SPANISH BROADCASTING SYSTEM INC (Form: 8-K, Received: 05/15/2009 16:35:28)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report ( Date of earliest event reported ): May 15, 2009

SPANISH BROADCASTING SYSTEM, INC.

( Exact name of registrant as specified in its charter )


Delaware	000-27823	13-3827791
(State or other jurisdiction	(Commission	(IRS Employer Identification No.)
of incorporation)	File Number)


2601 South Bayshore Drive, PH II, Coconut Grove, Florida		33133
(Address of principal executive offices)		(Zip Code)

(305) 441-6901

(Registrant’s telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On May 15, 2008, Spanish Broadcasting System, Inc. (the “Company”) issued a press release announcing its financial results for the quarter ended March 31, 2009. A copy of the press release is attached hereto as Exhibit 99.1.

This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 5.05 Amendments to the Registrant’s Code of Ethics, or Waiver of a Provision of the Code of Ethics.

On May 12, 2009, the Board of Directors of the Company approved certain amendments to the Company’s Code of Business Conduct and Ethics (the “Code of Ethics”), which applies to all of the directors, officers and employees of the Company and its subsidiaries. The Code of Ethics was amended to clarify and expand the Company’s policies with respect to, among other things: (a) conflict of interest, (b) records and information created in the business setting, (c) accuracy of financial reports and other public communications, and (d) reporting procedures. A copy of the amended Code of Ethics is available on the Company’s website at http://www.spanishbroadcasting.com.

The foregoing description of the amendments to the Code of Ethics is qualified in its entirety by reference to the amended Code of Ethics, which is attached as Exhibit 14.1, and incorporated herein by reference.

Item 8.01 Other Events.

The annual meeting of the stockholders of the Company will be held on Wednesday, June 3, 2009 (the “Annual Meeting”). The close of business on Thursday, April 16, 2009, was the record date for determining the stockholders of the Company who are entitled to notice of, and to vote at, the Annual Meeting.

Item 9.01 Financial Statements and Exhibits.

(c)

Exhibits.

	14.1		- Spanish Broadcasting System, Inc. Code of Business Conduct and Ethics.

	99.1		- Press Release of Spanish Broadcasting System, Inc., dated May 15, 2009.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


	SPANISH BROADCASTING SYSTEM, INC. (Registrant)
May 15, 2009	By:	/s/ Joseph A. García
		Joseph A. García
		Chief Financial Officer, Chief Administrative Officer, Senior Executive Vice President and Secretary

Exhibit Index


Exhibit No.		Description

14.1		- Spanish Broadcasting System, Inc. Code of Business Conduct and Ethics.

99.1		- Press Release of Spanish Broadcasting System, Inc., dated May 15, 2009.

Exhibit 14.1

SPANISH BROADCASTING SYSTEM, INC.

CODE OF BUSINESS CONDUCT AND ETHICS

INTRODUCTION

Purpose

This Code of Business Conduct and Ethics (the “Code”) applies to all of our directors, officers and employees, including employees of any of the Company’s subsidiaries. We refer to all persons covered by this Code as “Company employees” or simply “employees.” We also refer to our Chief Executive Officer, our Chief Financial Officer, our Chief Revenue Officer and our Chief Creative Officer as our “principal financial officers.” All references to “we”, “us”, “our”, “SBS”, “our company” or “the Company” in this report mean Spanish Broadcasting System, Inc.

Seeking Help and Information

This Code is not intended to be a comprehensive rulebook and cannot address every situation that you may face. If you feel uncomfortable about a situation or have any doubts about whether it is consistent with the Company’s ethical standards, seek help. We encourage you to contact your supervisor for help first. If your supervisor cannot answer your question or if you do not feel comfortable contacting your supervisor, contact the SBS Legal Department.

Reporting Violations of the Code

All employees have a duty to report any known or suspected violation of this Code, including any violation of the laws, rules, regulations or policies that apply to the Company. We have provided several mechanisms to deal with questions you may have or matters which you may wish to report.

(i)		confidentially and anonymously through a toll free telephone “hotline” operated by an independent party at 1-866-789-1229, via the web at www.tnwinc.com/webreport or via facsimile at 1-770-409-5008 or 1-800-478-6159.

