<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------------------
FORM 10-Q
( X ) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended December 29, 1996
OR
( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 33-82114
SPANISH BROADCASTING SYSTEM, INC.
-----------------------
See Table of Additional Registrants
-----------------------
(Exact name of registrant as specified in its charter)
Delaware 13-3827791
------------------------------ ---------------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
26 West 56 Street 10019
New York, NY
(Address of principal (Zip Code)
executive offices)
(212) 541-9200
(Registrant's telephone number, including area code)
Not Applicable
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE> 2
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
--------------------
FORM 10-Q
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
YES X NO
------- -------
APPLICABLE ONLY TO CORPORATE ISSUERS:
Number of shares of Registrant's Common Stock, par value $.01 per share,
outstanding as of February 9, 1997: 606,668 shares of Common Stock of which
558,135 shares are designated Class A Common Stock and 48,533 shares are
designated Class B Common Stock.
<PAGE> 3
TABLE OF ADDITIONAL REGISTRANTS
<TABLE>
<CAPTION>
STATE OR PRIMARY
OTHER STANDARD I.R.S. EMPLOYER
NAME JURISDICTION OF INDUSTRIAL IDENTIFICATION
INCORPORATION CLASSIFICATION NUMBER
NUMBER
<S> <C> <C> <C>
Spanish Broadcasting New Jersey 4832 13-3181941
System, Inc.
Spanish Broadcasting California 4832 92-3952357
System of California, Inc.
Spanish Broadcasting Florida 4832 58-1700848
System of Florida, Inc.
Spanish Broadcasting New York 4832 13-3570696
System of New York, Inc.
Alarcon Holdings, Inc. New York 6512 13-3475833
Spanish Broadcasting New York 4899 13-3511101
System Network, Inc.
SBS Promotions, Inc. New York 7999 13-3456128
SBS of Greater New York 4832 13-3888732
New York, Inc.
</TABLE>
<PAGE> 4
SPANISH BROADCASTING SYSTEM, INC.
INDEX TO QUARTERLY REPORT
DECEMBER 29, 1996
<TABLE>
<CAPTION>
PAGE
PART 1. FINANCIAL INFORMATION NUMBER
<S> <C>
Condensed Consolidated Balance Sheets as of September 29, 1996
and December 29, 1996 (unaudited) 3
Condensed Consolidated Statements of Operations for the three months
ended December 31, 1995 and December 29, 1996 (unaudited) 4
Condensed Consolidated Statements of Cash Flows for the
three months ended December 31, 1995 and December 29, 1996 (unaudited) 5
Notes to Condensed Consolidated Financial Statements
(unaudited) 6
Management's Discussion and Analysis of Financial
Condition and Results of Operations 8
PART 2. OTHER INFORMATION 12
</TABLE>
SIGNATURES
<PAGE> 5
SPANISH BROADCASTING SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
SEPTEMBER 29,1996 DECEMBER 29, 1996
ASSETS (AUDITED) (UNAUDITED)
CURRENT ASSETS :
<S> <C> <C>
CASH AND CASH EQUIVALENTS $ 5,468,079 $ 4,899,168
RECEIVABLES:
TRADE 12,104,500 11,239,993
LESS ALLOWANCE FOR DOUBTFUL ACCOUNTS 1,823,359 1,885,747
------------- -------------
NET RECEIVABLES - TRADE 10,281,141 9,354,246
BARTER (NET OF ALLOWANCE FOR DOUBTFUL ACCOUNTS OF
$ 2,372,386 AT SEPT. 29, 1996 AND $2,668,816 AT DEC. 29, 1996.) 548,885 501,385
------------- -------------
