SBS Broadcasting Reports Radio Revenue Grew 2 Percent

Spanish Broadcasting System, Inc. Friday day reported financial results for the three- and six-months ended June 30, 2018.

“Our second quarter results marked a continuation of our solid financial and operating performance as we built upon the momentum in our business,” said Raúl Alarcón, Chairman and CEO. “Our top-line growth was supported by a continued focus on actively managing our costs which were down significantly compared to last year and helped drive healthy margin expansion. We have built a multi-platform leadership position serving the needs of Latinos nationwide and connecting brands with highly attractive demographic groups. Moving forward, we will remain focused on advancing our multi-platform strategy while driving improved performance.”

Quarter End Results

For the quarter-ended June 30, 2018, consolidated net revenues totaled $34.8 million compared to $34.2 million for the same prior year period, resulting in an increase of $0.6 million or 2%. Our radio segment net revenues remained flat due to increases in network and local revenue, which were offset by decreases in barter, special events, national and digital sales. Our local sales increased in our Los Angeles, Puerto Rico, Miami and San Francisco markets, while our national sales increased in our Los Angeles, Puerto Rico, and San Francisco markets. Our special events revenue decreased primarily in our San Francisco and Los Angeles markets, mainly due to lower event activity which was partially offset by increases in our Puerto Rico, New York, and Miami markets.

Our television segment net revenues increased by $0.6 million or 21%, due to the increases in local and subscriber-based revenues, and hurricane related insurance proceeds for business interruption in Puerto Rico.

Six Months Ended Results

For the six-months ended June 30, 2018, consolidated net revenues totaled $68.7 million compared to $65.5 million for the same prior year period, resulting in an increase of $3.2 million or 5%. Our radio segment net revenues increased $1.0 million or 2%, due to increases in network, local, and special event revenue, which were partially offset by decreases in barter and national revenues. Our local sales increased in our Puerto Rico and Los Angeles markets, while our national sales decreased in our New York, San Francisco and Miami markets. Our television segment net revenues increased by $2.1 million or 35%, due to increases in special events, and subscriber-based revenues and hurricane related insurance proceeds for business interruption in Puerto Rico.