Entravision Net Revenues Slide $4 Million, Radio Down $1.7 Million
November 4, 2016 at 5:29 AM (PT)
ENTRAVISION COMMUNICATIONS reported financial results for the three- and nine-month periods ended SEPTEMBER 30th late yesterday afternoon.
Net revenue decreased to $65.3 million for the three-month period, from $69.3 million for the three-month period ended SEPTEMBER 30th, 2015, a decrease of $4 million. Of the overall decrease, approximately $3 million was attributed to the television segment and, "was primarily attributable to approximately $5.5 million of revenue associated with television station channel modifications made by the Company.
The company reported a decrease of $1.7 million in the radio segment, "primarily attributable to a decrease in local advertising revenue, partially offset by an increase in political advertising revenue, which was not material in 2015. The overall decrease in net revenue was partially offset by an increase of $0.7 million that was attributed to our digital segment and was primarily attributable to increases in national and local revenue."
Commenting on the Company's earnings results, Chairman/CEO WALTER F. ULLOA said, "During the third quarter, we faced challenging comparisons to last year's third quarter. We continued to grow our core television advertising revenue (excluding retransmission consent revenue and political advertising revenue), but these increases were offset by decreases primarily attributable to the loss of non-advertising revenue from a telecommunications operator. Additionally, we continued to grow our digital segment revenue and build our digital footprint through PULPO MEDIA, which provides us with an integrated platform to connect advertisers and marketers with Latino audiences. Looking ahead, we remain well positioned to build on our success in further attracting Latino audiences, expanding our advertiser base and monetizing our reach to the benefit of our shareholders."
The Company also announced that its Board of Directors has approved a quarterly cash dividend to shareholders of $0.03125 per share of the Company's Class A, Class B and Class U common stock, in an aggregate amount of approximately $2.8 million.