Entravision Q4 Revenues Fall 16%
February 27, 2009 at 5:28 AM (PT)
ENTRAVISION COMMUNICATIONS CORP. fourth-quarter net revenue dropped 16% to $52.762 million, leading to a net loss applicable to common stockholders of $136.483 million, widening 190% ($1.58/share). The loss included an impairment charge of $170 million for a writedown of broadcasting licenses and goodwill. Consolidated adjusted EBITDA fell 73% to $13.948 million, and free cash flow was off 73% to $3.532 million. Radio division revenue fell 16% to $19.352 million, attributed to the weak economy, partially offset by revenue increases in ORLANDO.
Chairman/CEO WALTER ULLOA said, "Our fourth-quarter results reflect the continuing impact of the global financial crisis and the recession, resulting in an advertising downturn. We are continuing to focus on debt reduction and are committed to further reducing our costs and operating as efficiently as possible in order to maximize our cash flows, without sacrificing the quality of our content or marketing efforts. Our audience shares remain strong in the nation's most densely populated Hispanic markets."
ENTRAVISION also announced that it repurchased 3.3 million shares of Class A common stock for about $4.2 million in fourth quarter and 12.1 million shares of Class A common stock for about $50.4 million for full year 2008. The Board of Directors has approved the retirement of all treasury stock repurchased as of DECEMBER 31, 2008, with a total of 14.1 million treasury shares retired as of DECEMBER 31st.