(ii)		directly to the Chairman of the Audit Committee in writing as follows: Audit Committee Chairman, c/o Internal Audit, Spanish Broadcasting System, Inc., 2601 South Bayshore Drive, PH II, Coconut Grove, Florida 33133.

(iii)		the Company also maintains an open-door policy and encourages employees to discuss these issues with their supervisors, Company officers or the Company’s

General Counsel. If you are uncomfortable discussing these matters with Company management in your market, then you may discuss any of these issues with higher levels of management, including the Chief Executive Officer, Chief Financial Officer, Chief Creating Officer, General Counsel, the Board of Directors or Audit Committee.

All reports of known or suspected violations of the law or this Code will be handled sensitively and with discretion. Your supervisor, the General Counsel and the Company will protect your confidentiality to the extent possible, consistent with law and the Company’s need to investigate your concern. The Company prohibits retaliation against an employee who, in good faith, seeks help or reports known or suspected violations.

It is Company policy that any employee who violates this Code will be subject to appropriate discipline, which may include termination of employment. This determination will be based upon the facts and circumstances of each particular situation. An employee accused of violating this Code will be given an opportunity to present his or her version of the events at issue prior to any determination of appropriate discipline. Employees who violate the law or this Code may expose themselves to substantial civil damages, criminal fines and prison terms. The Company may also face substantial fines and penalties and may incur damage to its reputation and standing in the community. Your conduct as a representative of the Company, if it does not comply with the law or with this Code, can result in serious consequences for both you and the Company.

Waivers of the Code

Waivers of this Code will be granted only in extraordinary circumstances. Waivers of this Code for employees may be made only by an executive officer of the Company. Any waiver of this Code for our directors, executive officers or other principal financial officers may be made only by our Board of Directors and will be disclosed to the public as required by law or the rules of the Nasdaq National Market.

CONFLICTS OF INTEREST

Identifying Potential Conflicts of Interest

A conflict of interest can occur when an employee’s private interest interferes, or appears to interfere, with the interests of the Company as a whole. You should avoid any private interest that influences your ability to act in the interests of the Company or that makes it difficult to perform your work objectively and effectively.

A conflict situation can arise when a director, officer or employee takes actions or has interests that may make it difficult to perform his or her work for the Company objectively and effectively. Conflicts of interest also may arise when a director, officer or employee, or a member of his or her family, receives improper personal benefits as a

result of his or her position in the Company. Loans to, or guarantees of obligations of, directors, officers or employees and their family members are of special concern because they may create conflicts of interest.

Identifying potential conflicts of interest may not always be clear-cut. The following situations are examples of conflicts of interest:

•

Other Involvement in Outside Businesses

A conflict of interest exists if an employee engages as a director, officer, employee, promoter or consultant in or receives compensation from an outside business which (a) is a competitor or (b) a material customer or supplier of the Company. No employee should serve on a board of directors or trustees or on a committee of any entity (whether profit or not-far-profit) whose interests reasonably would be expected to conflict with those of the Company.

•

Improper Personal Benefits.

No employee should obtain any material (as to him or her) personal benefits or favors because of his or her position with the Company. No employee or immediate family member may accept, from any person having material business dealings with the Company, entertainment that goes beyond common courtesies usually associated with accepted business practice.

Employees who purchase products and services for the Company must deal with suppliers in a respectable, professional and legal manner. As a general rule, employees should not directly or indirectly accept gifts or incentives (other than those of nominal value, such as a free calendar) from suppliers.

•

Actions of Family Members.

The actions of family members outside the workplace may also give rise to the conflicts of interest described above because they may influence an employee’s objectivity in making decisions on behalf of the Company. For purposes of this Code, “family members” include your spouse or life-partner, brothers, sisters and parents, in-laws and children whether such relationships are by blood or adoption.

It is not possible to list all situations in which a conflict of interest may exist or may appear to exist. We must rely on the integrity and good judgment of our directors, officers, and employees in avoiding situations that may create a conflict of interest. If questions arise, you should consult with your supervisor, higher levels of management or the Company’s General Counsel. Any director, officer or employee who becomes aware of a conflict or potential conflict must bring it to the attention of a supervisor, officer or other appropriate personnel.

