Spanish Broadcasting System, Inc. today reported financial results for the quarter- and year- ended December 31, 2019 .
"As our release demonstrates, we delivered outstanding Q4 results which, in turn, contributed to our best annual financial showing in over 15 years," commented Raúl Alarcón, Chairman and CEO. "All business units including radio, television, experiential and interactive exhibited sustained increases with our core radio operation ranked among the leaders in the industry in ratings, revenue, SOI and margin growth."
"In addition, fiscal 2020 started off exceptionally well and, as a result, we're confident of a strong rebound later in the year as our industry, our nation and the world eventually recover from the effects of the COVID-19 pandemic. For now, we are adapting operationally, financially and strategically at all levels and in all markets during this interim period so as to protect our personnel while continuing to inform, entertain and serve audiences and advertisers in anticipation of a surging demand for ad inventory and rescheduled live events as the year progresses."
"In the meantime, we're adopting an old motto that has served American businesses extremely well since the beginning of the 19th century: 'We're Open for Business.' "
For the quarter-ended December 31, 2019 , consolidated net revenue totaled $46.1 million compared to $39.6 million for the same prior year period, resulting in an increase of 16%. Our radio segment net revenue increased 15% due to increases in local, special events, network, and digital which were partially offset by a decrease in national sales. Our television segment net revenue increased 31%, due to the increase in local sales which were partially offset by decreases in national sales. Consolidated net revenue excluding political, a non-GAAP measure, totaled $45.8 million compared to $36.9 million for the same prior year period, resulting in an increase of 24%.
For the year-ended December 31, 2019 , consolidated net revenue totaled $156.7 million compared to $142.4 million for the same prior year period, resulting in an increase of 10%. Our radio segment net revenue increased $14.0 million or 11% due to increases in local, network, and digital sales which were offset by a decrease in national sales. Our special events revenue increased primarily in our Los Angeles , New York and San Francisco markets. Our television segment net revenue increased $0.3 million or 2%, due to increases in local sales offset by a decrease in special event and subscriber based revenue. Consolidated net revenue excluding political, a non-GAAP measure, totaled $156.0 million compared to $137.5 million for the same prior year period, resulting in an increase of 13%.