NET RECEIVABLES 10,830,026 9,855,631
OTHER CURRENT ASSETS 1,115,332 1,809,645
------------- -------------
TOTAL CURRENT ASSETS 17,413,437 16,564,444
PROPERTY AND EQUIPMENT, NET 18,873,036 19,318,647
FRANCHISE COSTS, NET 133,917,182 133,033,237
DUE FROM RELATED PARTY 289,869 289,869
DEFERRED FINANCING COSTS, NET 6,235,341 6,011,632
OTHER ASSETS 131,294 101,294
DEFERRED TAXES -- 233,040
------------- -------------
$ 176,860,159 $ 175,552,163
============= =============
LIABILITIES AND STOCKHOLDERS' DEFICIENCY
CURRENT LIABILITIES :
CURRENT PORTION OF LONG TERM DEBT $ 53,572 $ 48,371
ACCOUNTS PAYABLE AND ACCRUED EXPENSES 4,918,207 4,631,931
ACCRUED INTEREST 2,394,621 387,264
UNEARNED REVENUE 875,256 838,640
------------- -------------
TOTAL CURRENT LIABILITIES 8,241,656 5,906,206
SENIOR NOTES, NET OF UNAMORTIZED DISCOUNT 134,827,372 137,571,140
DEFERRED INCOME TAXES 387,960 -
LONG-TERM DEBT, LESS CURRENT PORTION 1,033,368 1,031,189
REDEEMABLE SERIES A PREFERRED STOCK, $.01 PAR VALUE. AUTHORIZED
49,201 SHARES; ISSUED AND OUTSTANDING 39,951 SHARES -
SEPT., 1996 AND 41,274 SHARES - DEC., 1996 35,938,659 37,509,402
STOCKHOLDERS DEFICIENCY:
CLASS A COMMON STOCK, $.01 PAR VALUE. AUTHORIZED
5,000,000 SHARES; ISSUED AND OUTSTANDING 558,135
SHARES 5,581 5,581
CLASS B COMMON STOCK, $.01 PAR VALUE. AUTHORIZED
200,000 SHARES; ISSUED AND OUTSTANDING 48,533
SHARES 485 485
ADDITIONAL PAID IN CAPITAL 10,806,004 10,806,004
ACCUMULATED DEFICIT (11,906,690) (14,803,608)
------------- -------------
(1,094,620) (3,991,538)
LESS: LOANS RECEIVABLE FROM STOCKHOLDERS (2,474,236) (2,474,236)
------------- -------------
TOTAL STOCKHOLDERS' DEFICIENCY (3,568,856) (6,465,774)
------------- -------------
$ 176,860,159 $ 175,552,163
============= =============
</TABLE>
SEE ACCOMPANYING NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
(3)
<PAGE> 6
SPANISH BROADCASTING SYSTEM,INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
<TABLE>
<CAPTION>
THREE MONTHS THREE MONTHS
ENDED ENDED
DECEMBER 31,1995 DECEMBER 29,1996
<S> <C> <C>
GROSS BROADCASTING REVENUES 13,850,701 13,994,572
LESS: AGENCY COMMISSIONS 1,745,434 1,628,432
----------- -----------
NET BROADCASTING REVENUES 12,105,267 12,366,140
----------- -----------
OPERATING EXPENSES
ENGINEERING 437,984 497,770
PROGRAM 1,410,785 1,517,389
SELLING 3,546,845 3,537,480
GENERAL AND ADMINISTRATIVE 1,592,544 1,531,285
CORPORATE EXPENSES 842,053 993,993
DEPRECIATION & AMORTIZATION 820,196 1,394,547
----------- -----------
8,650,407 9,472,464
----------- -----------
OPERATING INCOME 3,454,860 2,893,676
OTHER EXPENSE (INCOME):
INTEREST EXPENSE, NET 3,234,810 5,006,413
OTHER, NET (7) 27,438
----------- -----------
INCOME (LOSS) BEFORE INCOME TAXES 220,057 (2,140,175)
INCOME TAXES 101,046 (814,000)
----------- -----------
NET INCOME (LOSS) 119,011 (1,326,175)
ACCUMULATED DEFICIT AT
BEGINNING OF PERIOD (4,425,882) (11,906,690)
ACCRETION OF PREFERRED STOCK - (246,054)
PREFERRED STOCK ISSUED AS DIVIDENDS - (1,324,689)
----------- -----------
ACCUMULATED DEFICIT AT
END OF PERIOD (4,306,871) (14,803,608)
=========== ===========
</TABLE>
SEE ACCOMPANYING NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.
