Spanish Broadcasting System reported financial results for the second quarter and six months ended June 30, 2015. For the quarter-ended June 30, 2015, consolidated net revenues totaled $38.1 million compared to $40.9 million for the same prior year period, resulting in a decrease of 7%.
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Company's radio segment net revenues decreased $1.5 million or 4%, due to decreases in special events revenue, local sales and barter sales, which were partially offset by an increase in network sales.
Company's special events revenue decreased in our Los Angeles and Miami markets due to a decrease in scheduled events. Local sales decreased in our Puerto Rico, Los Angeles and San Francisco markets and the decrease in barter sales occurred throughout all of our markets.N
etwork sales increase was directly related to our “AIRE Radio Network†advertising platform, which we launched in the beginning of 2014. Company's television segment net revenues decreased $1.3 million or 26%, due to the decreases in special events revenue, paidprogramming, local sales and barter sales.
Consolidated OIBDA, a non-GAAP measure, totaled $11.4 million compared to $9.9 million for the same prior year period, representing an increase of 16%. Company's television segment OIBDA increased $1 million, due to the decrease in operating expenses of $2.3 million, partially offset by the decrease in net revenues of $1.3 million.
Television station operating expenses decreased primarily due to decreases in special events expenses, the allowance for doubtful accounts, production costs, professional fees and barter expenses.
Company's radio segment OIBDA decreased $0.8 million, primarily due to the decrease in net revenues of $1.5 million, partially offset by the decrease in operating expenses of $0.7 million.
Radio station operating expenses decreased mainly due to decreases in special events expenses and barter expenses, which were offset by increases in programming personnel’s compensation and benefits and AIRE related expenses, such as affiliate station compensation and promotional events.
Company's corporate expenses decreased $1.3 million or 35%, mostly due to a decrease in compensation and benefits caused by the prior year retention bonus that was granted to our CEO per his new employee contract. This decrease was offset by increases in professional fees and directors & officers insurance premiums.
Operating income totaled $10.4 million compared to $9.9 million for the same prior year period, representing an increase of $0.5 million or 5%. This increase in operating income was primarily due to the decrease in operating expenses and corporate expenses.
Six-Months Ended Results
For the six-months ended June 30, 2015, consolidated net revenues totaled $70.2 million compared to $73.7 million for the same prior year period, resulting in a decrease of 5%. Company's radio segment net revenues decreased $1.8 million or 3%, due to decreases in local, barter and national sales and special events revenue, which were partially offset by an increase in network sales.
Company's local sales decreased in our Los Angeles, Puerto Rico and San Francisco markets and the decrease in barter sales occurred throughout all of our markets. Company's national sales decreased in our Los Angeles, New York, San Francisco and Puerto Rico markets.
Special events revenue decreased in our Los Angeles, Miami and San Francisco markets due to a decrease in scheduled events. Company's network sales increase was directly related to our “AIRE Radio Network†advertising platform, which we launched in the beginning of 2014.
Company's television segment net revenues decreased $1.7 million or 20%, due to the decreases in paid-programming, special events revenue, local sales, barter sales and national sales.
Consolidated OIBDA, a non-GAAP measure, totaled $18.5 million compared to $17.7 million for the same prior year period, representing an increase of 4%. Company's radio segment OIBDA decreased $0.9 million, primarily due to the decrease in net revenues of $1.7 million, partially offset by the decrease in operating expenses of $0.8 million.
Radio station operating expenses decreased mainly due to decreases in special events expenses, barter expenses and professional fees, which were offset by increases in programming personnel’s compensation and benefits and AIRE related expenses, such as affiliate station compensation and promotional events.
Television segment OIBDA increased $0.8 million, due to the decrease in station operating expenses of $2.5 million, partially offset by the decrease in net revenues of $1.7 million.
Television station operating expenses decreased primarily due to decreases in special events expenses, the allowance for doubtful accounts, production costs, professional fees and barter expenses.
Corporate expenses decreased $0.9 million or 16%, mostly due to a decrease in compensation and benefits caused by the prior year retention bonus that was granted to our CEO per his new employee contract.
This decrease was offset by increases in professional fees and directors & officers insurance premiums. ■