SBS Q1 Net Revenues Decline 6% to $32.3 Million
| RADIO ONLINE | Friday, June 7, 2024 |
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 Spanish Broadcasting System (SBS) |
Spanish Broadcasting System (SBS) reported first quarter net revenue from continuing operations declined 6% to $32.3 million from $34.5 million in 2023. Station operating income (SOI) rose 9% to $7.4 million from $6.8 million. Adjusted OIDBA grew 46% to $4.9 million from $3.39 million. The company posted a net loss of $1.6 million, as compared to a net loss of $2.59 million in the year-ago period.
"Our first quarter results demonstrate the initial benefits of our organizational realignment and our concerted efforts to drive improved operating performance," stated SBS Chairman and CEO Raul Alarcon. "During the first quarter, core radio revenues increased 4% which, when combined with our renewed focus on operational discipline at each and every one of our business units, has led to a significant improvement in station operating income and Adjusted OIBDA."
He added, "With the advent of the Presidential-year political ad cycle, the additive results from our Orlando and Tampa markets, as well as the ongoing rollout of our DAVid Initiative (more on that digital strategy at a later date), we're targeting an expedited return to the company's pre-COVlD financial performance thresholds during 2024."