(4)
<PAGE> 7
SPANISH BROADCASTING SYSTEM, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED DECEMBER 31, 1995 AND DECEMBER 29, 1996
(UNAUDITED)
<TABLE>
<CAPTION>
1995 1996
------------ ------------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
NET INCOME (LOSS) 119,011 (1,326,175)
------------ ------------
ADJUSTMENTS TO RECONCILE NET INCOME (LOSS) TO NET
CASH PROVIDED BY OPERATING ACTIVITIES:
DEPRECIATION AND AMORTIZATION 820,196 1,394,547
PROVISION FOR LOSSES ON RECEIVABLES 120,100 358,818
AMORTIZATION OF DEBT DISCOUNT 1,215,657 1,558,046
INTEREST SATISFIED THROUGH THE ISSUANCE OF NEW NOTES - 1,185,722
AMORTIZATION OF DEFERRED FINANCING COSTS 224,055 282,005
DEFERRED INCOME TAXES 75,000 (621,000)
CHANGES IN OPERATING ASSETS AND LIABILITIES:
DECREASE IN RECEIVABLES 1,395,316 615,577
INCREASE IN OTHER CURRENT ASSETS (482,570) (694,313)
DECREASE (INCREASE) IN OTHER ASSETS (10,200) 30,000
INCREASE (DECREASE) IN ACCOUNTS PAYABLE AND ACCRUED EXPENSES 375,209 (286,276)
DECREASE IN ACCRUED INTEREST (2,007,355) (2,007,357)
DECREASE IN INCOME TAXES PAYABLE (196,835) -
DECREASE IN UNEARNED REVENUE (99,500) (36,616)
------------ ------------
TOTAL ADJUSTMENTS 1,429,073 1,779,153
------------ ------------
NET CASH PROVIDED BY OPERATING ACTIVITIES 1,548,084 452,978
------------ ------------
CASH FLOWS FROM INVESTING ACTIVITIES:
DEPOSIT FOR ACQUISITION OF RADIO STATION WPAT-FM (3,000,000) -
ADDITIONS TO PROPERTY AND EQUIPMENT (1,137,978) (956,213)
------------ ------------
NET CASH USED IN INVESTING ACTIVITIES (4,137,978) (956,213)
------------ ------------
CASH FLOWS FROM FINANCING ACTIVITIES:
INCREASE IN DEFERRED FINANCING COSTS (863,362) (58,296)
REPAYMENTS OF LONG-TERM DEBT (6,482) (7,380)
ADVANCES TO RELATED PARTY (3,490) -
------------ ------------
NET CASH USED IN FINANCING ACTIVITIES (873,334) (65,676)
------------ ------------
NET DECREASE IN CASH AND CASH EQUIVALENTS (3,463,228) (568,911)
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD 17,817,119 5,468,079
------------ ------------
CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 14,353,891 $ 4,899,168
============ ============
CASH PAID FOR:
INTEREST $ 4,027,295 $ 4,027,832
============ ============
INCOME TAXES $ 459,622 $ 342,923
============ ============
</TABLE>
SEE ACCOMPANYING NOTES TO UNAUDITED CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS.
(5)
<PAGE> 8
SPANISH BROADCASTING SYSTEM, INC.
AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 1995 AND DECEMBER 29, 1996
(UNAUDITED)
(1) BASIS OF PRESENTATION
The condensed consolidated financial statements include the accounts of
the Company and its direct and indirect subsidiaries. All significant
intercompany balances and transactions have been eliminated in consolidation.
The accompanying unaudited condensed consolidated financial statements for the
three month periods ended December 31, 1995 and December 29, 1996 do not contain
all disclosures required by generally accepted accounting principles. These
condensed consolidated financial statements should be read in conjunction with
the consolidated financial statements of the Company as of and for the fiscal
year ended September 29, 1996.
In the opinion of management of the Company, the accompanying unaudited
condensed consolidated financial statements contain all adjustments, which are
all of a normal, recurring nature, necessary for a fair presentation of the
results of the interim periods. The results of operations for the three month
period ended December 29, 1996 are not necessarily indicative of the results for
a full year.
