Entravision Revenue, Income Fall In Third Quarter 2019

Slips In Q3

Third quarter 2019 revenue at ENTRAVISION COMMUNICATIONS CORPORATION fell 8% to $68.8 million, blamed on decreases in digital revenue and national radio revenue, leading to net income falling from a gain of $2.2 million to a loss of $12.2 million (2 to -14 cents/basic and diluted share). Radio revenue fell 6% to $14.8 million, with television flat at $36.4 million and digital falling 21% to $17.6 million.

Chairman/CEO WALTER F. ULLOA said, "Our third quarter results were impacted by declines in our radio and digital segments compared to the prior year. However, our television segment did remain constant due to increases in revenue from spectrum usage rights and retransmission consent revenue. We continue to maintain a solid balance sheet and return capital to our shareholders through our share repurchase program and dividend. Looking ahead, we remain well positioned to build on our success in further attracting Latino and other audiences worldwide, as we execute our multiplatform strategy to the benefit of our shareholders."

ENTRAVISION recorded an impairment charge of $5.3 million on goodwill after a reappraisal of its digital reporting unit and another impairment charge of $3.5 million related to indefinite life intangible assets due to an appraisal of its arrangement to program CW affiliate XHRIO-TV/MATAMOROS-HARLINGEN-MCALLEN-BROWNSVILLE after the company decided not to make its required prepayment for the next 20 year license term; the company will cease broadcasting on XHRIO before the end of 2021, which is the end of the current license term. That station is owned by TVNORTE, S.A. de C.V. and operated by ENTRAVISION.

The company's Board of Directors also approved a quarterly cash dividend of $0.05 per share on Class A, Class B and Class U common stock, payable on DECEMBER 31st to shareholders of record as of December 16th; the common stock will trade ex-dividend on DECEMBER 13th.

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