Spanish Broadcasting System, Inc. (the "Company" or "SBS")
(Nasdaq:SBSA) today reported financial results for the fourth
quarter- and fiscal year-ended December 31, 2013.
Financial Highlights
|
Quarter
Ended |
|
Fiscal Year
Ended |
|
(in thousands) |
December 31, |
% |
December 31, |
% |
|
2013 |
2012 |
Change |
2013 |
2012 |
Change |
|
|
|
|
|
|
|
Net revenue: |
|
|
|
|
|
|
Radio |
$ 32,902 |
32,156 |
2% |
$ 133,536 |
121,414 |
10% |
Television |
4,620 |
4,780 |
(3%) |
20,238 |
18,108 |
12% |
Consolidated |
$ 37,522 |
36,936 |
2% |
$ 153,774 |
139,522 |
10% |
|
|
|
|
|
|
|
OIBDA, a non-GAAP
measure*: |
|
|
|
|
|
|
Radio |
$ 12,141 |
15,219 |
(20%) |
$ 53,170 |
52,205 |
2% |
Television |
464 |
335 |
39% |
532 |
(1,557) |
134% |
Corporate |
(1,903) |
(1,955) |
(3%) |
(9,316) |
(7,507) |
24% |
Consolidated |
$ 10,702 |
13,599 |
(21%) |
$ 44,386 |
43,141 |
3% |
* Please refer to the Non-GAAP Financial
Measures section for a definition and a reconciliation from a
non-GAAP to GAAP financial measure.
Discussion and Results
"We generated improved financial and operating results in the
past year, reflecting our efforts to build our multimedia brands,
while carefully managing our costs," commented Raul Alarcón, Jr.,
Chairman and CEO. "Our radio revenue growth exceeded the industry,
as we continued to deliver impressive audience shares, while making
further inroads in attracting advertisers to our
platform. Throughout our history, we have consistently
displayed our expertise in launching new formats and growing and
sustaining top ranked radio station franchises in the nation's
largest Hispanic markets. At our television operations, we are
very pleased to have recorded profitable results for the year. We
remain focused on leveraging our diversified media platform to grow
our audience shares and garner a greater share of advertising
budgets across our markets."
Quarter End Results
For the quarter-ended December 31, 2013, consolidated net
revenues totaled $37.5 million compared to $36.9 million for the
same prior year period, resulting in an increase of $0.6 million or
2%. Our radio segment net revenues increased $0.7 million or
2%, primarily due to local sales, special events revenue and
interactive sales. The increase in local sales was primarily in our
New York, Los Angeles and San Francisco markets. The special
events revenue increase took place mainly in our New York
market. The increase in interactive sales occurred
throughout most of our markets. Our television segment net revenues
decreased $0.2 million or 3%, largely due to the decrease in
paid-programming.
OIBDA, a non-GAAP measure, totaled $10.7 million compared to
$13.6 million for the same prior year period, representing a
decrease of $2.9 million or 21%. Our radio segment OIBDA decreased
$3.1 million or 20%, primarily due to the increase in operating
expenses of $3.8 million, offset by the increase of net revenue of
$0.7 million. Radio station operating expenses increased
mainly due to compensation and benefits, special events expenses,
legal settlements, music research cost and music license
fees. Our television segment OIBDA increased $0.1 million or
39%, primarily due to the decrease in operating expenses. The
decrease in television station operating expenses was primarily due
to a decrease in rating services cost and barter expense. Our
corporate expenses decreased $0.1 million or 3%, mostly due to a
decrease in compensation. Please refer to the
Non-GAAP Financial Measures section for a definition of OIBDA and a
reconciliation from a non-GAAP to GAAP financial measure.
Operating income totaled $9.5 million compared to $12.4 million
for the same prior year period, representing a decrease of $2.9
million or 24%. This decrease in operating income was
primarily due to the increase in operating expenses.
