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Spanish Broadcasting System Q2 Net Revs Down 3%
RADIO ONLINE | Monday, August 14, 2017 |
Spanish Broadcasting System reported second quarter consolidated net revenues fell 3% to $34.2 million from $35.3 million in 2016. The company's radio segment saw posted flat revenues of $31.2 million due to decreases in national and local revenue, which were partially offset by increases in special events. Television segment net revenues decreased 24% due to decreases in local sales. SBS posted net earnings of $2.5 million (35 cents per share) as compared to a loss of $3.7 million (52 cents) in the year-ago period.
"During the second quarter, we continued to expand our multi-media presence and capabilities while delivering unique on-air, digital and experiential offerings to our audiences," said Chairman/CEO Raul Alarcon. "While our financial results were impacted by an accrual of a franchise tax liability, we continue to make progress from an operational perspective. Our total audience share is growing, driven by our radio stations which remain among the most highly rated across key Latino markets nationwide and further penetration of our LaMusica mobile entertainment platform."
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