Spanish Broadcasting System is starting off 2024 with a small net revenue decline. That’s according to the company’s Q1 earnings report, which was released late Friday by the Miami-headquartered multimedia operation founded and led by Raúl Alarcón Jr.
For the three-month period ending March 31, SBS saw it net revenue from continuing operations (minus the still-for-sale Mega TV enterprise) dip to $32.32 million from $34.55 million. The decline came as operating expenses tightened to $24.91 million from $27.73 million. Income from discontinued operations was also factored in, and this totaled $830,000, down from $1.21 million.
Total it all up, and a net loss of $1.62 million (-$0.17 per share) was seen. The good news? It’s a narrower net loss than the $2.59 million (-$0.32) seen in Q1 2023.
“Our first quarter results demonstrate the initial benefits of our organizational realignment and our concerted efforts to drive improved operating performance,” Alarcón said in prepared remarks distributed late Friday (6/7). “With the advent of the presidential year political ad cycle, the additive results from our Orlando and Tampa markets, as well as the ongoing rollout of our “DAVid” initiative [digital strategy], we’re targeting an expedited return to the company’s pre-COVID financial performance thresholds during 2024.”
A call to discuss the Q1 2024 performance with analysts and shareholders has been set for June 18 at 11am Eastern.
