Entravision Q3 Revenues Fall
November 2, 2007 at 5:45 AM (PT)
ENTRAVISION net revenue fell 5% for third-quarter (pro forma off 3%) to $74.289 million and net loss widened from $108,000 to $1.377 million (-1 cent/basic and diluted share). Most of the drop in revenue came from a 12% drop in radio revenue to $24.184 million (off 6% pro forma), blamed on the sale of the company's TUCSON and DALLAS stations and the move of a promotional event in LOS ANGELES to second quarter this year.
Chairman/CEO WALTER ULLOA said, "During the third quarter we continued to execute our strategy and build our audience shares in a challenging environment. We faced difficult comparisons due to the absence of certain major events, such as WORLD CUP and political activity, that occurred in the prior year period, as well as some softness in the advertising market, but we benefited from our focus on cost controls. Looking ahead, we remain well positioned to capitalize on the continued growth of the Hispanic population."
The Company also announced that it repurchased 4.8 million shares of Class A common stock for approximately $42.5 million in third quarter, part of a plan to repurchase up to $100 million of outstanding common stock.