BURBANK, CALIF.: LBI Media’s fourth-quarter and full-year revenues were boosted by the growth of its Spanish-language network, Estrella TV. Estrella is now in 37 markets reaching around 77 percent of U.S. Hispanic households, 17 months after launching.
Net TV revenues rose year-over-year by 32 percent to $15.4 million for the three months ending Dec. 31, 2010. Consolidated revenues inclusive of LBI’s TV and radio segments increased 19 percent to $30.7 million. The TV segment generated operating income of $414,000 for the quarter, up from a year-earlier loss of $527,000.
“Our results for the fourth quarter of 2010 represent our fourth consecutive quarter of year-over-year revenue growth,” said LBI president and CEO, Lenard Liberman. “This growth was led by incremental revenues from our national broadcast television network, EstrellaTV, and improved performance from our owned-and-operated radio and television stations. We anticipate expanding the reach of EstrellaTV through additional affiliates and other distribution channels.”
Consolidated net loss for the quarter was $491,000 compared to net income of $218,000 in 4Q09, attributable to an increase in LBI’s income tax provision and the absence of operational income from a radio station sold in December 2009.
Full-year TV revenues came in at $55,8 million, up 27 percent from 2009. Consolidated revenues rose 12 percent to $115.7 million. LBI reported having $294,000 in cash and equivalents and $402 million in long-term debt excluding current portion.
Privately held LBI owns 21 radio stations and nine TV stations, including KCRA-62 in Los Angeles, the flagship station of the Estrella network. LBI also has amassed Estrella affiliates in 29 markets.
-- Deborah D. McAdams
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