spanish broadcasting sys-a (SBSA) Key Developments
Spanish Broadcasting System, Inc. Receives Non-Compliance Notice From NASDAQ
Dec 23 14
On December 19, 2014, Spanish Broadcasting System, Inc. received a written notice from The Nasdaq Stock Market (NASDAQ), advising that the market value of Class A common stock for the previous 30 consecutive business days had been below the minimum $15,000,000 (Market Value of Publicly Held Shares Requirement) required for continued listing on the NASDAQ Global Market pursuant to NASDAQ Listing Rule 5450(b)(3)(C). Pursuant to NASDAQ Listing Rule 5810(c)(3)(D), the company has been provided an initial grace period of 180 calendar days, or until June 17, 2015, to regain compliance with the Rule. The Notice further provides that NASDAQ will provide written confirmation stating that the company has achieved compliance with the Rule if at any time before June 17, 2015, the market value of the company’s publicly held shares closes at $15,000,000 or more for a minimum of 10 consecutive business days. If the company does not regain compliance with the Rule by June 17, 2015, NASDAQ will provide written notification to the company that the company’s common stock is subject to delisting from the Nasdaq Global Market, at which time the company will have an opportunity to appeal the determination to a NASDAQ Hearings Panel. The company intends to use all reasonable efforts to maintain the listing of its common stock on the NASDAQ Global Market, but there can be no guarantee that the company will regain compliance with the Market Value of Publicly Held Shares Requirement.
Spanish Broadcasting System, Inc. Announces the Dismissal of Lehman Brother Holdings, Inc.'s Lawsuit
Dec 18 14
Spanish Broadcasting System Inc. announced the dismissal of Lehman Brother Holdings Inc.'s lawsuit, which alleged that SBS had violated the Preferred Stock Certificate of Designations by incurring debt without paying quarterly dividends. On February 14, 2013, Lehman initiated a litigation against the Company in Delaware Court of Chancery. The lawsuit sought a declaratory judgment that a Voting Rights Triggering Event had occurred pursuant to the certificate of designations for the Series B preferred stock, as a result of the non-payment of dividends. Specifically, Lehman alleged that the Company was prohibited from incurring indebtedness, but nonetheless did so for the purposes of purchasing assets relating to its Houston television station and the issuance of its 12.5% Senior Secured Notes due 2017. On December 11, 2014, the Supreme Court of Delaware affirmed the Chancery Court's dismissal of Lehman's claims. The dismissal of Lehman's claim does not affect SBS's separately pending lawsuit which alleges that Lehman wrongfully breached its obligations by failing to fund its portion of the Company's former revolving credit facility. SBS will continue to vigorously pursue this claim.
Spanish Broadcasting System Inc. announced delayed 10-Q filing
Nov 17 14
On 11/17/2014, Spanish Broadcasting System Inc. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.
Spanish Broadcasting System Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2014
Nov 14 14
Spanish Broadcasting System Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net revenue of $36,278,000 against $41,082,000 a year ago. Operating income was $8,097,000 against $10,219,000 a year ago. Loss before income taxes was $4,263,000 against income before income taxes of $295,000 a year ago. Net loss applicable to common stockholders was $4,665,000 or $0.64 basic and diluted per share against $2,376,000 or $0.33 basic and diluted per share a year ago. Non-GAAP OIBDA was $9,339,000 against $11,317,000 a year ago. The decrease in operating income was primarily due to the decrease in net revenues, which was partially offset by a decrease in operating expenses.
For the nine months, the company reported net revenue of $109,944,000 against $116,252,000 a year ago. Operating income was $24,514,000 against $28,909,000 a year ago. Loss before income taxes was $12,583,000 against $885,000 a year ago. Net loss applicable to common stockholders was $13,985,000 or $1.92 basic and diluted per share against $8,843,000 or $1.22 basic and diluted per share a year ago. Capital expenditures were $1,868,000 against $1,469,000 a year ago. Non-GAAP OIBDA was $27,013,000 against $33,684,000 a year ago. The decrease in operating income was primarily due to the decrease in net revenues.
Spanish Broadcasting System Inc. to Report Q3, 2014 Results on Nov 14, 2014
Nov 12 14
Spanish Broadcasting System Inc. announced that they will report Q3, 2014 results at 5:00 PM, Eastern Standard Time on Nov 14, 2014