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Spanish Broadcasting System Inc. (SBSA)
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Spanish Broadcasting System, Inc. Reports Results for the Third Quarter 2009
November 12, 2009: 04:30 PM ET
COCONUT GROVE, Fla., Nov. 12, 2009 (GLOBE NEWSWIRE) -- Spanish Broadcasting System, Inc. (the "Company" or "SBS") (Nasdaq:SBSA) today reported financial results for the three- and nine-month periods ended September 30, 2009.
Discussion and Results
Raul Alarcon, Jr., Chairman and CEO, commented, "Our third quarter operating income improved significantly over the prior year as a result of our disciplined focus on cost management, combined with improving top-line trends at our radio station group. While our results were impacted by the economic recession and industry-wide weak advertising market, we continue to execute our strategy and deliver valuable, market-leading audiences across our multi-media footprint. We remain focused on expanding Mega TV's national reach, strengthening our content and increasing our online presence among Hispanic audiences. Looking ahead, our sales teams are working aggressively to convert our solid audience shares into revenues and we are beginning to see some signs of improvement in the environment in many of our markets. As the economy begins to recover and advertising spending increases, we believe we are well positioned to benefit from the improved operating leverage in our model."
Quarter Results
For the quarter ended September 30, 2009, consolidated net revenue totaled $38.6 million compared to $41.3 million for the same prior year period, resulting in a decrease of $2.7 million or 6%. This consolidated decrease was mainly attributable to the decrease in our radio segment net revenue of $1.9 million or 5%. Our radio segment net revenue decreased due to lower local and barter sales caused mainly by the decline in economic conditions. The decrease in local sales occurred in all of our markets, with the exception of our San Francisco market. The decrease in barter sales occurred in all of our markets, with the exception of our New York and Miami markets. Our television segment net revenue decreased $0.8 million or 17%, primarily due to a decrease in barter sales and local spot sales.
Operating income before depreciation and amortization, gain on the disposal of assets, net, and impairment of FCC broadcasting licenses and restructuring costs, a non-GAAP measure, totaled $13.9 million compared to $8.0 million for the same prior year period, representing an increase of $5.9 million or 74%. This increase was primarily attributed to the decreases in station operating expenses of $8.2 million and corporate expenses of $0.4 million, offset by a decrease in net revenue of $2.7 million. Please refer to the Unaudited Segment Data and Non-GAAP Financial Measures sections for definitions and a reconciliation of GAAP to non-GAAP financial measures.
Operating income totaled $12.3 million compared to $4.0 million for the same prior year period. The increase in operating income was mainly due to decreases in our operating expenses and corporate expenses, offset by a decrease in our net revenue. Also contributing to the increase in operating income was the decrease in our impairment of FCC broadcasting licenses and restructuring costs of $2.2 million. Please refer to the Impairment of FCC Broadcasting Licenses and Restructuring Costs sections for detailed discussions.
Income before income taxes totaled $6.5 million compared to $1.9 million for the same prior year period.
Nine-month Results
For the nine-months ended September 30, 2009, consolidated net revenue totaled $103.4 million compared to $122.8 million for the same prior year period, resulting in a decrease of $19.4 million or 16%. This consolidated decrease was mainly attributable to the decrease in our radio segment net revenue of $18.5 million or 17%. Our radio segment net revenue decreased due to lower local, national and barter sales caused mainly by the decline in economic conditions. The decrease in local, national and barter sales occurred in all of our markets. Our television segment net revenue decreased $0.9 million or 7%, primarily due to a decrease in barter sales and local spot sales.
Operating income before depreciation and amortization, gain on the disposal of assets, net, and impairment of FCC broadcasting licenses and restructuring costs, a non-GAAP measure, totaled $27.5 million compared to $15.0 million for the same prior year period, representing an increase of $12.5 million or 83%. This increase was primarily attributed to the decreases in station operating expenses of $29.5 million and corporate expenses of $2.4 million, offset by a decrease in net revenue of $19.4 million. Please refer to the Unaudited Segment Data and Non-GAAP Financial Measures sections for definitions and a reconciliation of GAAP to non-GAAP financial measures.
Operating income totaled $12.1 million compared to an operating loss of $(388.0) million for the same prior year period. The increase in operating income was mainly due to the decrease in impairment of FCC broadcasting licenses and restructuring costs of $398.5 million. Also contributing to the increase in operating income were the decreases in our operating expenses and corporate expenses, offset by a decrease in our net revenue. Please refer to the Impairment of FCC Broadcasting Licenses and Restructuring Costs sections for detailed discussions.
