Entravision Q4 Revenue Down, But Income Rises
February 28, 2014 at 3:59 AM (PT)
ENTRAVISION fourth quarter net revenue fell 6% to $60.1 million, but net income applicable to common stockholders jumped 24% to $9.5 million (11 cents/basic and diluted share).
Chairman/CEO WALTER F. ULLOA said, "During the fourth quarter, we achieved continued growth in core advertising revenue (excluding retransmission consent revenue and political advertising revenue) as our television segment once again outperformed the television broadcast industry. Continuing the trend of the last several years, we also experienced an increase in retransmission consent revenue. Nonetheless, 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 lower in the quarter.
"However, we improved our net income over the fourth quarter of 2012 as we benefited from the successful refinancing of our debt. Also for the year 2013, we are particularly pleased to have achieved nominal revenue growth over 2012, during which we benefited from a record $17 million in political advertising revenue. 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."