(2) ACQUISITIONS AND DISPOSITIONS
On August 22 ,1996 the Company entered into an acquisition agreement
with Infinity Broadcasting Corporation pursuant to which the Company will
acquire the FCC broadcast license and substantially all of the assets used or
useful in the operation of radio station WYSY-FM serving the Chicago
metropolitan area for a purchase price of approximately $33.0 million including
a $3 million seller note.
On September 16, 1996, the Company entered into an acquisition
agreement with New Age Broadcasting, Inc. and the Seventies Broadcasting
Corporation under which the Company will acquire the FCC broadcast licenses and
substantially all of the assets used or useful in the operation of radio
stations WXDJ-FM and WRMA-FM (together with WYSY-FM, the "Pending
Acquisitions"), serving the Miami metropolitan area for a cash purchase price
of $110 million. In connection with this agreement, the Company delivered a
$10 million letter of credit to the sellers who may draw upon the letter of
credit if an event of default occurs, as defined in the agreement. If an event
of default occurs, liquidated damages are limited to $30 million, as defined in
the agreement.
The Company is in the process of arranging for the financing for the
purchase price for the Pending Acquisitions, and is exploring various financing
options. The Company expects to finance the purchase price with a combination of
one or more of the following: internally generated funds, proceeds from the sale
of non-strategic assets, proceeds from the sale of the Company's debt and/or
equity securities, and/or borrowings under a long-term credit facility. There
can be no assurance that the Company will be able to consummate the Pending
Acquisitions.
In conjunction with the Pending Acquisitions, the Company has
reassessed its business strategy and determined that WXLX-AM, KXMG-AM,
WCMQ-AM,WZMQ-FM and WSKP-FM do not provide a strategic fit with the Company's
long-term plans. Management has decided to redeploy the capital invested in
these assets and focus on the development of its remaining FM stations, which
management believes offer significantly better coverage of the Hispanic
population to advertisers. The Company is actively pursuing all opportunities to
sell these stations.
On March 25, 1996 the Company completed the acquisition of WPAT-FM,
serving the New York metropolitan area for $86.4 million including financing and
closing costs. The Company's consolidated results of operations for the three
month period ended December 31, 1995 exclude the results of WPAT-FM which has
been operated by the Company since January 20, 1996. The following unaudited
pro-forma summary presents the consolidated results of operations as if the
acquisition had occured as of the beginning of fiscal year 1996, after giving
effect to certain adjustments, including amortization of franchise costs and
interest expense on the acquisition debt. These pro-forma results have been
prepared for comparitive purposes only and do not purport to be indicative of
what would have occured had the acquisition been made as of that date or of
results which may occur in the future.
(6)
<PAGE> 9
<TABLE>
<CAPTION>
Three months ended
December 31, 1995
Pro-Forma Results
<S> <C>
Net Revenues $ 14,474
Net Loss $ (1,365)
</TABLE>
(7)
<PAGE> 10
SPANISH BROADCASTING SYSTEM, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
DECEMBER 31, 1995 AND DECEMBER 29, 1996
ALL AMOUNTS ARE PRESENTED IN $ THOUSANDS
RESULTS OF OPERATIONS
THREE MONTHS ENDED DECEMBER 31, 1995 COMPARED TO THE THREE MONTHS ENDED
DECEMBER 29, 1996
Net revenues increased from $12,105 for the three months ended December
31, 1995, to $12,366 for the three months ended December 29, 1996, an increase
of $261, or 2.2%. Net revenues increased principally due to sales growth in the
New York market as the company expanded its market reach with the addition of a
second FM station, WPAT, which started operations in January 1996. The Los
Angeles stations posted similar results as last year, while the Miami stations
had a decline related to format changes at WCMQ-FM.
Total operating expenses increased from $8,650 in the three months
ended December 31, 1995, to $9,472 in the three months ended December 29, 1996,
an increase of $822 or 9.5%. The higher operating expenses were caused by an
increase of $96 in broadcasting operating expenses, an increase of $152 in
corporate expenses and an increase of $574 in depreciation and amortization
expense.
The increase in broadcasting operating expenses resulted from the
increased engineering and programming expenses related to the operation of the
new station , WPAT-FM as well as an increase in transmitter rent of WXLX-AM
during the station's transition process of moving the transmitter site to its
new location in Lyndhurst, New Jersey. This was offset by a decrease in selling,
general and administrative expenses caused by a decrease in salaries and
commissions and improved collections in the New York market.