Loss before income taxes totaled $(4.3) million compared to $(398.6) million for the same prior year period.
Impairment of FCC Broadcasting Licenses
For the nine-months ended September 30, 2009, we recorded a non-cash impairment loss of approximately $10.1 million that reduced the carrying values of our FCC broadcasting licenses in our Chicago and San Francisco markets as a result of our impairment testing of our indefinite-lived intangible assets and goodwill. The impairment loss was due to changes in estimates and assumptions which were primarily: (a) lower industry advertising revenue growth projections in our respective markets, and (b) lower industry profit margins.
Restructuring Costs
As a result of the continued deterioration of the economy and the decrease in the demand for advertising, we began to implement a restructuring plan in the third quarter of fiscal year 2008 to reduce expenses throughout the Company. We have incurred restructuring costs totaling $3.0 million to date, which include $0.6 million for the nine-months ended September 30, 2009, related to the termination of various programming contracts and personnel. In addition, we will continue to review further cost-cutting measures, as we continue to evaluate the scope and duration of the current economic slowdown and its impact on our operations and financial position.
About Spanish Broadcasting System, Inc.
Spanish Broadcasting System, Inc. is the largest publicly traded Hispanic-controlled media and entertainment company in the United States. SBS owns and/or operates 21 radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, including the #1 Spanish-language radio station in America, WSKQ-FM in New York City, as well as leading radio stations airing the Tropical, Mexican Regional, Spanish Adult Contemporary and Hurban format genres. The Company also owns and operates Mega TV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. SBS also produces live concerts and events in the major U.S. markets and Puerto Rico. In addition, the Company operates www.LaMusica.com , a bilingual Spanish-English online site providing content related to Latin music, entertainment, news and culture. The Company's corporate Web site can be accessed at www.spanishbroadcasting.com .
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the Securities and Exchange Commission.
fonte : COCONUT GROVE, Fla., Nov. 12, 2009 (GLOBE NEWSWIRE) -- Spanish Broadcasting System, Inc. (the "Company" or "SBS") (Nasdaq:SBSA) today reported financial results for the three- and nine-month periods ended September 30, 2009.
Discussion and Results
Raul Alarcon, Jr., Chairman and CEO, commented, "Our third quarter operating income improved significantly over the prior year as a result of our disciplined focus on cost management, combined with improving top-line trends at our radio station group. While our results were impacted by the economic recession and industry-wide weak advertising market, we continue to execute our strategy and deliver valuable, market-leading audiences across our multi-media footprint. We remain focused on expanding Mega TV's national reach, strengthening our content and increasing our online presence among Hispanic audiences. Looking ahead, our sales teams are working aggressively to convert our solid audience shares into revenues and we are beginning to see some signs of improvement in the environment in many of our markets. As the economy begins to recover and advertising spending increases, we believe we are well positioned to benefit from the improved operating leverage in our model."
Quarter Results
For the quarter ended September 30, 2009, consolidated net revenue totaled $38.6 million compared to $41.3 million for the same prior year period, resulting in a decrease of $2.7 million or 6%. This consolidated decrease was mainly attributable to the decrease in our radio segment net revenue of $1.9 million or 5%. Our radio segment net revenue decreased due to lower local and barter sales caused mainly by the decline in economic conditions. The decrease in local sales occurred in all of our markets, with the exception of our San Francisco market. The decrease in barter sales occurred in all of our markets, with the exception of our New York and Miami markets. Our television segment net revenue decreased $0.8 million or 17%, primarily due to a decrease in barter sales and local spot sales.
Operating income before depreciation and amortization, gain on the disposal of assets, net, and impairment of FCC broadcasting licenses and restructuring costs, a non-GAAP measure, totaled $13.9 million compared to $8.0 million for the same prior year period, representing an increase of $5.9 million or 74%. This increase was primarily attributed to the decreases in station operating expenses of $8.2 million and corporate expenses of $0.4 million, offset by a decrease in net revenue of $2.7 million. Please refer to the Unaudited Segment Data and Non-GAAP Financial Measures sections for definitions and a reconciliation of GAAP to non-GAAP financial measures.
