Spanish Broadcasting System (SBS) reported first quarter net revenue from continuing operations fell 9% to $34.5 million from $38.03 million in 2022.
Operating Expenses grew 5% to $27.73 million from $26.37 million. Station Operating Income (SOI) was down 42% to $6.8 million from $11.65 million. Adjusted OIBDA decreased 57% to $3.39 million from $7.84 million. The company posted a net loss or $2.59 million as compared to a net loss of $1.67 million in the year-ago period.
"Our first quarter results showed a continuation of the growth of our company's national, network and digital revenues as further confirmation of the strength and durability of our audio strategy, and the successful migration of our brand superiority to our various digital platforms," commented Chairman and CEO Raul Alarcon. "Our first quarter results were impacted by lower revenues due to the fewer number of live events that were produced in this quarter as compared to first quarter last year."
He added, "We continue to perform exceedingly well in terms of the ratings of our major market stations, as highlighted by the market-leading results of our start-up station in Orlando, as well as our strong showings in New York, Los Angeles, Miami, San Francisco and Puerto Rico.
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