Entravision Revenues Fall 25%
May 6, 2009 at 2:26 PM (PT)
ENTRAVISION COMMUNICATOINS reported a 25% decrease in revenue in the first quarter of 2009. Of that total, radio revenues dropped 31%.
Net revenue decreased to $41.7 million for the three-month period ended MARCH 31st, 2009 from $55.7 million for the same three-month period in 2008, a decrease of $14 million. Of the overall decrease, $$6.1 million came from our radio segment and was primarily attributable to a decrease in local and national advertising sales and advertising rates, which in turn was primarily due to the continuing weak economy.
"Our results in the quarter reflect the continuing recession and the challenging environment for businesses, such as ours, that are dependent upon advertising revenue," Chairman/CEO WALTER F. ULLOA said. "We are continuing to aggressively manage our costs to maximize our cash flows. Our television and radio operations continue to deliver solid ratings in the nation's most densely-populated Hispanic markets. We believe we are well positioned to benefit when the economy recovers, given the strength of our brands and our ability to deliver consistently strong audience shares to our advertisers."