Operating income totaled $12.3 million compared to $4.0 million for the same prior year period. The increase in operating income was mainly due to decreases in our operating expenses and corporate expenses, offset by a decrease in our net revenue. Also contributing to the increase in operating income was the decrease in our impairment of FCC broadcasting licenses and restructuring costs of $2.2 million. Please refer to the Impairment of FCC Broadcasting Licenses and Restructuring Costs sections for detailed discussions.
Income before income taxes totaled $6.5 million compared to $1.9 million for the same prior year period.
Nine-month Results
For the nine-months ended September 30, 2009, consolidated net revenue totaled $103.4 million compared to $122.8 million for the same prior year period, resulting in a decrease of $19.4 million or 16%. This consolidated decrease was mainly attributable to the decrease in our radio segment net revenue of $18.5 million or 17%. Our radio segment net revenue decreased due to lower local, national and barter sales caused mainly by the decline in economic conditions. The decrease in local, national and barter sales occurred in all of our markets. Our television segment net revenue decreased $0.9 million or 7%, primarily due to a decrease in barter sales and local spot sales.
Operating income before depreciation and amortization, gain on the disposal of assets, net, and impairment of FCC broadcasting licenses and restructuring costs, a non-GAAP measure, totaled $27.5 million compared to $15.0 million for the same prior year period, representing an increase of $12.5 million or 83%. This increase was primarily attributed to the decreases in station operating expenses of $29.5 million and corporate expenses of $2.4 million, offset by a decrease in net revenue of $19.4 million. Please refer to the Unaudited Segment Data and Non-GAAP Financial Measures sections for definitions and a reconciliation of GAAP to non-GAAP financial measures.
Operating income totaled $12.1 million compared to an operating loss of $(388.0) million for the same prior year period. The increase in operating income was mainly due to the decrease in impairment of FCC broadcasting licenses and restructuring costs of $398.5 million. Also contributing to the increase in operating income were the decreases in our operating expenses and corporate expenses, offset by a decrease in our net revenue. Please refer to the Impairment of FCC Broadcasting Licenses and Restructuring Costs sections for detailed discussions.
Loss before income taxes totaled $(4.3) million compared to $(398.6) million for the same prior year period.
Impairment of FCC Broadcasting Licenses
For the nine-months ended September 30, 2009, we recorded a non-cash impairment loss of approximately $10.1 million that reduced the carrying values of our FCC broadcasting licenses in our Chicago and San Francisco markets as a result of our impairment testing of our indefinite-lived intangible assets and goodwill. The impairment loss was due to changes in estimates and assumptions which were primarily: (a) lower industry advertising revenue growth projections in our respective markets, and (b) lower industry profit margins.
Restructuring Costs
As a result of the continued deterioration of the economy and the decrease in the demand for advertising, we began to implement a restructuring plan in the third quarter of fiscal year 2008 to reduce expenses throughout the Company. We have incurred restructuring costs totaling $3.0 million to date, which include $0.6 million for the nine-months ended September 30, 2009, related to the termination of various programming contracts and personnel. In addition, we will continue to review further cost-cutting measures, as we continue to evaluate the scope and duration of the current economic slowdown and its impact on our operations and financial position.
About Spanish Broadcasting System, Inc.
Spanish Broadcasting System, Inc. is the largest publicly traded Hispanic-controlled media and entertainment company in the United States. SBS owns and/or operates 21 radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, including the #1 Spanish-language radio station in America, WSKQ-FM in New York City, as well as leading radio stations airing the Tropical, Mexican Regional, Spanish Adult Contemporary and Hurban format genres. The Company also owns and operates Mega TV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. SBS also produces live concerts and events in the major U.S. markets and Puerto Rico. In addition, the Company operates www.LaMusica.com , a bilingual Spanish-English online site providing content related to Latin music, entertainment, news and culture. The Company's corporate Web site can be accessed at www.spanishbroadcasting.com .
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the Securities and Exchange Commission.
(Financial Table Follows)
fonte : http://money.cnn.com/news/newsfeeds/articles/globenewswire/178309.htm
November 12, 2009: 04:30 PM ET
COCONUT GROVE, Fla., Nov. 12, 2009 (GLOBE NEWSWIRE) -- Spanish Broadcasting System, Inc. (the "Company" or "SBS") (Nasdaq:SBSA) today reported financial results for the three- and nine-month periods ended September 30, 2009.
