Entravision Takes A Hit In 3Q
November 5, 2008 at 2:48 PM (PT)
ENTRAVISION COMMUNICATIONS has reported a net revenue decline of 5% in the third quarter of 2007, from $64.1 million to $60.1 million. The radio segment was off 3%, from $24.2 million a year ago to $23.5 million.
For the company overall, consolidated adjusted EBTIDA in Q3 was $21.1 million, down 16% from $25.3 million, while free cash flow fell 38% to $8.8 million from $14.2 million. The company saw a net loss from continuing operations of $354.5 million ($3.98 per share), compared to net income of $1.2 million (1 cent) in Q3 of 2007. ENTERCOM recorded an impairment charge of $440 million related to its radio and TV licenses and goodwill, following a recent appraisal.
"Our third-quarter financial results were impacted by the economic environment and related advertising slowdown across the majority of our markets," ENTRAVISION Chair./CEO WALTER ULLOA said. "We have taken steps to reduce our costs and operate as efficiently as possible in an effort to maximize our cash flows, without sacrificing the quality of our content or marketing efforts. We have also maintained a strong balance sheet and ample financial flexibility. Our audience shares remain strong and we remain focused on further growing our presence in the nation's fastest growing and most densely populated markets. We believe we are in a solid position to capitalize on our market leadership when the economy recovers."