Year End Results
For the year-ended December 31, 2013, consolidated net revenues
totaled $153.8 million compared to $139.5 million for the same
prior year period, resulting in an increase of $14.3 million or
10%. Our radio segment net revenues increased $12.1 million or
10%, primarily due to special events revenue, and local, national,
barter and interactive sales. The increases in special events
revenue, and barter and interactive sales occurred throughout most
of our markets. The increase in local sales was primarily in our
New York, Los Angeles, Puerto Rico and Miami markets. The
increase in national sales took place in our Los Angeles, San
Francisco and New York markets. Our television segment net revenues
increased $2.1 million or 12%, largely due to the increase in
special events revenue, offset by the decreases in local,
paid-programming and national spot sales and integrated sales.
OIBDA, a non-GAAP measure, totaled $44.4 million compared to
$43.1 million for the same prior year period, representing an
increase of $1.2 million or 3%. Our radio segment OIBDA
increased $1.0 million or 2%, primarily due to the increase in net
revenues of $12.1 million, offset by the increase of station
operating expenses of $11.2 million. Radio station operating
expenses increased mainly due to increases in special events
expenses, compensation and benefits, barter expense, legal
settlements and professional fees, which were offset by a decrease
in local commissions. Our television segment OIBDA increased
$2.1 million, primarily due to the increase in net revenues of $2.1
million. Television station operating expenses were flat
compared to the prior year period. Our corporate expenses increased
by $1.8 million or 24%, mostly due to an increase in professional
fees, offset by compensation and benefits. Please refer to the
Non-GAAP Financial Measures section for a definition of OIBDA and a
reconciliation from a non-GAAP to GAAP financial measure.
Operating income totaled $38.4 million compared to $37.3 million
for the same prior year period, representing an increase of $1.1
million or 3%. This increase in operating income was primarily
due to the increase in net revenue.
10 3/4% Series B Cumulative Exchangeable Redeemable
Preferred Stock
Voting Rights Triggering Event
Pursuant to the Certificate of Designations, each holder of
shares of our Series B preferred stock had the right, on
October 15, 2013, to request that we repurchase (subject to
the legal availability of funds under Delaware General Corporate
Law) all or a portion of such holder's shares of Series B preferred
stock at a purchase price equal to 100% of the liquidation
preference of such shares, plus all accumulated and unpaid
dividends (as described in more detail below) on those shares to
the date of repurchase.
On October 15, 2013, holders of shares of our Series B
preferred stock requested that we repurchase 92,223 shares of
Series B preferred stock for an aggregate repurchase price of
$126.9 million, which included accumulated and unpaid dividends on
these shares as of October 15, 2013. We did not have
sufficient funds legally available to repurchase all of the Series
B preferred stock for which we received requests and instead used
the limited funds legally available to us to repurchase 1,800
shares for a purchase price of approximately $2.5 million, which
included accrued and unpaid dividends. Consequently, a "voting
rights triggering event" occurred (the "Voting Rights Triggering
Event").
Following the occurrence, and during the continuation of the
Voting Rights Triggering Event, holders of the outstanding Series B
preferred stock will be entitled to elect two directors to newly
created positions on our Board of Directors, and we will be subject
to more restrictive operating covenants, including a prohibition on
our ability to incur any additional indebtedness and restrictions
on our ability to pay dividends or make distributions, redeem or
repurchase securities, make investments, enter into transactions
with affiliates or merge or consolidate with (or sell substantially
all of our assets to) any other person. The right to elect the two
new directors may be exercised initially either at a special
meeting of the holders of Series B preferred stock or at any annual
meeting of the stockholders held for the purpose of electing
directors. On March 11, 2014, we received a request from LBHI,
stating that it held more than 10% of the Series B preferred stock,
and requesting that we call a special meeting of the Series B
preferred stockholders, for the purpose of electing two
directors.
The Voting Rights Triggering Event shall continue until
(i) all dividends in arrears shall have been paid in full and
(ii) all other failures, breaches or defaults giving rise to
such Voting Rights Triggering Event are remedied or waived by the
holders of at least a majority of the shares of the then
outstanding Series B preferred stock. We do not currently have
sufficient funds legally available to be able to satisfy the
conditions for terminating the Voting Rights Triggering Event. The
indenture governing our Notes currently prohibits us from paying
dividends or from repurchasing the Series B preferred stock. See
Item 1A. Risk Factors of this Form 10-K for a further
discussion of our Series B preferred stock, including the
consequences of the occurrence of the Voting Rights Triggering
Event.
