SOUTHERN STARR BROADCASTING GROUP ANNOUNCES RESULTS
SOUTHERN STARR BROADCASTING GROUP ANNOUNCES RESULTS WINTER PARK, Fla., Nov. 5 /PRNewswire/ -- Southern Starr
Broadcasting Group, Inc. (NASDAQ: SSBG) reported a 21 percent increase in net income for the quarter ended Sept. 30, 1991. Net income totaled $193,935, or $.15 per share, for the quarter, compared to net income of $160,309, or $.12 per share, for the quarter ended Sept. 30, 1990. Broadcasting revenues increased 3.3 percent, from $2,045,649 to $2,113,158. Income from operations was up more than 17 percent from the comparable quarter in fiscal year 1991 to $386,651.
Despite the improved profitability for the quarter, the results of operations for the six months ended Sept. 30, 1991, still fall short of the prior year's results. Broadcasting revenues for the six-month period totaled $4,184,929, a 4 percent decline. Net income was $395,954, or $.30 per share, compared to $483,908, or $.37 per share, for the six months ended Sept. 30, 1990. While advertising dollars available for radio through September 1991, trailed the prior year by approximately three percent, radio results were much better than those reported by television and newspapers. Our markets were off more than the national average but our radio stations produced revenue gains by continuing to increase market share. Revenue growth, combined with cost controls, enabled the company to reverse the downtrend which occured in the first fiscal quarter, and we are optimistic about the outlook for the remainder of the fiscal year. SOUTHERN STARR BROADCASTING GROUP, INC. FINANCIAL HIGHLIGHTS ($000 omitted except per share data) Three Months Ended Six Months Ended Sept. 30, Sept. 30, 1991 1990 1991 1990 Revenues $2,113 $2,046 $4,185 $4,360 Income from operations 387 330 811 939 Income before income taxes 281 245 618 802 Net income $ 194 $ 160 $ 396 $ 484 Net income per share $ 0.15 $ 0.12 $ 0.30 $ 0.37 -0- 11/5/91 /CONTACT: William D. Motter of Southern Starr Broadcasting Group, Inc., 407-647-2334/ (SSBG) CO: Southern Starr Broadcasting Group, Inc. ST: Florida IN: TLS ENT SU: PER SS-AW -- FL011 -- 1379 11/05/91 15:57 EST
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|Date:||Nov 5, 1991|
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