Radio The Bright Spot For Entravision In First Quarter
May 5, 2016 at 1:52 PM (PT)
ENTRAVISION COMMUNICATIONS CORP. first quarter consolidated net revenue fell 2% to $58.1 million, blamed mostly on the television side and 2015 revenue for "channel modifications made by the Company in order to accommodate the operations of a telecommunications operator" that did not reoccur for 2016, with Adjusted EBITDA off 25% to $12.6 million, free cash flow down 36% to $6.6 million, and net income off by 57% to $2.27 million (2 cents/diluted share). Radio revenue rose 3% to $16.9 million, with TV off 7% to $36.6 million and digital up 26% to $4.7 million.
Chairman/CEO WALTER F. ULLOA said, "During the first quarter, we achieved revenue growth in our radio and digital media segments, as well as an increase in core television advertising revenue (excluding retransmission consent revenue and political advertising revenue). Nonetheless, our improved core television advertising revenue performance was offset by the loss of non-advertising revenue associated with a telecommunications operator. As a result, net revenue was lower in the quarter. We also continued to build our digital footprint through PULPO MEDIA, which provides us with an integrated platform to allow advertisers and marketers to connect with Latino audiences. Looking ahead, we remain well positioned to build on our success in attracting Latino audiences, expanding our advertiser base and monetizing our reach to the benefit of our shareholders."