Quarterly Dividends
Under the terms of our Series B preferred stock, the holders of
the outstanding shares of the Series B preferred stock are entitled
to receive, when, as and if declared by the Board of Directors out
of funds of the Company legally available therefor, dividends on
the Series B preferred stock at a rate of 10 3/4% per year, of
the $1,000 liquidation preference per share. All dividends are
cumulative, whether or not earned or declared, and are payable
quarterly in arrears on specified dividend payment dates. While the
Voting Rights Triggering Event continues, we cannot pay dividends
on the Series B preferred stock without causing a breach of
covenants under the indenture governing our Notes.
On March 29, 2013 and April 4, 2012, the Board of
Directors declared a dividend for the dividend due April 15,
2013 and April 15, 2012, respectively, to the holders of our
Series B preferred stock of record as of April 1, 2013 and
April 1, 2012, respectively. The dividends of $26.875 per
share were paid in cash on April 15, 2013
and April 16, 2012. Additionally, dividends were paid as
part of the repurchase of 1,800 shares of Series B preferred stock
on October 15, 2013.
Redemption Date Accounting Treatment on the Preferred Stock
Under current accounting principles, prior to October 15,
2013, the Series B preferred stock was considered conditionally
redeemable because the Series B preferred stock holders had to
request the Series B preferred stock to be repurchased on
October 15, 2013. As a result of the request that was made by
almost all of the holders of the Series B preferred stock on
October 15, 2013 that the stock be repurchased, we assessed
that, under applicable accounting principles, the contingent event
had occurred and the Series B preferred stock now met the
definition of a mandatorily redeemable instrument under Accounting
Standards Codification 480 "Distinguishing Liabilities from Equity"
("ASC 480"). Even though under Delaware law, the Series B preferred
stock is deemed equity, under ASC 480, if an instrument changes
from being conditionally redeemable to mandatorily redeemable, then
the financial instrument should be reclassified as a liability. The
liability recognized is initially recorded at fair value and the
resulting adjustment is recorded in equity so that no gain or loss
is recognized on reclassification.
On October 15, 2013, we determined the fair value of the
Series B preferred stock outstanding balance of $127.1 million,
which included the outstanding shares and accumulated unpaid
dividends, to be $39.5 million. Therefore, we recorded an $87.6
million adjustment to reduce the carrying value of the Series B
preferred stock and accrued and unpaid dividends to fair value at
the redemption date, with an offset to accumulated deficit.
Subsequent Accounting Treatment of the Preferred Stock
In accordance with ASC 480, the Series B preferred stock was
re-measured subsequently from the initial measurement date as the
amount of cash that would be paid under the conditions specified in
the contract, as if the settlement occurred at December 31,
2013, because the final settlement amount to be paid on the Series
B preferred stock was uncertain due to its continual accruing
quarterly dividends and its uncertain settlement date. The
resulting change in that amount from the previous reporting date
(i.e. initial measurement date) was recognized as interest expense.
Therefore, we recorded an $87.6 million adjustment to increase the
Series B preferred stock liability to the contract settlement value
as of December 31, 2013 and recorded $2.0 million as dividends
on Series B preferred stock classified as interest expense for the
accrued dividends from the redemption date to December 31,
2013.
Going forward, the Series B Preferred stock will be measured at
subsequent reporting dates at the amount of cash that would be paid
under the conditions specified in the contract, as if the
settlement occurred at the reporting date, recognizing the
resulting change in that amount from the previous reporting date as
interest expense. Therefore, the 10 3⁄4% accruing
quarterly dividends will be recorded as interest expense (i.e.
"Dividends on Series B preferred stock classified as interest
expense") as required by ASC 480.
