Business
Spanish Broadcasting System, Inc. Reports Results for the Second Quarter 2017
Spanish Broadcasting System, Inc. Reports Results for the Second Quarter 2017.
About this update from Spanish Broadcasting System, Inc.
[{"type":"text","content":"\n\n MIAMI, Aug. 14, 2017 (GLOBE NEWSWIRE) -- Spanish Broadcasting System, Inc. (the “Company” or “SBS”) (OTCQX:SBSAA) today reported financial results for the three- and six-months ended June 30, 2017.\n Financial Highlights  (in thousands)  Three Months EndedJune 30,  %   Six Months EndedJune 30,  %    2017   2016  Change   2017   2016  Change Net revenue:                            Radio  $31,279   $31,429   (0%)  $59,503   $59,954   (1%)Television   2,902    3,831   (24%)   6,028    6,919   (13%)Consolidated  $34,181   $35,260   (3%)  $65,531   $66,873   (2%)Adjusted OIBDA, a non-GAAP measure*:                            Radio  $10,675   $13,975   (24%)  $19,564   $22,998   (15%)Television   125    706   (82%)   (518)   (315)  (64%)Corporate   (2,747)   (2,454)  12%   (5,112)   (5,070)  1%Consolidated  $8,053   $12,227   (34%)  $13,934   $17,613   (21%) * 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 “During the second quarter, we continued to expand our multi-media presence and capabilities while delivering unique on-air, digital and experiential offerings to our audiences,” said Raúl Alarcón, Chairman and CEO. “While ou...