Revenue during the quarter grew 8.75 percent to $39.41 million from $36.24 million in the previous year period. Gross margin for the quarter expanded 494 basis points over the previous year period to 72.98 percent. Total expenses were 68.02 percent of quarterly revenues, down from 69.43 percent for the same period last year. This has led to an improvement of 141 basis points in operating margin to 31.98 percent.

Operating income for the quarter was $12.60 million, compared with $11.08 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $20.44 million compared with $16.89 million in the prior year period. At the same time, adjusted EBITDA margin improved 526 basis points in the quarter to 51.86 percent from 46.60 percent in the last year period.

Alan Sokol, chief executive officer of Hemisphere, stated, "Our core business continued to perform strongly in Q4, with a 9% increase in net revenue and a 21% increase in Adjusted EBITDA. For the full year, we delivered on our guidance with 11% Adjusted EBITDA growth. Our continued robust retransmission fee growth in Puerto Rico, together with meaningful U.S. organic subscriber increases and important new MVPD launches in the U.S. and Latin America drove our solid revenue increases. These results are particularly impressive, given the weak advertising environment in Puerto Rico, including lower than anticipated political spending.