased 7% to $13.4 million. Excluding political, core radio revenues were up 1%.
Television revenues were up 1% to $34.1 million and operating expenses increased 3% to $18.7 million. Excluding retrans and political, TV was up 8%.
Total revenues were thus down 1% to just shy of $50 million, while operating expenses grew 4% to $32.1 million. Throw in corporate overhead (which actually dropped nearly $3 million to $4.3 million) and adjusted EBITDA for the company was down 14% in the quarter to $14.3 million.
For the full year, revenues were down 3% to $194.4 million and adjusted EBITDA decreased 13% to $55.5 million.
As for the current quarter, through the end of February Ulloa said core ad revenues (excluding retrans and political) were up 8% for TV and 2% for radio.