Disclosure of Conflicts of Interest

The Company requires that employees disclose any situations that reasonably would be expected to give rise to a conflict of interest. If you suspect that you have a conflict of interest, or something that others could reasonably perceive as a conflict of interest, you must report it to your supervisor or the General Counsel. Your supervisor and the General Counsel will work with you to determine whether you have a conflict of interest and, if so, how best to address it. Although conflicts of interest are not automatically prohibited and may be approved in accordance with guidelines established by the Audit Committee of the Company Board of Directors, they are not desirable and may only be waived as described in “Waivers of the Code” above. Compliance with such Audit Committee guidelines shall not be deemed an explicit or implicit waiver of this Code.

COMPANY RECORDS

Accurate and reliable records are crucial to our business. Our records are the basis of our earnings statements, financial reports and other disclosures to the public and guide our business decision-making and strategic planning. Company records include booking information, payroll, timecards, travel and expense reports, e-mails, accounting and financial data, measurement and performance records, electronic data files and all other records maintained in the ordinary course of our business.

All Company records must be complete, accurate and reliable in all material respects. Undisclosed or unrecorded funds, payments or receipts are inconsistent with our business practices and are prohibited. You are responsible for understanding and complying with our record keeping policy. Ask your supervisor if you have any questions.

Note: The Company has a formal document retention policy that each employee must follow with respect to Company records within such employee’s control. Please contact your supervisor or the General Counsel to obtain a copy of this policy.

ACCURACY OF FINANCIAL REPORTS AND OTHER PUBLIC COMMUNICATIONS

As a public company we are subject to various securities laws, regulations and reporting obligations. Both federal law and our policies require the disclosure of accurate and complete information regarding the Company’s business, financial condition and results of operations. Inaccurate, incomplete or untimely reporting will not be tolerated and can severely damage the Company and result in legal liability.

Each director, officer, principal financial officer and employee involved in the Company’s disclosure process have a special responsibility to ensure that all of our financial disclosures are full, fair, accurate, timely and understandable. These Employees must understand and strictly comply with generally accepted accounting principles and

all standards, laws and regulations for accounting and financial reporting of transactions, estimates and forecasts. Employees must properly record and report all financial transactions in accordance with the Company’s accounting policies to ensure compliance with applicable laws and regulations. It is a violation of Company policy to misrepresent the Company’s financial performance. It is a violation of Company policy to unduly or fraudulently influence, coerce, manipulate or mislead any auditors regarding financial statements or accounting books and records. All disclosures of information must be accurate, complete, objective, fair, relevant, timely and understandable, including filings with and other submissions to the U.S. Securities and Exchange Commission.

BUSINESS INFORMATION

Employees may not use for their personal benefit any information about the Company or information acquired as a result of an Employee’s relationship with the Company. In addition, Employees may not buy or sell Company securities directly or indirectly on the basis of material, inside information or communicate such information to others for that purpose. In order to avoid the appearance of impropriety, Employees also must not trade securities of any other company on the basis of material undisclosed information obtained in the course of their Company employment or communicate such information to others for that purpose.

Note: The Company has a formal Insider Trading policy that each employee must follow. Please contact your supervisor or the General Counsel to obtain a copy of this policy.

COMPLIANCE WITH LAWS AND REGULATIONS

Each Employee has an obligation to comply with all laws, rules and regulations applicable to the Company operations. These include, without limitation all applicable state and federal securities laws and laws/regulations:

	•		that provide a work environment that is free from unlawful discrimination or harassment based on race, color, age, sex, religion, national origin, or any other personal characteristic protected by applicable federal, state and local laws;

	•		that cover occupational health and safety, bribery and kickbacks, copyrights, trademarks and trade secrets, information privacy, illegal political contributions, antitrust prohibitions, foreign corrupt practices, offering or receiving gratuities, environmental hazards, false or misleading financial information or misuse of corporate assets;

	•		that prohibit the receipt of payola or plugola compensation without proper disclosure. You are expected to understand and comply with all laws, rules and regulations that apply to your job position. If any doubt exists about whether a course of action is lawful, you should seek advice from your supervisor or the General Counsel.

