LBI Media Q3 Net Revenues Down 9.7%, Loss Widens

RADIO ONLINE | , , | :am CT

Spanish language broadcaster LBI Media posted a 9.7% drop in net revenues to $27.5 million from $30.5 million in 2008. Revenues for the company's radio unit declined 3.9% to $16.5 million from $17.2 million, mainly due to a drop in ad revenue from its Southern California marketplace. Total operating expenses grew by 39% to $94.4 million.

President/CEO Lenard Liberman said, "Our third quarter financial results were impacted by the continued economic downturn and challenging advertising environment. Despite the difficult conditions, we continued to execute our strategy of capitalizing on our high-quality programming and the strong value proposition we deliver to our advertising partners."

He continued, "While we have seen some improvement in the third quarter with respect to broadcast revenue performance as compared to the first and second quarters of this year, there are markets like Southern California that remain very challenged. The challenges facing broadcasters before a market turnaround are still considerable. However, we remain optimistic for the future."

The company reported a net loss of $76.9 million as compared to a loss of $29.4 million for the same period in 2008.