The Company's corporate expenses increased primarily due to the
creation of a new senior position for programming and operations. The increase
in depreciation and amortization expense was mostly caused by the additional
amortization of the franchise costs associated with the acquisition of WPAT-FM.
Operating income decreased from $3,455 during the three months ended
December 31, 1995 to $2,894 during the three months ended December 29, 1996, a
decrease of $561 or 16.2%. The decrease was due to the increase in operating
expenses which was partially offset by the increase in net revenues.
(8)
<PAGE> 11
SPANISH BROADCASTING SYSTEM, INC. AND SUBSIDIARIES
MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
DECEMBER 31, 1995 AND DECEMBER 29, 1996
EBITDA (defined as earnings before net interest, income taxes,
depreciation and amortization and other income and expense items) increased $13
or 0.3% from $4,275 during the three months ended December 31, 1995 to $4,288
during the three months ended December 29, 1996. The increase in EBITDA was
caused by an increase in operating expenses which was partially offset by an
increase in net revenues. Other expenses, comprised mostly of interest expenses,
increased from $3,235 in the three months ended December 31, 1995 to $5,034 in
the three months ended December 29,1996, an increase of $1,799 or 55.6%. The
increase was caused by higher interest expenses associated with the issuance of
Senior Secured Notes to partially finance the acquisition of WPAT-FM.
The Company had a net loss of $1,326 for the three months ended
December 29, 1996 compared to net income of $119 in the three months ended
December 31,1995. The change resulted primarily from the increased interest
expenses combined with the decrease in operating income, previously discussed.
(9)
<PAGE> 12
LIQUIDITY AND CAPITAL RESOURCES
The Company's liquidity needs arise primarily from its debt service
obligations, preferred dividend requirements, funding of the Company's working
capital needs and capital expenditures. The Company's primary form of financing
is cash generated from operations, long-term indebtedness and the issuance of
preferred stock.
Cash flow generated from operations was $453 for the three months
ended December 29, 1996. A portion of the company's cash flow was used to make
its semiannual interest payment on the Company's 12 1/2% Senior Notes due 2001.
Additionally, the Company invested $956 in capital expenditures, mostly for the
construction of a new tower and antenna system at its newly leased site in New
Jersey for WXLX-AM.
On August 22 ,1996 the Company entered into an acquisition agreement
with Infinity Broadcasting Corporation pursuant to which the Company will
acquire the FCC broadcast license and substantially all of the assets used or
useful in the operation of radio station WYSY-FM serving the Chicago
metropolitan area for a purchase price of approximately $33.0 million including
a $3 million seller note. On September 16, 1996, the Company entered into an
acquisition agreement with New Age Broadcasting, Inc. and the Seventies
Broadcasting Corporation under which the Company will acquire the FCC broadcast
licenses and substantially all of the assets used or useful in the operation of
radio stations WXDJ-FM and WRMA-FM, serving the Miami metropolitan area for a
cash purchase price of $110 million. Upon consummation of the acquisition, the
Company will operate three FM stations in the Miami metropolitan market.
The Company is in the process of arranging for the financing of the
purchase price for the Pending Acquisitions, and is exploring various financing
options. The Company expects to finance the purchase price with a combination of
one or more of the following: internally generated funds, proceeds from the sale
of non-strategic assets, proceeds from the sale of the Company's debt and/or
equity securities, and/or borrowings under a long-term credit facility. There
can be no assurance that the Company will be able to consummate the Pending
Acquisitions.
On March 25, 1996, the Company sold 37,500 shares in a private
placement of its Series A Exchangeable Preferred Stock and $35.0 million of the
Company's 12 1/4% Senior Secured Notes due 2,001. During the first three years,
dividends may be paid in cash or in additional shares of Preferred Stock and,
until March 24, 1998, interest may be paid in cash or in additional Senior
Secured Notes. In December, the Company issued an additional 1,323 shares of
Preferred Stock and an additional $1,185,772 aggregate principal of additonal
Senior Secured Notes, both in satisfaction of quarterly payments due.
