Spanish Broadcasting ends year with a $1.3 million net loss, lower revenues, debt of $279 million

By Lisa Kerner

Charlotte, N.C., April 2 - Spanish Broadcasting System, Inc. reported leverage of 6.3 times and $37 million of cash as of Tuesday, according to chief financial officer Joseph Garcia during a conference call to discuss the company's fourth-quarter and full-year 2012 earnings results.

Net debt at Dec. 31 was about $279 million, including about $268 million of 12½% senior secured notes due 2017.

The Coconut Grove, Fla.-based Spanish language broadcaster reported a net loss for the year of about $1.3 million, compared to net income of $23.7 million for 2011.

Spanish Broadcasting's consolidated net revenues declined 3% for the quarter to $36.9 million and 1% for the full year to $139.5 million.

Radio segment net revenues were down 4% for the quarter and 1% for the year, while television segment net revenues were up 3% and 2% for the respective periods.

The company reported operating income of $12.4 million for the quarter, a $2 million increase from the prior-year period, attributed to decreased operating expenses.

Operating income for the full year was down 2% at $37.3 million due to the decrease in net revenues.

According to Spanish Broadcasting's earnings release, it did not regain compliance with the Nasdaq Listing Rule 5450(b)(3) (C) and is awaiting approval by Nasdaq to have its Class A common stock listed on the Nasdaq Capital Market later this month.

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