Fourth Quarter 2013 Conference Call
We will host a conference call to discuss our fourth quarter and
full year 2013 financial results on Tuesday, April 22, 2014 at
11:00 a.m. Eastern Time. To access the teleconference, please
dial 412-317-6789 ten minutes prior to the start time.
If you cannot listen to the teleconference at its scheduled
time, there will be a replay available through Tuesday, May 6, 2014
which can be accessed by dialing 877-344-7529 (U.S.) or
412-317-0088 (Int'l), passcode: 10043028
There will also be a live webcast of the teleconference, located
on the investor portion of our corporate Web site, at
www.spanishbroadcasting.com/webcasts.shtml. A seven day archived
replay of the webcast will also be available at that
link.
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 operates 20 radio stations located in
the top U.S. Hispanic markets of New York, Los Angeles, Miami,
Chicago, San Francisco and Puerto Rico, airing the Tropical,
Mexican Regional, Spanish Adult Contemporary and Hurban format
genres. The Company also owns and operates MegaTV, 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 and owns 21 bilingual websites, including
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. Forward-looking statements, which are based upon
certain assumptions and describe future plans, strategies and
expectations of the Company, are generally identifiable by use of
the words "may," "will," "expect," "believe," "anticipate,"
"intend," "could," "estimate," "might," or "continue" or the
negative or other variations thereof or comparable
terminology. Factors that could cause actual results, events
and developments to differ are included from time to time in the
Company's public reports filed with the Securities and Exchange
Commission. All forward-looking statements made herein are
qualified by these cautionary statements and there can be no
assurance that the actual results, events or developments
referenced herein will occur or be realized. The Company undertakes
no obligation to update or revise forward-looking statements to
reflect changed assumptions, the occurrence of unanticipated events
or changes to future operating results.
(Financial Table Follows)
Below are the Unaudited Condensed Consolidated
Statements of Operations for the three-months and year ended
December 31, 2013 and 2012.
|
Three-Months
Ended |
Year
Ended |
|
December 31, |
December 31, |
Amounts in thousands, except per share
amounts |
2013 |
2012 |
2013 |
2012 |
|
|
|
|
|
|
(Unaudited) |
(Unaudited) |
Net revenue |
$ 37,522 |
36,936 |
$ 153,774 |
139,522 |
Station operating expenses |
24,917 |
21,382 |
100,072 |
88,874 |
Corporate expenses |
1,903 |
1,955 |
9,316 |
7,507 |
Depreciation and amortization |
1,255 |
1,342 |
5,166 |
5,464 |
(Gain) loss on the disposal of assets,
net |
-- |
(7) |
(25) |
(15) |
Impairment charges and restructuring
costs |
-- |
(130) |
889 |
442 |
Operating income |
9,447 |
12,394 |
38,356 |
37,250 |
Interest expense, net |
(9,921) |
(9,930) |
(39,715) |
(36,543) |
Series B preferred stock adjustment to
contract settlement value at reporting date classified as interest
expense |
(87,563) |
-- |
(87,563) |
-- |
Dividends on Series B preferred stock
classified as interest expense |
(2,028) |
-- |
(2,028) |
-- |
Loss on early extinguishment of debt |
-- |
-- |
-- |
(391) |
|
|
|
|
|
(Loss) income before income taxes |
(90,065) |
2,464 |
(90,950) |
316 |
Income tax (benefit) expense |
(2,896) |
(164) |
(2,384) |
1,597 |
Net (loss) income |
(87,169) |
2,628 |
(88,566) |
(1,281) |
|
|
|
|
|
Series B preferred stock adjustment to fair
value at redemption date |
87,563 |
-- |
87,563 |
-- |
Dividends on Series B preferred stock |
(413) |
(2,481) |
(7,859) |
(9,927) |
Net (loss) income
applicable to common stockholders |
$ (19) |
147 |
$ (8,862) |
(11,208) |
|
|
|
|
|
Net loss per common share: |
|
|
|
|
Basic
& Diluted |
$ (0.00) |
0.02 |
$ (1.22) |
(1.54) |
|
|
|
|
|
Weighted average common shares
outstanding: |
|
|
|
|
Basic & Diluted |
7,267 |
7,267 |
7,267 |
7,267 |
|
|
|
|
|
Non-GAAP Financial Measures
Operating Income (Loss) before Depreciation and Amortization,
(Gain) Loss on the Disposal of Assets, net, and Impairment Charges
and Restructuring Costs ("OIBDA") is not a measure of performance
or liquidity determined in accordance with Generally Accepted
Accounting Principles ("GAAP") in the United States. However,
we believe that this measure is useful in evaluating our
performance because it reflects a measure of performance for our
stations before considering costs and expenses related to our
capital structure and dispositions. This measure is widely
used in the broadcast industry to evaluate a company's operating
performance and is used by us for internal budgeting purposes and
to evaluate the performance of our stations, segments, management
and consolidated operations. However, this measure should not
be considered in isolation or as a substitute for Operating Income,
Net Income, Cash Flows from Operating Activities or any other
measure used in determining our operating performance or liquidity
that is calculated in accordance with GAAP. In addition, because
OIBDA is not calculated in accordance with GAAP, it is not
necessarily comparable to similarly titled measures used by other
companies.