(10)
<PAGE> 13
Cash flow generated from operations was $1,548 for the three months
ended December 31, 1995. The Company used a portion of its cash flow to make its
semiannual interest payments on the Senior Notes. In addition, the Company
funded a $3,000 deposit in connection with the purchase of WPAT-FM and invested
$1,138 for capital expenditures mostly for the upgrade of the Los Angeles
building being used for its radio operations.
The Company's revenues fluctuate throughout the year. The Company's
second fiscal quarter (January through March) generally produces the lowest
revenues for the year and its third fiscal quarter (April through June)
generally produces the highest revenues primarily due to increased levels of
advertising during this period.
The Company believes it has adequate cash resources and will generate
sufficient income to meet its working capital, capital expenditure and debt
service obligations, and that it will be in compliance for the foreseeable
future with all covenants in the indenture governing the Senior Notes which
constitute the majority of the Company's indebtedness.
(11)
<PAGE> 14
PART II. OTHER INFORMATION
1. Legal, Regulatory and Other Matters
Alfredo Rodriguez v. Spanish Broadcasting System of California, Inc.;
Spanish Broadcasting System, Inc.; Raul Alarcon, Los Angeles Superior Court Case
No. BC156965. A former general manager of SBS' Los Angeles radio stations filed
suit in October, 1996 alleging wrongful termination and breach of contract, and
damages of approximately $2 million. SBS believes that the claim is without
merit, since the general manager voluntarily resigned. The case is at the very
beginning of litigation, and SBS is vigorously defending the claim.
From time to time the Company is involved in litigation incidental to
the conduct of its business, such as contractual matters and employee-related
matters. The Company is not currently a party to any other litigation which, in
the opinion of management, is likely to have a materially adverse effect on the
Company.
On January 22, 1997, the Company reached a settlement with its national
sales representative, Katz Communications, Inc. whereby the Company agreed to
terminate its agreement with Katz in exchange for the waiver of unpaid
commissions plus other payments. The Company is currently negotiating with
another national sales representation company to replace Katz.
(12)
<PAGE> 15
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 thereunto duly authorized.
Spanish Broadcasting System, Inc.,
a Delaware Corporation
Spanish Broadcasting System, Inc.,
a New Jersey Corporation
Spanish Broadcasting System of
New York, Inc.
Spanish Broadcasting System of
Florida, Inc.
Spanish Broadcasting System
Network, Inc.
SBS Promotions, Inc.
Alarcon Holdings, Inc.
SBS of Greater New York, Inc.
Date: February 11, 1997 By: /s/ Raul Alarcon
------------------ ---------------------------
Raul Alarcon
President
(principal executive officer)
Date: February 11, 1997 By: /s/ Joseph A. Garcia
------------------ ---------------------------
Joseph A. Garcia
VP and Chief Financial Officer
(principal financial and accounting
officer)
<PAGE> 16
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 thereunto duly authorized.
Spanish Broadcasting System
of California, Inc.
Date: February 11, 1997 By: /s/ Raul Alarcon
------------------------- -----------------------
Raul Alarcon
Vice President
Date: February 11, 1997 By: /s/ Joseph A. Garcia
------------------------- -----------------------
Joseph A. Garcia
VP and Chief Financial Officer
(principal financial and
accounting officer)
<TABLE> <S> <C>
<ARTICLE> 5
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-29-1996
<PERIOD-START> SEP-30-1996
<PERIOD-END> DEC-29-1996
<EXCHANGE-RATE> 1
<CASH> 4,899,168
<SECURITIES> 0
<RECEIVABLES> 11,239,993
<ALLOWANCES> 1,885,747
<INVENTORY> 0
<CURRENT-ASSETS> 16,564,444
<PP&E> 19,318,647
<DEPRECIATION> 0
<TOTAL-ASSETS> 175,552,163
<CURRENT-LIABILITIES> 5,906,206
<BONDS> 0
0
87,509,402
<COMMON> 5,581
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 175,552,163
<SALES> 0
<TOTAL-REVENUES> 13,994,572
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 5,008,413
<INCOME-PRETAX> (2,140,175)
<INCOME-TAX> (814,000)
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> (1,326,175)
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
</TABLE>
