BURBANK, CALIF.: Liberman Broadcasting Inc., parent company of Estrella TV, ended the first quarter with a 10 percent increase in revenues over last year’s restated results. LBI posted revenues of $23.6 million versus $21.5 million for the first quarter last year, which it adjusted for accounting errors. Net loss was $2.5 million versus $37.7 million last year when LBI took a $51.5 million impairment charge on broadcast licenses.
LBI’s TV division, including Spanish-language broadcast network Estrella and the company’s growing stable of O&Os, generated $11.8 million, up 22 percent from a year ago. The growth was attributed to increasing revenues as Estrella collects more affiliates, and to LBI’s expanded presence in California and Texas. Radio revenues were flat, and equal to TV revenues, at $11.8 million.
“We are encouraged by our improving financial results and the positive trends we are seeing in the advertising market,” said LBI president and CEO, Lenard Liberman. “EstrellaTV, our national television network, continues to perform in line with our expectations while also securing further distribution gains.”
LBI most recently added affiliates in Greensboro, N.C., and Omaha, Nebr., and secured Nielsen measurement in March. The company said Estrella TV now covers about 75 percent of U.S. Hispanic TV households.
“Our focus for the balance of 2010 is sustaining the momentum generated during the first quarter and building upon our successes,” Liberman said. “We will continue to strengthen our lineup by introducing new and innovative programming, pursue additional opportunities for expanding the distribution of EstrellaTV and effectively utilize our radio and TV broadcasting assets to drive increased revenue and ratings performance.”
-- Deborah D. McAdams
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