Included below are tables that reconcile OIBDA to operating
income (loss) for each segment and consolidated net income (loss),
which is the most directly comparable GAAP financial measure.
|
Quarter Ended December 31, 2013 |
(Unaudited and in thousands) |
Consolidated |
Radio |
Television |
Corporate |
|
|
|
|
|
OIBDA |
$ 10,702 |
12,141 |
464 |
(1,903) |
Less expenses excluded from OIBDA but
included in operating income (loss): |
|
|
|
|
Depreciation and
amortization |
1,255 |
481 |
689 |
85 |
(Gain) loss on the disposal of
assets, net |
-- |
-- |
-- |
-- |
Impairment charges and
restructuring costs |
-- |
-- |
-- |
-- |
Operating Income (Loss) |
$ 9,447 |
11,660 |
(225) |
(1,988) |
|
|
|
|
|
|
Quarter Ended December 31, 2012 |
(Unaudited and in thousands) |
Consolidated |
Radio |
Television |
Corporate |
|
|
|
|
|
OIBDA |
$ 13,599 |
15,219 |
335 |
(1,955) |
Less expenses excluded from OIBDA but
included in operating income (loss): |
|
|
|
|
Depreciation and
amortization |
1,342 |
490 |
777 |
75 |
(Gain) loss on the disposal of
assets, net |
(7) |
(7) |
-- |
-- |
Impairment charges and
restructuring costs |
(130) |
-- |
-- |
(130) |
Operating Income (Loss) |
$ 12,394 |
14,736 |
(442) |
(1,900) |
|
|
|
|
|
|
Quarter Ended December 31, |
|
|
(Unaudited and in thousands) |
2013 |
2012 |
|
|
Operating Income |
$ 9,447 |
12,394 |
|
|
Other (expense) income: |
|
|
|
|
Interest expense, net |
(9,921) |
(9,930) |
|
|
Series B preferred stock
adjustment to contract settlement value at reporting date
classified as interest expense |
(87,563) |
-- |
|
|
Dividends on Seris B preferred
stock classified as interest expense |
(2,028) |
-- |
|
|
(Loss) income before income taxes |
(90,065) |
2,464 |
|
|
Income tax benefit |
(2,896) |
(164) |
|
|
Net (loss) income |
$ (87,169) |
2,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
Ended December 31, 2013 |
(Unaudited and in thousands) |
Consolidated |
Radio |
Television |
Corporate |
|
|
|
|
|
OIBDA |
$ 44,386 |
53,170 |
532 |
(9,316) |
Less expenses excluded from OIBDA but
included in operating income (loss): |
|
|
|
|
Depreciation and
amortization |
5,166 |
1,943 |
2,916 |
307 |
(Gain) loss on the disposal of
assets, net |
(25) |
(12) |
-- |
(13) |
Impairment charges and
restructuring costs |
889 |
86 |
1,000 |
(197) |
Operating Income (Loss) |
$ 38,356 |
51,153 |
(3,384) |
(9,413) |
|
|
|
|
|
|
Year
Ended December 31, 2012 |
(Unaudited and in thousands) |
Consolidated |
Radio |
Television |
Corporate |
|
|
|
|
|
OIBDA |
$ 43,141 |
52,205 |
(1,557) |
(7,507) |
Less expenses excluded from OIBDA but
included in operating income (loss): |
|
|
|
|
Depreciation and
amortization |
5,464 |
2,062 |
2,999 |
403 |
(Gain) loss on the disposal of
assets, net |
(15) |
(15) |
-- |
-- |
Impairment charges and
restructuring costs |
442 |
48 |
11 |
383 |
Operating Income (Loss) |
$ 37,250 |
50,110 |
(4,567) |
