Key Developments For Spanish Broadcasting System, Inc.
Spanish Broadcasting System, Inc. (SBSA.O) (Consolidated Issue listed on NASDAQ Global Market)
Spanish Broadcasting System Announces Payoff Of $18.5 Million Promissory Note
Spanish Broadcasting System announced that October 24, 2008, the Company entered into a letter agreement with BC Media Funding Company II, LLC (BC Media) for the early extinguishment of the $18,500,000 non interest bearing promissory note due January 2, 2009 (the Note). Pursuant to the letter agreement, the Company received a discount of $150,000 and only paid $18,350,000 in full satisfaction due under the Note. The Company used cash on hand and $15.0 million of proceeds drawn down from the revolving credit facility to satisfy the payoff amount.
Spanish Broadcasting System Suspents Q3 2008 Guidance
Spanish Broadcasting System announced that it is suspenting its third quarter 2008 guidance due to the limited visibility resulting from the current economic environment and the industry-wide advertising decline.
Spanish Broadcasting System Issues Q2 2008 Revenue Guidance Below Analysts' Estimates
Spanish Broadcasting System announced that it expects second quarter 2008 consolidated net revenue to decrease in the mid-single digit range over the comparable prior year period. The Company reported revenue of $47.87 million in the second quarter of 2007. According to Reuters Estimates, analysts were expecting the Company to report revenue of $47 million for the second quarter of 2008.
Spanish Broadcasting System Comments On Q1 2008 Revenue Guidance
Spanish Broadcasting System announced that it expects first quarter 2008 consolidated net revenue to decrease in the mid single digit range over the comparable prior year period.
Spanish Broadcasting System Issues Q4 2007 Net Revenue Growth Guidance In Line With Analysts' Estimates
Spanish Broadcasting System announced that for the fourth quarter of 2007, it expects the consolidated net revenue to increase in the low-single digit range over the comparable prior year period. The Company reported revenue of $44.42 million for the fourth quarter of 2006. According to Reuters Estimates, analysts are expecting the Company to report revenue of $46 million for the same period.