CONCLUSION

This Code of Business Conduct and Ethics contains general guidelines for conducting the business of the Company consistent with high standards of business ethics. If you have any questions about these guidelines, please contact your supervisor or the General Counsel. We expect all Company employees to adhere to these standards.

This Code, as applied to the Company’s principal financial officers, shall be our “code of ethics” within the meaning of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules promulgated there under.

This Code and the matters contained herein are neither a contract of employment nor a guarantee of continuing Company policy. We reserve the right to amend, supplement or discontinue this Code and the matters addressed herein, without prior notice, at any time.

Revised 5/12/09

CERTIFICATION

I, do hereby certify that:

(Print Name)

1. I have received and carefully read the Spanish Broadcasting System, Inc. Code of Business Conduct and Ethics (the “Code of Business Conduct and Ethics”);

2. I understand the Code of Business Conduct and Ethics; and

3. I have complied and will continue to comply with the terms of the Code of Business Conduct and Ethics.




Signature		Date


Station Call Letters (If Applicable)

Exceptions (continue on additional pages if necessary):

Exhibit 99.1

For immediate release

SPANISH BROADCASTING SYSTEM, INC. REPORTS
RESULTS FOR THE FIRST QUARTER 2009

COCONUT GROVE , FLORIDA , May 15, 2009 — Spanish Broadcasting System, Inc. (the “Company” or “SBS”) (NASDAQ: SBSA) today reported financial results for the first quarter ended March 31, 2009.

Discussion and Results

Raúl Alarcón, Jr., Chairman and CEO, commented, “We made considerable progress in reducing our costs during the quarter, significantly offsetting the impact of the global economic recession and bleak U.S. advertising market. MegaTV generated another healthy revenue increase, as we continued to expand and monetize our growing TV audience. Our radio operations reported reduced revenues, despite continued strong audience shares, reflecting the ongoing industry-wide advertising downturn. Looking ahead, our ability to deliver Hispanic audiences to national and local advertisers in the nation’s top markets has never been stronger. We will continue to support our station brands, while aggressively controlling our costs, with the goal of positioning our assets for growth over the long-term.”

Quarter Results

For the quarter ended March 31, 2009, consolidated net revenue totaled $27.8 million compared to $36.4 million for the same prior year period, resulting in a decrease of $8.6 million or 24%. This consolidated decrease was attributable to our radio segment which had a net revenue decrease of $8.8 million or 27%, offset by an increase in our television segment net revenue of $0.2 million or 6%. Our radio segment had a decrease in net revenue primarily due to lower local and national sales caused mainly by the decline in economic conditions. The decrease in local sales occurred in all of our markets, with the exception of our Chicago market. The decrease in national sales occurred in all of our markets. Our television segment continues to increase its advertising and content demand as MegaTV continues to increase its viewership.

Operating income (loss) before depreciation and amortization, gain on the disposal of assets, net, and impairment of FCC broadcasting licenses and restructuring costs, a non-GAAP measure, totaled $2.6 million compared to $(1.4) million for the same prior year period, representing an increase of $4.0 million. This increase was primarily attributed to the decreases in station operating expenses of $11.9 million and corporate expenses of $0.7 million, offset by a decrease in net revenue of $8.6 million. Please refer to the Segment Data and Non-GAAP Financial Measures section for definitions and a reconciliation of GAAP to non-GAAP financial measures.

Operating loss totaled $(9.7) million compared to $(2.8) million for the same prior year period. The increase in operating loss was mainly due to the impairment of FCC broadcasting licenses and restructuring costs of $10.6 million. Also contributing to the increase in operating loss was a decrease in our net revenue, offset by decreases in our station operating expenses and corporate expenses. Please refer to the Impairment of FCC Broadcasting Licenses and Restructuring Costs section for a detailed discussion.

Loss before income taxes totaled $(13.2) million compared to $(5.9) million for the same prior year period.


