SBS Q2 Consolidated Net Revenue Up 6%, Loss Narrows
|RADIO ONLINE | Friday, August 9, 2019|
Spanish Broadcasting System reported second quarter consolidated net revenue grew 6% to $36.9 million from $34.8 million in 2018. Radio segment net revenue increased 5% to $32.9 million from $31.2 million, mainly due to increases in local, barter, network and digital sales. Consolidated adjusted OIBDA climbed 2% to $12.2 million, while radio adjusted OIBDA was up 4%. Radio operating income climbed to $14.2 million from $13.6 million. The company posted a net loss of $1.7 million (24 cents per share) as compared to a loss of $1.9 million (27 cents) in the year-ago period.
"Our second quarter results once again validate the company's strategic and operational strengths and give further evidence as to our standing as the undisputed leader in Hispanic radio, as well as one of the premier radio owner/operators in the nation's largest markets," commented Chairman and CEO Raul Alarcon.
"During the quarter, Management's focus on operations yielded superior metric results in all of the major facets of our company's operations: ratings (top rankings in all core markets, including the #1 and #2 Spanish-language stations in the two largest radio markets of New York and Los Angeles, as well as 3 out of the 4 most-listened-to Hispanic stations in America), revenues and adjusted OIBDA growth, while maintaining industry-leading radio margins of 44%," he added.