(8,293) |
|
|
|
|
|
|
Year
Ended December 31, |
|
|
(Unaudited and in thousands) |
2013 |
2012 |
|
|
Operating Income |
$ 38,356 |
37,250 |
|
|
Other (expense) income: |
|
|
|
|
Interest expense, net |
(39,715) |
(36,543) |
|
|
Series B preferred stock
adjustment to contract settlement value at reporting date
classified as interest expense |
(87,563) |
-- |
|
|
Dividends on Seris B preferred
stock classified as interest expense |
(2,028) |
-- |
|
|
Loss on early extinguishment of
debt |
-- |
(391) |
|
|
Loss before income taxes |
(90,950) |
316 |
|
|
Income tax (benefit)
expense |
(2,384) |
1,597 |
|
|
Net loss |
$ (88,566) |
(1,281) |
|
|
|
|
|
|
|
Non-GAAP Reporting Requirement under our Senior Secured
Notes Indenture
Under our Senior Secured Notes Indenture, we are to provide our
Senior Secured Noteholders a statement of our "Station Operating
Income for the Television Segment," as defined by the Indenture,
for the twelve-month period ended December 31, 2013 and 2012, and a
reconciliation of "Station Operating Income for the Television
Segment" to the most directly comparable financial measure
calculated in accordance with GAAP. In addition, we are to
provide our "Secured Leverage Ratio," as defined by the Indenture,
as of December 31, 2013.
Included below is the table that reconciles "Station Operating
Income for the Television Segment" to the most directly comparable
GAAP financial measure. Also included is our "Secured Leverage
Ratio" as of December 31, 2013.
|
Twelve-Months
Ended |
Quarters Ended |
|
December 31, |
Dec. 31, |
Sept. 30, |
June 30, |
March 31, |
(Unaudited and in thousands) |
2013 |
2013 |
2013 |
2013 |
2013 |
|
|
|
|
|
|
Station Operating Income for the
Television Segment, as defined by the Indenture |
$ 997 |
683 |
203 |
251 |
(140) |
Less expenses excluded from Station Operating
Income for the Television Segment, as defined by the Indenture, but
included in operating income (loss): |
|
|
|
|
|
Depreciation and
amortization |
2,916 |
689 |
692 |
761 |
774 |
Non-cash barter (income)
expense |
(3) |
(18) |
8 |
5 |
2 |
Other |
1,468 |
237 |
78 |
116 |
1,037 |
GAAP Operating Loss for the
Television Segment |
$ (3,384) |
(225) |
(575) |
(631) |
$ (1,953) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve-Months
Ended |
Quarters Ended |
|
December 31, |
Dec. 31, |
Sept. 30, |
June 30, |
March 31, |
|
2012 |
2012 |
2012 |
2012 |
2012 |
|
|
|
|
|
|
Station Operating Income for the
Television Segment, as defined by the Indenture |
$ (1,582) |
370 |
(89) |
(1,028) |
(835) |
Less expenses excluded from Station Operating
Income for the Television Segment, as defined by the Indenture, but
included in operating income (loss): |
|
|
|
|
|
Depreciation and
amortization |
2,999 |
777 |
776 |
666 |
780 |
Non-cash barter (income)
expense |
(32) |
28 |
(218) |
164 |
(6) |
Other |
18 |
7 |
-- |
11 |
-- |
GAAP Operating Loss for the
