Entravision Ad Revenues Rise, Radio Lags For Third Quarter; CRO Mario Carrera To Exit

Results

With the benefit of selling off television spectrum not applicable to this year's results, ENTRAVISION COMMUNICATIONS CORP. revenues dropped 78% year-to-year to $74.6 million for third quarter, but the loss came purely from the spectrum sale; revenue from advertising and retransmission consent actually rose 4% to $73.4 million.  $5.3 million of the increase in ad revenue came from the company's HEADWAY digital operations, but radio was responsible for a $1.1 million decrease, down 7% to $15.8 million. The company's net income also took a hit because 2017's quarter included the non-recurring spectrum fees, falling 99% to $2.215 million (2 cents/share).

Chairman/CEO WALTER F. ULLOA said, "During the third quarter, we achieved growth in advertising revenue, driven by increases in our digital media segment. This growth in our digital media segment offset decreases in our television and radio segments. Additionally, we had a decrease in spectrum usage rights revenue compared to last year's third quarter, when we recorded our FCC auction results. We continue to maintain a solid balance sheet, and looking ahead, we remain well positioned to build on our success in further attracting Latino and other audiences worldwide, as we execute our multi-platform strategy to the benefit of our shareholders."

The company also announced that Chief Revenue Officer MARIO M. CARRERA is exiting but will stay on board until a replacement is hired.

"For the past 15 years, MARIO has been a valuable member of the ENTRAVISION team and a tremendous resource as we executed on our strategic initiatives," said ULLOA.  "On behalf of everyone at ENTRAVISION I want to personally thank him for his service and dedication to our company, our employees and the Latino community.  We hold MARIO in the highest regard and wish him all the best as he embarks on the next chapter of his life."

"I am proud to have been part of ENTRAVISION, an outstanding organization that continues to play a critical role in the development of the Hispanic media industry, and more importantly in our local communities," said CARRERA.  "This was truly a difficult decision, but one made with the input and support of my family.  I want to express my appreciation to WALTER for his leadership, friendship, and belief in my abilities, and it has been my pleasure to serve with an exceptional team of colleagues and dedicated professionals."

ENTRAVISION's Board of Directors also approved a 5 cents/share quarterly dividend, payable on DECEMBER 31st to Class A, Class B and Class U common stockholders of record as of DECEMBER 14th.

« see more Net News