Univision First-Quarter Revenues Up, But Radio Falls

First Quarter

UNIVISION COMMUNICATIONS INC. first-quarter total revenue increased 4.9% year-to-year to $692.6 million (pro forma up 0.8% to $681.1 million), with net income down from $66.7 million to $58.1 million (including the one-time after-tax impact of a loss on the extinguishment of debt of $9.5 million). Advertising revenue fell 7.9% to $395.3 million (down 10.1% pro forma, excluding political and advertising revenue).

The company's Radio segment saw revenues fall 5.8% to $55.2 million (4.6% if political/advocacy ads are not included); radio ad revenue fell 5.3% to $53.5 million (4.1% without political/advocacy ads).

“We started the year with revenue growth, driven by increases in the subscription fees we receive for the distribution of our content,” said Pres./CEO RANDY FALCO. “We continue to grow our estimated average monthly unduplicated media consumer reach, which increased by 34 percent to 108 million in the first quarter compared to the same period last year, reflecting our strategy of expanding our digital footprint. This reach underscores the strength of UNIVISION's unparalleled relationship with Hispanic AMERICA as their number one media destination for entertainment, sports and news – on broadcast, cable, radio and online. We gained audience share in nearly every day part during the quarter and our flagship network was the # 1 Spanish language network for the quarter and in the FEBRUARY Sweeps. This momentum has continued into the MAY Sweeps as we continue to widen the gap between us and our competition headed into the Upfront. And we also strengthened our balance sheet by amending the terms and extending the maturities of our debt. As we continue to make progress on our strategy to strengthen programming and expand our digital footprint to serve a rapidly evolving audience, UNIVISION remains the heartbeat of Hispanic AMERICA.”

The company has also enlarged its bank revolver capacity from $550 million to $850 million and extended its maturity by four years until 2022, with lower rates, and has amended and extended its credit facility to refinance its $4.5 billion term loans, with a 25 basis point interest rate reduction and four years extension of maturity until 2024.

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