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Spanish Broadcasting System Q2 results
By Jon Newton,
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Music Industry News - as it happens
Source: Mi2N - August 8, 2002

SBS (Spanish Broadcasting System) says its financial results for the three- and six- month period ending June 30, "exceeded the high end" of its previously announced guidance with a 12.6% increase in net revenues from continuing operations, and $15.7 million of broadcast cash flow from continuing operations.

"The increase in the Company's operating results from continuing operations for the three- and six-month periods ended June 30, 2002, reflect substantial revenue gains generated by its new full- power FM station in Los Angeles, KXOL (formerly KFSG-FM)," it says in a statement. "The Company's increase in revenues is also attributed to the better-than-expected results from its core stations in New York, Los Angeles, Miami, and Chicago, additional promotional events, as well as the slight improvement in the advertising climate. The Company continued to benefit from the realization of its cost savings plan previously implemented. These factors all contributed to the increase in the Company's net revenues, broadcast cash flow and operating margin over the comparable prior year periods.

"In a challenging and uncertain advertising environment, SBS's core stations are committed to continuous growth and, on a combined basis, have outperformed their respective radio markets in advertising sales. On a same station basis, SBS experienced an increase in net revenues, broadcast cash flow, and operating margin. The increase in operating results is attributed to the conversion of rating gains into revenue growth in the majority of the Company's markets, as well as increased promotional events."

Raul Alarcon, Chairman and CEO, commented, "We are beginning to see an advertising rebound in the nation's largest Hispanic radio markets and SBS is ideally positioned to benefit from this recovery. The programming and sales initiatives that we began to implement in 2001 are now generating tangible returns. Our top- ten market stations are all producing solid ratings, with Los Angeles and Chicago up dramatically in the Spring 2002 Arbitron rankings when compared to the Winter 2002 book and Spring 2001 book, while our New York stations remain market leaders in capturing Hispanic listeners. Moreover, we are aggressively translating these ratings gains into revenue growth, well in excess of the general market radio operators. Our revenues from continuing operations, excluding barter, were up 18% in the second quarter. Our ratings strength and sales momentum, combined with our efforts to reduce costs during the past year, put us in an optimal position to drive cash flow as the advertising recovery continues into the second half of the year."

SBS adds the company's third quarter outlook won't take into consideration results related to the AOL Time Warner barter agreement and KTCY-FM operating results. "For the three-months ending September 29, 2002, SBS expects growth in net revenues in the range of 2% to 3% over the comparable pro forma prior year period. Broadcast cash flow for the three months ending September 29, 2002, is expected to be in the range of approximately $13.5 million to $14.5 million," it states. "Projected capital expenditures for the third quarter will be approximately $1.4 million."

SBS is the largest Hispanic-controlled radio broadcasting company in the US and currently owns and/or operates 25 stations in eight of the top-ten US Hispanic markets, including New York, Los Angeles, Miami, Chicago, San Francisco, San Antonio, Dallas and Puerto Rico. It also operates, a bilingual Spanish-English Internet Web site providing content related to Latin music, entertainment, news and culture.

Related News from Mi2N:
» Spanish Broadcasting System Reports Results For The Second Quarter 2002

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