Discussion and Results
Raul Alarcon, Jr., Chairman and CEO, commented, "Our third quarter operating income improved significantly over the prior year as a result of our disciplined focus on cost management, combined with improving top-line trends at our radio station group. While our results were impacted by the economic recession and industry-wide weak advertising market, we continue to execute our strategy and deliver valuable, market-leading audiences across our multi-media footprint. We remain focused on expanding Mega TV's national reach, strengthening our content and increasing our online presence among Hispanic audiences. Looking ahead, our sales teams are working aggressively to convert our solid audience shares into revenues and we are beginning to see some signs of improvement in the environment in many of our markets. As the economy begins to recover and advertising spending increases, we believe we are well positioned to benefit from the improved operating leverage in our model."
Quarter Results
For the quarter ended September 30, 2009, consolidated net revenue totaled $38.6 million compared to $41.3 million for the same prior year period, resulting in a decrease of $2.7 million or 6%. This consolidated decrease was mainly attributable to the decrease in our radio segment net revenue of $1.9 million or 5%. Our radio segment net revenue decreased due to lower local and barter sales caused mainly by the decline in economic conditions. The decrease in local sales occurred in all of our markets, with the exception of our San Francisco market. The decrease in barter sales occurred in all of our markets, with the exception of our New York and Miami markets. Our television segment net revenue decreased $0.8 million or 17%, primarily due to a decrease in barter sales and local spot sales.
Operating income before depreciation and amortization, gain on the disposal of assets, net, and impairment of FCC broadcasting licenses and restructuring costs, a non-GAAP measure, totaled $13.9 million compared to $8.0 million for the same prior year period, representing an increase of $5.9 million or 74%. This increase was primarily attributed to the decreases in station operating expenses of $8.2 million and corporate expenses of $0.4 million, offset by a decrease in net revenue of $2.7 million. Please refer to the Unaudited Segment Data and Non-GAAP Financial Measures sections for definitions and a reconciliation of GAAP to non-GAAP financial measures.
Operating income totaled $12.3 million compared to $4.0 million for the same prior year period. The increase in operating income was mainly due to decreases in our operating expenses and corporate expenses, offset by a decrease in our net revenue. Also contributing to the increase in operating income was the decrease in our impairment of FCC broadcasting licenses and restructuring costs of $2.2 million. Please refer to the Impairment of FCC Broadcasting Licenses and Restructuring Costs sections for detailed discussions.
Income before income taxes totaled $6.5 million compared to $1.9 million for the same prior year period.
Nine-month Results
For the nine-months ended September 30, 2009, consolidated net revenue totaled $103.4 million compared to $122.8 million for the same prior year period, resulting in a decrease of $19.4 million or 16%. This consolidated decrease was mainly attributable to the decrease in our radio segment net revenue of $18.5 million or 17%. Our radio segment net revenue decreased due to lower local, national and barter sales caused mainly by the decline in economic conditions. The decrease in local, national and barter sales occurred in all of our markets. Our television segment net revenue decreased $0.9 million or 7%, primarily due to a decrease in barter sales and local spot sales.
Operating income before depreciation and amortization, gain on the disposal of assets, net, and impairment of FCC broadcasting licenses and restructuring costs, a non-GAAP measure, totaled $27.5 million compared to $15.0 million for the same prior year period, representing an increase of $12.5 million or 83%. This increase was primarily attributed to the decreases in station operating expenses of $29.5 million and corporate expenses of $2.4 million, offset by a decrease in net revenue of $19.4 million. Please refer to the Unaudited Segment Data and Non-GAAP Financial Measures sections for definitions and a reconciliation of GAAP to non-GAAP financial measures.
Operating income totaled $12.1 million compared to an operating loss of $(388.0) million for the same prior year period. The increase in operating income was mainly due to the decrease in impairment of FCC broadcasting licenses and restructuring costs of $398.5 million. Also contributing to the increase in operating income were the decreases in our operating expenses and corporate expenses, offset by a decrease in our net revenue. Please refer to the Impairment of FCC Broadcasting Licenses and Restructuring Costs sections for detailed discussions.
Loss before income taxes totaled $(4.3) million compared to $(398.6) million for the same prior year period.
Impairment of FCC Broadcasting Licenses
For the nine-months ended September 30, 2009, we recorded a non-cash impairment loss of approximately $10.1 million that reduced the carrying values of our FCC broadcasting licenses in our Chicago and San Francisco markets as a result of our impairment testing of our indefinite-lived intangible assets and goodwill. The impairment loss was due to changes in estimates and assumptions which were primarily: (a) lower industry advertising revenue growth projections in our respective markets, and (b) lower industry profit margins.
