The fourth quarter report shows SBS with radio revenues declining $1.5 million from the previous year, with the culprits being national sales and special events. SBS CEO Raul Alarcon says the decrease in national sales was prevalent in all markets except San Francisco and Puerto Rico. In other words, national was off in New York, Los Angeles, Chicago and Miami. The drop in special events revenue was due to results in Los Angeles, Miami and Puerto Rico.

TV revenues for Spanish Broadcasting System's "Mega TV" operation in Miami were up 10%, but that wasn't enough to pull the corporate number into positive territory. Top line revenue for the company declined 3%, year over year. However, radio's operating income was flat, while TV worsened to an operating loss of $2 million, on revenue of $4.7 million. The final assessment by CEO Alarcon: "We experienced volatile advertising conditions in many of our markets during 2010, even as we continued to drive strong audience shares across our multi-media platform." Read the SBS results here. Spanish Broadcasting System stock trades as "SBSA."