SBS Q1 Net Revenues Up 10%, Radio Revenues Rise 17%
|RADIO ONLINE | Friday, May 17, 2019|
Spanish Broadcasting System reported first quarter net revenues grew 10% to $37.3 million from $33.9 million in 2018. Radio revenue climbed 17% to $34 million from $29.2 million. Consolidated Adjusted OIBDA fell 14% to $8.3 million from $9.7 million. Radio Adjusted OIBDA declined 7% to $10.9 million from $11.7 million. Operating income fell to $5.6 million from $7.6 million. The company posted a net loss of $3.9 million (54 cents per diluted share) as compared to a net loss of $3.3 million (46 cents) in the year-ago period.
"During the first quarter we again generated robust consolidated revenue gains while simultaneously undertaking a number of strategic investments aimed at paving the way for future growth. These initiatives included bolstering the external marketing of our leading audio brands, improving and expanding our video content offerings and strengthening the infrastructure of our various sales departments," commented Chairman and CEO Raul Alarcon.
He added, "As in 2018, we see a clear path to accelerated performance this year as we continue to deliver on our goal of creating long-term sustainable value for our shareholders."