Restructuring Costs
As a result of the continued deterioration of the economy and the decrease in the demand for advertising, we began to implement a restructuring plan in the third quarter of fiscal year 2008 to reduce expenses throughout the Company. We have incurred restructuring costs totaling $3.0 million to date, which include $0.6 million for the nine-months ended September 30, 2009, related to the termination of various programming contracts and personnel. In addition, we will continue to review further cost-cutting measures, as we continue to evaluate the scope and duration of the current economic slowdown and its impact on our operations and financial position.
About Spanish Broadcasting System, Inc.
Spanish Broadcasting System, Inc. is the largest publicly traded Hispanic-controlled media and entertainment company in the United States. SBS owns and/or operates 21 radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, including the #1 Spanish-language radio station in America, WSKQ-FM in New York City, as well as leading radio stations airing the Tropical, Mexican Regional, Spanish Adult Contemporary and Hurban format genres. The Company also owns and operates Mega TV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. SBS also produces live concerts and events in the major U.S. markets and Puerto Rico. In addition, the Company operates www.LaMusica.com , a bilingual Spanish-English online site providing content related to Latin music, entertainment, news and culture. The Company's corporate Web site can be accessed at www.spanishbroadcasting.com .
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the Securities and Exchange Commission.
fonte : COCONUT GROVE, Fla., Nov. 12, 2009 (GLOBE NEWSWIRE) -- Spanish Broadcasting System, Inc. (the "Company" or "SBS") (Nasdaq:SBSA) today reported financial results for the three- and nine-month periods ended September 30, 2009.
Discussion and Results
Raul Alarcon, Jr., Chairman and CEO, commented, "Our third quarter operating income improved significantly over the prior year as a result of our disciplined focus on cost management, combined with improving top-line trends at our radio station group. While our results were impacted by the economic recession and industry-wide weak advertising market, we continue to execute our strategy and deliver valuable, market-leading audiences across our multi-media footprint. We remain focused on expanding Mega TV's national reach, strengthening our content and increasing our online presence among Hispanic audiences. Looking ahead, our sales teams are working aggressively to convert our solid audience shares into revenues and we are beginning to see some signs of improvement in the environment in many of our markets. As the economy begins to recover and advertising spending increases, we believe we are well positioned to benefit from the improved operating leverage in our model."
Quarter Results
For the quarter ended September 30, 2009, consolidated net revenue totaled $38.6 million compared to $41.3 million for the same prior year period, resulting in a decrease of $2.7 million or 6%. This consolidated decrease was mainly attributable to the decrease in our radio segment net revenue of $1.9 million or 5%. Our radio segment net revenue decreased due to lower local and barter sales caused mainly by the decline in economic conditions. The decrease in local sales occurred in all of our markets, with the exception of our San Francisco market. The decrease in barter sales occurred in all of our markets, with the exception of our New York and Miami markets. Our television segment net revenue decreased $0.8 million or 17%, primarily due to a decrease in barter sales and local spot sales.
Operating income before depreciation and amortization, gain on the disposal of assets, net, and impairment of FCC broadcasting licenses and restructuring costs, a non-GAAP measure, totaled $13.9 million compared to $8.0 million for the same prior year period, representing an increase of $5.9 million or 74%. This increase was primarily attributed to the decreases in station operating expenses of $8.2 million and corporate expenses of $0.4 million, offset by a decrease in net revenue of $2.7 million. Please refer to the Unaudited Segment Data and Non-GAAP Financial Measures sections for definitions and a reconciliation of GAAP to non-GAAP financial measures.
Operating income totaled $12.3 million compared to $4.0 million for the same prior year period. The increase in operating income was mainly due to decreases in our operating expenses and corporate expenses, offset by a decrease in our net revenue. Also contributing to the increase in operating income was the decrease in our impairment of FCC broadcasting licenses and restructuring costs of $2.2 million. Please refer to the Impairment of FCC Broadcasting Licenses and Restructuring Costs sections for detailed discussions.
Income before income taxes totaled $6.5 million compared to $1.9 million for the same prior year period.
Nine-month Results
For the nine-months ended September 30, 2009, consolidated net revenue totaled $103.4 million compared to $122.8 million for the same prior year period, resulting in a decrease of $19.4 million or 16%. This consolidated decrease was mainly attributable to the decrease in our radio segment net revenue of $18.5 million or 17%. Our radio segment net revenue decreased due to lower local, national and barter sales caused mainly by the decline in economic conditions. The decrease in local, national and barter sales occurred in all of our markets. Our television segment net revenue decreased $0.9 million or 7%, primarily due to a decrease in barter sales and local spot sales.