		Spanish Broadcasting System, Inc.		Page 2

Impairment of FCC Broadcasting Licenses

As a result of the SFAS No. 142 impairment testing of our indefinite-lived intangible assets and goodwill, we recorded a non-cash impairment loss of approximately $10.1 million that reduced the carrying values of our FCC broadcasting licenses in our Chicago and San Francisco markets. The impairment loss was due to changes in estimates and assumptions which were primarily: (a) lower industry advertising revenue growth projections in our respective markets, and (b) lower industry profit margins.

Restructuring Costs

As a result of the decrease in the demand for advertising and the continued deterioration of the economy, we began to implement a restructuring plan in the third quarter of fiscal year 2008 to reduce expenses throughout the Company and have incurred costs totaling $3.0 million to date, which includes $0.5 million for the three-months ended March 31, 2009, related to the termination of various programming contracts and personnel. In addition, we are reviewing further cost-cutting measures, as we continue to evaluate the scope and duration of the current economic slowdown and its anticipated impact on our operations.

About Spanish Broadcasting System, Inc.

Spanish Broadcasting System, Inc. is the largest publicly traded Hispanic-controlled media and entertainment company in the United States. SBS owns and/or operates 21 radio stations located in the top Hispanic markets of New York, Los Angeles, Miami, Chicago, San Francisco and Puerto Rico, including the #1 Spanish-language radio station in America, WSKQ-FM in New York City, as well as 4 of the Top 8 rated radio stations airing the Tropical, Mexican Regional, Spanish Adult Contemporary and Hurban format genres. The Company also owns and operates Mega TV, a television operation serving the South Florida and Puerto Rico markets, with national distribution through DirecTV Mas and various over-the-air affiliates. SBS also produces live concerts and events throughout the U.S. and Puerto Rico. In addition, the Company operates www.LaMusica.com , a bilingual Spanish-English online site providing content related to Latin music, entertainment, news and culture. The Company’s corporate Web site can be accessed at www.spanishbroadcasting.com .

This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.

(Financial Table Follows)

Contacts:


Analysts and Investors		Analysts, Investors or Media
Joseph A. García Chief Financial Officer, Chief Administrative Officer, Senior Executive Vice President and Secretary (305) 441-6901		Chris Plunkett Brainerd Communicators, Inc. (212) 986-6667


		Spanish Broadcasting System, Inc.		Page 3

Below are the Unaudited Condensed Consolidated Statements of Operations and other information as of and for the quarter ended March 31, 2009 and 2008.


	Quarter Ended March 31,
Amounts in thousands	2009			2008
	(Unaudited)
Net revenue	$	27,794			36,433
Station operating expenses		22,367			34,243
Corporate expenses		2,861			3,593
Depreciation and amortization		1,593			1,362
Loss (gain) on the disposal of assets, net		11			(3	)
Impairment of FCC broadcasting licenses and restructuring costs		10,616			—

Operating loss		(9,654	)		(2,762	)
Interest expense, net		(6,417	)		(5,084	)
Changes in fair value of derivative instrument		2,856			—
Other income, net		—			1,928


Loss before income taxes		(13,215	)		(5,918	)
Income tax (benefit)		(2,269	)		—

Net loss		(10,946	)		(5,918	)

Dividends on Series B preferred stock		(2,482	)		(2,417	)

Net loss applicable to common stockholders	$	(13,428	)		(8,335	)


Net loss per common share:
Basic and Diluted	$	(0.19	)		(0.12	)


Weighted average common shares outstanding:
Basic and Diluted		72,502			72,405


		Spanish Broadcasting System, Inc.		Page 4

Non-GAAP Financial Measures

Included below are tables that reconcile the quarter ended reported results in accordance with Generally Accepted Accounting Principles (GAAP) to Non-GAAP results. The tables reconcile Operating Income (Loss) to Operating Income before Depreciation and Amortization, Loss (Gain) on the Disposal of Assets, net, and Impairment of FCC Broadcasting Licenses and Restructuring costs.

