Entravision Q3 Mixed
August 3, 2007 at 5:44 AM (PT)
ENTRAVISION second-quarter net revenue fell 4% (pro forma off 1%) to $76.044 million, but net income rose from a loss of $167.998 million to a gain of $8.598 million (loss of $1.60 to gain of 8 cents/share). Revenue decreases were mostly the result of the sale of radio stations in TUCSON and DALLAS as well as decreases in TV national ad sales because of the loss of 2006's WORLD CUP and political advertising. Pro forma radio revenues rose 9% to $26,249 million.
Chairman/CEO WALTER ULLOA says, "We continue to execute on our business plan and capitalize on the growth of the Hispanic media market. In the second quarter of 2007 we faced difficult WORLD CUP and political comparisons from the prior year period, but we continued to drive both audience and advertising shares. With diversified media assets located in the fastest growing Hispanic markets we are well positioned to serve the growth in consumer and advertiser demand for Spanish-language media. We are making investments in programming and promotion to drive ratings, and in our sales teams to ensure we are effectively monetizing our audience performance. In addition, we continue to explore opportunities to maximize our assets and expand our presence in selected markets with strong growth potential."
The company projects third quarter pro forma revenue to be flat, noting that 2006's third quarter contained "significant" WORLD CUP revenue.