Entravision Q3 Net Revs Down 17%
November 4, 2009 at 1:43 PM (PT)
ENTRAVISION COMMUNICATIONS reported that Net revenue decreased 17% for Q3 2009, dropping from $61 million to $50.8 million. For the nine months of 2009, Net revenue decreased 21% from $179.6 million to $141.2 million.
Operating expenses decreased from $37.0 million to $30.6 million for the three-month period ended SEPTEMBER 30th, 2009. Corporate expenses decreased from $3.8 million to $3.4 million for Q3. The decrease was primarily attributable to the decrease in salary expense due to salary reductions and a decrease in employee benefits.
Commenting on the Company's earnings results, Chairman/CEO WALTER F. ULLOA said, "Our third-quarter financial results continue to be impacted by the recession and the challenging advertising environment. We remain focused on managing our costs and maximizing our cash flows. Our television and radio operations continue to deliver solid ratings in the nation's most densely-populated Hispanic markets. We believe that we are well positioned to benefit when the economy recovers, given the strength of our brands and our ability to deliver the valuable Hispanic audience to advertisers."