SBS Q1 Consolidated Net Revs Up 64% to $40.4 Million

RADIO ONLINE | Tuesday, May 17, 2022 | 5:36pm CT

Spanish Broadcasting System

Spanish Broadcasting System reported first quarter consolidated net revenue increased 64% to $40.4 million from $24.6 million in 2021. Radio revenue climbed 75% to $38 million from $21.7 million. Adjusted OIBDA rose 368% to $6.68 million, with radio rising 151% to $11.7 million. Operating income grew to $5.8 million from a loss of $800,000. The company narrowed its net loss to $1.67 million from $9.27 million in the year-ago period.

"Our first quarter results demonstrate the continued operating superiority of the SBS team as reflected in the performance of our leading audio, network, digital and experiential assets and the ongoing momentum in our business," said Chairman/CEO Raul Alarcon. "We once again delivered an industry-leading performance, including radio revenue growth of 75%, adjusted OIBDA growth of 151% and operating margins far exceeding both our Spanish and English-language peers.

"We've started off strong in 2022 and are preparing to rollout a number of progressive audience initiatives, among which is the recent addition of our two-station Orlando and Tampa duopoly, which has significantly expanded our footprint in Florida, making SBS the largest Hispanic radio platform in that high-growth state. In addition to our audio division, our digital and mobile revenues are accelerating, and our live events platform is positioned to have an extraordinary year.

"Our strategic vision, operating experience and unwavering commitment to Hispanic communities nationwide will continue to drive our business, forging yet deeper connections with our highly-engaged Latino consumers and the national brands seeking to increase their market share through the penetration SBS affords to this explosive marketplace.

"As the growing social, political and economic influence of the U.S. Latino population continues to grow, so grows our confidence in the strength and resilience of our brands and talent to continue to deliver superior performance in the markets we serve."