HEMISPHERE MEDIA GROUP (HMTV) has reported 49.45 percent jump in profit for the quarter ended Sep. 30, 2016. The company has earned $4.35 million in the quarter, compared with $2.91 million for the same period last year.

Revenue during the quarter grew 5.25 percent to $33.12 million from $31.46 million in the previous year period. Gross margin for the quarter expanded 290 basis points over the previous year period to 70.33 percent. Total expenses were 71.07 percent of quarterly revenues, down from 74.73 percent for the same period last year. This has led to an improvement of 366 basis points in operating margin to 28.93 percent.

Operating income for the quarter was $9.58 million, compared with $7.95 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $15.10 million compared with $13.74 million in the prior year period. At the same time, adjusted EBITDA margin improved 191 basis points in the quarter to 45.59 percent from 43.68 percent in the last year period.

Alan Sokol, chief executive officer of Hemisphere, stated, "Our core business continued to perform well in the third quarter, a testament to the attractiveness of our differentiated business model serving the rapidly growing U.S. Hispanic and Latin American markets. Despite lighter than expected political spending in Puerto Rico, we continued to deliver solid top line revenue and earnings growth. Retransmission and subscriber fees grew meaningfully across all of our networks and we achieved strong organic subscriber growth, as well as some important new launches in the quarter. Although political spending in Puerto Rico will finish significantly below both our estimates and 2012 results, based on our strong underlying year-to-date performance and expectations for the remainder of the year, we expect to achieve our 2016 guidance.