Spanish Broadcasting Q3 Net Revenues Rise 7%, Radio Up
| RADIO ONLINE | Thursday, November 14, 2019 | 3:49pm CT |
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 Spanish Broadcasting System |
Spanish Broadcasting System reported third quarter consolidated net revenue rose 7% to $36.2 million from $34 million in 2018. Radio revenues grew 7% to $32.4 million from $30.2 million, while the TV unit was flat at $3.7 million. Adjusted OIBDA fell 4% to $10.6 million from $11.1 million. Radio Adjusted OIBDA was up 11% to $13 million from $11.7 million. The company posted a net loss of $345,000 (5 cents per diluted share) as compared to earnings of $8.6 million ($1.22) in the year-ago period.
"During the third-quarter, our 10% revenue growth, excluding political, was once again at or near the top of the announced results for the radio industry," commented Chairman/CEO Raul Alarcon. "Our strong revenue growth and cost-controls helped drive our 40% radio adjusted OIBDA margins in the quarter, which were likewise among the highest in the radio industry."
He added, "Our operating momentum continues, delivering consistent ratings and audience growth for our brands, including 4 out of the 6 most-listened-to Hispanic stations in the nation, the Top 2 stations among Hispanic millennials and the global leader in Spanish-language radio, WSKQ-FM in New York City."
Looking ahead to Q4 and fiscal year 2019, Alarcon said, "We remain confident as to what we believe will be, by all indications, an exceptional operating performance that will extend into 2020."
