Boston, MA 05/16/2014 (wallstreetpr) – The leading networking and broadcasting service provider Spanish Broadcasting System Inc. (NASDAQ:SBSA) recently announced the financial results of the Q1. Below find the details of these results-
Financial results:
Due to certain reasons, the company couldn’t perform beyond the expectations. The total net revenues earned by Spanish Broadcasting System Inc. (NASDAQ:SBSA) in the Q1 2014 was $32.8 million. When compared with the last year’s revenue, the company managed to earn $39.1 million in the Q1 of 2013. So comparatively SBSA’s revenue grew negatively over a period of 12 months.
A large part of company’s revenue comes from the radio segment, but due to decline in the special event revenues, the radio segment revenue in the Q1 was $3.5 million. The total negative growth in this segment was 11% if compared with the revenues of the Q1 of 2013. If taken into consideration the local areas, the maximum sales increased in LA, New York. Though the net revenue of the company declined but the network sales of the company increased significantly.
The television segment revenue of Spanish Broadcasting System Inc. (NASDAQ:SBSA) decreased by 46% if compared to the revenue of the Q1 of the previous year. Company also witnessed negative growth in non GAAP OIBDA as the figure posted in the Q1 of the current year was $7.8 million, in comparison with the non GAAP OIBDA of $9.7 million of the Q1 of the previous year. The total negative growth in this segment was 19% YOY basis.
Company’s radio segment OIBDA also showed a negative growth of 16% and touched $2 million mark. When it comes to the operating income of the company, it was $6.5 million in the Q1 of the 2014. The last year’s Q1 operating income was $7.3 million. Over the last 12 months, the operating income of Spanish Broadcasting System Inc. (NASDAQ:SBSA) has decreased by 11% on YOY basis.