Operating income before depreciation and amortization, gain on the disposal of assets, net, and impairment of FCC broadcasting licenses and restructuring costs, a non-GAAP measure, totaled $27.5 million compared to $15.0 million for the same prior year period, representing an increase of $12.5 million or 83%. This increase was primarily attributed to the decreases in station operating expenses of $29.5 million and corporate expenses of $2.4 million, offset by a decrease in net revenue of $19.4 million. Please refer to the Unaudited Segment Data and Non-GAAP Financial Measures sections for definitions and a reconciliation of GAAP to non-GAAP financial measures.
Operating income totaled $12.1 million compared to an operating loss of $(388.0) million for the same prior year period. The increase in operating income was mainly due to the decrease in impairment of FCC broadcasting licenses and restructuring costs of $398.5 million. Also contributing to the increase in operating income were the decreases in our operating expenses and corporate expenses, offset by a decrease in our net revenue. Please refer to the Impairment of FCC Broadcasting Licenses and Restructuring Costs sections for detailed discussions.
Loss before income taxes totaled $(4.3) million compared to $(398.6) million for the same prior year period.
Impairment of FCC Broadcasting Licenses
For the nine-months ended September 30, 2009, we recorded a non-cash impairment loss of approximately $10.1 million that reduced the carrying values of our FCC broadcasting licenses in our Chicago and San Francisco markets as a result of our impairment testing of our indefinite-lived intangible assets and goodwill. The impairment loss was due to changes in estimates and assumptions which were primarily: (a) lower industry advertising revenue growth projections in our respective markets, and (b) lower industry profit margins.
Restructuring Costs
As a result of the continued deterioration of the economy and the decrease in the demand for advertising, we began to implement a restructuring plan in the third quarter of fiscal year 2008 to reduce expenses throughout the Company. We have incurred restructuring costs totaling $3.0 million to date, which include $0.6 million for the nine-months ended September 30, 2009, related to the termination of various programming contracts and personnel. In addition, we will continue to review further cost-cutting measures, as we continue to evaluate the scope and duration of the current economic slowdown and its impact on our operations and financial position.
About Spanish Broadcasting System, Inc.
Spanish Broadcasting System, Inc. is the largest publicly traded Hispanic-controlled media and entertainment company in the United States. SBS owns and/or operates 21 radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, including the #1 Spanish-language radio station in America, WSKQ-FM in New York City, as well as leading radio stations airing the Tropical, Mexican Regional, Spanish Adult Contemporary and Hurban format genres. The Company also owns and operates Mega TV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. SBS also produces live concerts and events in the major U.S. markets and Puerto Rico. In addition, the Company operates www.LaMusica.com , a bilingual Spanish-English online site providing content related to Latin music, entertainment, news and culture. The Company's corporate Web site can be accessed at www.spanishbroadcasting.com .
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the Securities and Exchange Commission.
(Financial Table Follows)
fonte : http://money.cnn.com/news/newsfeeds/articles/globenewswire/178309.htm
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Spanish Broadcasting System, Inc. Receives Nasdaq Staff Determination
December 11, 2009: 04:30 PM ET
COCONUT GROVE, Fla., Dec. 11, 2009 (GLOBE NEWSWIRE) -- Spanish Broadcasting System, Inc. ("SBS") (Nasdaq:SBSA) announced today that, on December 7, 2009, it received written notification (the "Staff Determination") from The Nasdaq Stock Market, Inc. ("Nasdaq") that, based upon the Company's failure to regain compliance with the $1.00 per share minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) by December 4, 2009, the Company's common stock is subject to delisting at the opening of business on December 16, 2009, unless the Company requests a hearing before a Nasdaq Listing Qualifications Panel on or before 4:00 p.m. Eastern Time on December 14, 2009. On December 11, 2009, the Company requested such a hearing, which will stay any action with respect to the Staff Determination until the Nasdaq Listing Qualifications Panel renders a decision subsequent to the hearing. However, there can be no assurance that Nasdaq will grant the Company's request for continued listing.
