The recent rise in the stock price of Spanish Broadcasting System got some justification when the company announced its Q3 results. Revenues were up 5% to $36.4 million and OIBDA (operating income before depreciation and amortization) up 25% to $13.5 million.
“We generated healthy revenue growth at our radio and TV operations during the third quarter,” commented Raul Alarcon, Jr., Chairman and CEO in a company statement. “Our top line results reflect an improving, but still volatile advertising climate in many of our markets, with continued strength in national sales. Our operating income also increased during the quarter, as we continued to carefully manage our costs given the uncertain economic environment. Overall, we are pleased with the progress we are making in improving our financial results and monetizing our audience reach. Our radio, TV and online assets continue to attract significant audience shares in the nation’s largest Hispanic markets.” SBS does not conduct quarterly Wall Street conference calls.
Radio revenues were up 5% to $32 million and OIBDA gained 15% to $16.2 million. The company credited growth in both national and network sales, while local was down. SBS said national was up in all markets except San Francisco and network in all markets except Miami.
TV revenues rose 9% to $4.4 million and negative OIBDA improved to $1 million from $2 million. TV was up in paid programming, barter and national, but down in local.