Entravision May Restate Q2 Earnings
November 2, 2006 at 4:46 PM (PT)
ENTRAVISION COMMUNICATIONS said today that it may have overstated its second-quarter 2006 earnings by $6.5 million after understating a tax expense. The company said it booked the tax expense in the third quarter but that it is looking into whether it needs to restate Q2.
Meanwhile, ENTRAVISION's Q3 loss narrowed from $12.8 million (including a $28 million charge for early debt repayment) to $108,000, or from 10 cents to 0 cents/share. On a pro forma basis, radio revenue was up 4%, from $26.5 million to $27.5 million, and operating expenses rose 4%, from $15.2 million to $14.7 million.
The company also said its board authorized a $100 million stock buyback on NOVEMBER 1.
Chairman/CEO WALTER ULLOA said, "The growing demand for Spanish-language media from both viewers and advertisers continues to drive our results. We are actively pursuing and investing in new opportunities across our business segments, and, with sound operating fundamentals and the growth of the Spanish-language market, we expect to continue to outperform our industry segments. Finally, our board's approval of a $100 million share repurchase program strengthens our strategic flexibility as we seek avenues to enhance shareholder value."