Entravision Revenues Down, Income Up For Third Quarter

Q3 Results

ENTRAVISION COMMUNICATIONS CORPORATION net revenue fell 8% year-to-year to $63 million for third quarter, with consolidated adjusted EBITDA up 9% to $16.4 million and free cash flow up from $326,000 to $10.6 million. Net income grew from a $12.2 million loss to a gain of $9 million (-14 to 11 cents/basic and diluted share). The decrease in revenue was attributed to declines for digital ($3.9 million, blamed on a shift to programmatic sales) and radio ($3.3 million, blamed on pandemic-related ad sales declines).

“ENTRAVISION had a strong third quarter compared to the second quarter with revenues improving across all three of our operating segments,” said Chairman/CEO WALTER F. ULLOA. “A key driver of our progress in the third quarter was our television and radio political advertising sales, which outpaced our expectations and have continued strong during the election cycle. We also continued to execute on our cost-cutting measures to ensure that our Company remains well positioned to weather the impacts of COVID-19. Operating expenses declined 21% for the quarter compared to the prior year period."

The company's Board of Directors also approved a quarterly cash dividend of $0.025 per share on its Class A, Class B, and Class U common stock, payable on DECEMBER 31st to shareholders of record as of DECEMBER 16th; the stock will trade ex-dividend on DECEMBER 15th. 

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