Television Segment |
$ (4,567) |
(442) |
(647) |
(1,869) |
$ (1,609) |
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2013 |
|
|
|
|
|
Secured Leverage Ratio, as defined by
the Indenture |
6.0 |
|
|
|
|
Unaudited Segment Data
We have two reportable segments: radio and television. The
following summary table presents separate financial data for each
of our operating segments:
|
Quarter
Ended |
Year
Ended |
|
December 31, |
December 31, |
|
2013 |
2012 |
2013 |
2012 |
|
(In
thousands) |
(In
thousands) |
Net revenue: |
|
|
|
|
Radio |
$ 32,902 |
32,156 |
133,536 |
121,414 |
Television |
4,620 |
4,780 |
20,238 |
18,108 |
Consolidated |
$ 37,522 |
36,936 |
153,774 |
139,522 |
Engineering and programming
expenses: |
|
|
|
|
Radio |
$ 6,249 |
4,902 |
22,044 |
20,101 |
Television |
2,435 |
2,140 |
8,828 |
11,144 |
Consolidated |
$ 8,684 |
7,042 |
30,872 |
31,245 |
Selling, general and administrative
expenses: |
|
|
|
|
Radio |
$ 14,512 |
12,035 |
58,322 |
49,108 |
Television |
1,721 |
2,305 |
10,878 |
8,521 |
Consolidated |
$ 16,233 |
14,340 |
69,200 |
57,629 |
|
|
|
|
|
Corporate expenses: |
$ 1,903 |
1,955 |
9,316 |
7,507 |
|
|
|
|
|
Depreciation and
amortization: |
|
|
|
|
Radio |
$ 481 |
490 |
1,943 |
2,062 |
Television |
689 |
777 |
2,916 |
2,999 |
Corporate |
85 |
75 |
307 |
403 |
Consolidated |
$ 1,255 |
1,342 |
5,166 |
5,464 |
(Gain) loss on the disposal of
assets, net: |
|
|
|
|
Radio |
$ -- |
(7) |
(12) |
(15) |
Television |
-- |
-- |
-- |
-- |
Corporate |
-- |
-- |
(13) |
-- |
Consolidated |
$ -- |
(7) |
(25) |
(15) |
Impairment charges and restructuring
costs: |
|
|
|
|
Radio |
$ -- |
-- |
86 |
48 |
Television |
-- |
-- |
1,000 |
11 |
Corporate |
-- |
(130) |
(197) |
383 |
Consolidated |
$ -- |
(130) |
889 |
442 |
Operating income
(loss): |
|
|
|
|
Radio |
$ 11,660 |
14,736 |
51,153 |
50,110 |
Television |
(225) |
(442) |
(3,384) |
(4,567) |
Corporate |
(1,988) |
(1,900) |
(9,413) |
(8,293) |
Consolidated |
$ 9,447 |
12,394 |
38,356 |
37,250 |
|
|
|
|
|
Selected Unaudited Balance Sheet Information and Other
Data:
|
As of |
(Amounts in thousands) |
December 31,
2013 |
|
|
Cash and cash equivalents |
$ 23,566 |
|
|
Total assets |
$ 461,748 |
|
|
12.5% Senior Secured Notes due 2017, net |
$ 269,138 |
Other debt |
8,262 |
Total debt |
$ 277,400 |
|
|
Series B preferred stock |
$ 90,549 |
Accrued Series B preferred stock dividends
payable |
36,097 |
Total |
$ 126,646 |
|
|
Total stockholders' deficit |
$ (54,449) |
|
|
Total capitalization |
$ 349,597 |
|
|
|
For the Fiscal Year Ended December
31, |
|
2013 |
2012 |
|
|
|
Capital expenditures |
$ 2,307 |
1,591 |
Cash paid for income taxes |
$ -- |
298 |
CONTACT: Analysts and Investors
Jose I. Molina
Vice President of Finance
(305) 441-6901
Analysts, Investors or Media
Brad Edwards
Brainerd Communicators, Inc.
(212) 986-6667
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