Entravision Q3 Net Revenues Down 1%
November 6, 2013 at 1:52 PM (PT)
ENTRAVISION COMMUNICATIONS CORP. reported that its Q3 Net revenues dropped 1% to $57,786 million, while its nine-month revenue period was up 3% over a year ago, with almost $164 million. Consolidated adjusted EDITDA for Q3 dropped 8% to $19,864 million, as nine-month totals rose 3% to $53,241 million
"During the third quarter, we recorded continued growth in core advertising revenue (excluding retransmission consent revenue and political advertising revenue) as both our television and radio segments outperformed their respective industry averages," Chairman/CEO WALTER F. ULLOA said. "Our improved core revenue performance was offset by decreased political revenue, which benefited from the presidential election last year, and was not material in 2013. As a result, net revenue was off modestly in the quarter; however, we improved our free cash flow over the third quarter of 2012 as we benefited from the successful refinancing of our debt. Our audience shares remain strong in the nation's most densely populated Hispanic markets, and we believe we are well positioned to benefit as the U.S. Hispanic market continues to expand and advertisers increasingly recognize the importance of reaching our target audience."