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SPANISH BROADCASTING SYSTEM, INC. REPORTS SELECT
PRELIMINARY ESTIMATED FINANCIAL RESULTS FOR
THE FOURTH QUARTER AND YEAR ENDED 2018
MIAMI, FLORIDA, February 19, 2019 – Spanish Broadcasting System, Inc. (the “Company” or “SBS”) (OTCQX: SBSAA) today reported select preliminary estimated financial results for the quarter- and year-ended December 31, 2018.
For the fourth quarter 2018, the Company currently estimates consolidated Net Revenue to be between approximately $38.9 million and $39.6 million, an increase of between 7% and 9% over 2017 and Adjusted OIBDA* to be between approximately $16.8 million and $17.5 million, an increase of between 21% and 26% over 2017.
For the full year 2018, the Company currently estimates consolidated Net Revenue to be between approximately $141.7 million and $142.4 million, an increase of between 5% and 6% over 2017 and Adjusted OIBDA* to be between approximately $49.5 million and $50.2 million, an increase of between 36% and 38% over 2017.
Discussion and Results
“Over the past several years we have embarked upon a concerted strategy of unlocking and monetizing the combined power of our leading radio, television, digital and experiential platforms targeting the U.S. Hispanic consumer,” commented Raúl Alarcón, Chairman and CEO. “Our preliminary fourth quarter and full-year 2018 results have, once again, validated that strategy by demonstrating the true value of our integrated assets and management’s ability to grow the top line while simultaneously implementing strict cost controls at all of our operating units.”
“During the fourth quarter and full-year 2018, we grew our revenue by 7% to 9% and 5% to 6%, respectively, while maintaining our margins at industry-leading levels. We currently expect our full-year 2018 Adjusted OIBDA* to be approximately $50 Million, a 36% or greater increase over the prior year and one of the best operating results in our 35-year history. In addition, our audio rankings, as well as our TV, digital and mobile engagement metrics, also grew significantly.”
“Looking to 2019, we will continue to invest in our future, with a focused approach to maximizing revenues, containing costs, and delivering solid, sustainable growth across all our business lines.”
* 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. Certain prior year amounts, which consist primarily of severance pay and station relocation costs, have been reclassified from engineering, programming, selling, general and administrative, and corporate expenses to recapitalization costs to conform to the current period’s financial presentation. These changes had no effect to the Company’s results of operations or financial position.
The following information was filed by Spanish Broadcasting System Inc (SBSAA) on Tuesday, February 19, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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