As previously announced on August 25, 2008 by the Company, it received a notice from Nasdaq on August 20, 2008 indicating that the Company failed to comply with the minimum bid price requirement because the bid price of its common stock closed under $1.00 per share for 30 consecutive business days. The notice also stated that, in accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company would be provided 180 calendar days, or until February 17, 2009, to regain compliance with the minimum bid price requirement. Due to Nasdaq's suspensions of enforcement of the bid price requirement in 2008 and 2009 and as disclosed by the Company in its filings of various Forms 8-K, 10-Q and 10-K, the Company's time period for regaining compliance was extended until December 4, 2009. To regain compliance, the closing bid price of the Company's common stock had to remain at or above $1.00 per share for a minimum of 10 consecutive business days prior to the market close on December 4, 2009. The Company did not regain compliance with the $1.00 minimum bid price requirement by such time, which resulted in the issuance of the Staff Determination.
About Spanish Broadcasting System, Inc.
Spanish Broadcasting System, Inc. is the largest publicly traded Hispanic-controlled media and entertainment company in the United States. SBS owns and/or operates 21 radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, including the #1 Spanish-language radio station in America, WSKQ-FM in New York City, as well as leading radio stations airing the Tropical, Mexican Regional, Spanish Adult Contemporary and Hurban format genres. The Company also owns and operates Mega TV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. SBS also produces live concerts and events in the major U.S. markets and Puerto Rico. In addition, the Company operates www.LaMusica.com, a bilingual Spanish-English online site providing content related to Latin music, entertainment, news and culture. The Company's corporate Web site can be accessed at www.spanishbroadcasting.com.
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the Securities and Exchange Commission
December 11, 2009: 04:30 PM ET
COCONUT GROVE, Fla., Dec. 11, 2009 (GLOBE NEWSWIRE) -- Spanish Broadcasting System, Inc. ("SBS") (Nasdaq:SBSA) announced today that, on December 7, 2009, it received written notification (the "Staff Determination") from The Nasdaq Stock Market, Inc. ("Nasdaq") that, based upon the Company's failure to regain compliance with the $1.00 per share minimum bid price requirement set forth in Nasdaq Listing Rule 5450(a)(1) by December 4, 2009, the Company's common stock is subject to delisting at the opening of business on December 16, 2009, unless the Company requests a hearing before a Nasdaq Listing Qualifications Panel on or before 4:00 p.m. Eastern Time on December 14, 2009. On December 11, 2009, the Company requested such a hearing, which will stay any action with respect to the Staff Determination until the Nasdaq Listing Qualifications Panel renders a decision subsequent to the hearing. However, there can be no assurance that Nasdaq will grant the Company's request for continued listing.
As previously announced on August 25, 2008 by the Company, it received a notice from Nasdaq on August 20, 2008 indicating that the Company failed to comply with the minimum bid price requirement because the bid price of its common stock closed under $1.00 per share for 30 consecutive business days. The notice also stated that, in accordance with Nasdaq Listing Rule 5810(c)(3)(A), the Company would be provided 180 calendar days, or until February 17, 2009, to regain compliance with the minimum bid price requirement. Due to Nasdaq's suspensions of enforcement of the bid price requirement in 2008 and 2009 and as disclosed by the Company in its filings of various Forms 8-K, 10-Q and 10-K, the Company's time period for regaining compliance was extended until December 4, 2009. To regain compliance, the closing bid price of the Company's common stock had to remain at or above $1.00 per share for a minimum of 10 consecutive business days prior to the market close on December 4, 2009. The Company did not regain compliance with the $1.00 minimum bid price requirement by such time, which resulted in the issuance of the Staff Determination.
About Spanish Broadcasting System, Inc.
Spanish Broadcasting System, Inc. is the largest publicly traded Hispanic-controlled media and entertainment company in the United States. SBS owns and/or operates 21 radio stations located in the top U.S. Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, including the #1 Spanish-language radio station in America, WSKQ-FM in New York City, as well as leading radio stations airing the Tropical, Mexican Regional, Spanish Adult Contemporary and Hurban format genres. The Company also owns and operates Mega TV, a television operation with over-the-air, cable and satellite distribution and affiliates throughout the U.S. and Puerto Rico. SBS also produces live concerts and events in the major U.S. markets and Puerto Rico. In addition, the Company operates www.LaMusica.com, a bilingual Spanish-English online site providing content related to Latin music, entertainment, news and culture. The Company's corporate Web site can be accessed at www.spanishbroadcasting.com.
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the Securities and Exchange Commission
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