UNAUDITED GAAP REPORTED RESULTS RECONCILED TO NON- GAAP RESULTS


	Quarter Ended March 31,						%
(Amounts in millions)	2009			2008			Change

Operating Loss	$	(9.7	)		(2.8	)
add back: Loss (gain) on the disposal of assets, net		—			—
add back: Impairment of FCC broadcasting licenses and restructuring costs		10.6			—
add back: Depreciation & amortization		1.7			1.4

Operating Income (Loss) before Depreciation & Amortization, Loss (Gain) on the Disposal of Assets, net, and Impairment of FCC Broadcasting Licenses and Restructuring Costs	$	2.6			(1.4	)		N/A

Operating Income (Loss) before Depreciation and Amortization, Loss (Gain) on the Disposal of Assets, net, and Impairment of FCC Broadcasting Licenses and Restructuring costs are not measures of performance or liquidity determined in accordance with GAAP in the United States. However, we believe that these measures are useful in evaluating our performance because they reflect a measure of performance for our stations before considering costs and expenses related to our capital structure and dispositions. These measures are widely used in the broadcast industry to evaluate a company’s operating performance and are used by us for internal budgeting purposes and to evaluate the performance of our stations, segments, management and consolidated operations. However, these measures should not be considered in isolation or as substitutes for Operating Income, Net Income (Loss), Cash Flows from Operating Activities or any other measure used in determining our operating performance or liquidity that is calculated in accordance with GAAP. In addition, because Operating Income (Loss) before Depreciation and Amortization, Loss (Gain) on the Disposal of Assets, net, and Impairment of FCC Broadcasting Licenses and Restructuring costs, is not calculated in accordance with GAAP, it is not necessarily comparable to similarly titled measures used by other companies.


		Spanish Broadcasting System, Inc.		Page 5

Unaudited Segment Data

We have two reportable segments: radio and television. The following summary table presents separate financial data for each of our operating segments (in thousands):


	Quarter Ended
	March 31,						Change
	2009			2008			$			%

Net revenue:
Radio	$	24,176			33,026			(8,850	)		(27	%)
Television		3,618			3,407			211			6	%

Consolidated	$	27,794			36,433			(8,639	)		(24	%)


Operating income (loss) before depreciation and amortization, loss (gain) on the disposal of assets, net, and impairment of FCC broadcasting licenses and restructuring costs:
Radio	$	7,633			5,888			1,745			30	%
Television		(2,206	)		(3,698	)		1,492			(40	%)
Corporate		(2,861	)		(3,593	)		732			(20	%)

Consolidated	$	2,566			(1,403	)		3,969			(283	%)


Depreciation and amortization:
Radio	$	813			796			17			2	%
Television		538			167			371			222	%
Corporate		242			399			(157	)		(39	%)

Consolidated	$	1,593			1,362			231			17	%


Loss (gain) on the disposal of assets, net:
Radio	$	(8	)		(3	)		(5	)		167	%
Television		19			—			19			100	%
Corporate		—			—			—			0	%

Consolidated	$	11			(3	)		14			(467	%)


Impairment of FCC broadcasting licenses and restructuring costs:
Radio	$	10,548			—			10,548			100	%
Television		24			—			24			100	%
Corporate		44			—			44			100	%

Consolidated	$	10,616			—			10,616			100	%


Operating loss:
Radio	$	(3,720	)		5,095			(8,815	)		(173	%)
Television		(2,787	)		(3,865	)		1,078			(28	%)
Corporate		(3,147	)		(3,992	)		845			(21	%)

Consolidated	$	(9,654	)		(2,762	)		(6,892	)		250	%


		Spanish Broadcasting System, Inc.		Page 6

Selected Unaudited Balance Sheet Information and Other Data:


	As of March 31,
(Amounts in thousands)	2009

Cash and cash equivalents	$	33,936


Total assets	$	472,690


Senior secured credit revolver due 2010	$	15,000
Senior secured credit facility term loan due 2012		312,000
Other debt		7,381

Total debt	$	334,381


Series B preferred stock	$	92,349


Total stockholders’ deficit	$	(49,482	)


Total capitalization	$	377,248


	Fiscal Year Ended March 31,
(Amounts in thousands)	2009		2008

Capital expenditures	$	289		5,013

Cash paid for income taxes, net	$	22		10