Spanish Broadcasting Q3 Net Revs Up 6% to $41.2 Million
| RADIO ONLINE | Tuesday, November 29, 2022 |
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 Spanish Broadcasting System |
Spanish Broadcasting System reported third quarter consolidated net revenue rose 6% to $41.2 million from $38.9 million in 2021. Radio revenue grew 6% to $38 million from $35.9 million, exceeding the same pre-pandemic period in 2019 by $5.6 million or 17%. Consolidated Adjusted OIBDA totaled $10 million, remaining flat. Operating income fell 2% to $9 million from $9.2 million. The company posted a net income of $906,000 (11 cents per share) as compared to $846,000 (11 cents) in the year-ago period.
"Our third quarter results reflect solid radio and consolidated revenue growth," commented Chairman and Chief Executive Officer Raul Alarcon. "Our start-up Orlando and Tampa station group continues to perform ahead of our expectations and our digital and mobile metrics continue in high- growth mode, while our live events in San Diego, Orlando, Tampa, Miami and New York continue to draw arena-capacity crowds and record sponsorship participation into the fourth quarter."
