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Spanish Broadcasting System, Inc. Reports Results for the First Quarter 2017
Spanish Broadcasting System, Inc. Reports Results for the First Quarter 2017.
About this update from Spanish Broadcasting System, Inc.
[{"type":"text","content":"\n\n MIAMI, May 22, 2017 (GLOBE NEWSWIRE) -- Spanish Broadcasting System, Inc. (the “Company” or “SBS”) (OTCQX:SBSAA) today reported its financial results for the first quarter ended March 31, 2017.\n Financial Highlights (in thousands) Quarter EndedMarch 31,  %   2017  2016  Change Net revenue:            Radio $28,224  $28,525   (1)%Television  3,126   3,088   1%Consolidated $31,350  $31,613   (1)%Adjusted OIBDA, a non-GAAP measure*:            Radio $8,889  $9,023   (1)%Television  (643)  (1,021)  (37%)Corporate  (2,365)  (2,616)  (10)%Consolidated $5,881  $5,386   9% * Please refer to the Non-GAAP Financial Measures section for a definition of Adjusted OIBDA and a reconciliation from Adjusted OIBDA to the most directly comparable GAAP financial measure. Discussion and Results “Our first quarter results mark a good start to the year as we continued to grow our total audience shares while also delivering improved operating results,” said Raúl Alarcón, Chairman and CEO. “Our strategy remains centered on maximizing the reach of our multi-media assets, including our radio stations which continue to hold leadership positions across the nation’s largest Hispanic markets. We have also further advanced our experiential platform and our mobile entertainment presence through our unique LaMusica app. Looking ahead, we will continue to operate with a focus on innovation as we look to capitalize on our multi-media capabilities and connect advertisers and brands with highly engaged Latino audiences across all media platforms.” Quarter End Results For the quarter-ended March 31, 2017, consolidated net revenues totaled $31.3 million compared to $31.6 million for the same prior year period, resulting in a decrease of $0.3 million or 1%.  Our radio segment net revenues decreased $0.3 million or 1%, due to decreases in national, network, and local revenue, which were partially offset ...