Entravision Communications Corporation Reports Second Quarter 2010 Results

Entravision Communications Corporation Reports Second Quarter 2010 Results

SANTA MONICA, Calif., Aug. 5 /PRNewswire-FirstCall/ -- Entravision Communications Corporation (NYSE:EVC) today reported financial results for the three- and six-month periods ended June 30, 2010.

Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure, is included beginning on page 8. Unaudited financial highlights are as follows:

Three-Month Period
Ended June 30,
--------------
2010 2009 % Change
---- ---- --------
Net revenue $53,431 $48,696 10%
Operating expenses (1) 31,097 29,646 5%
Corporate expenses (2) 3,477 3,378 3%

Consolidated adjusted EBITDA (3) 18,966 16,323 16%

Free cash flow (4) $7,134 $5,217 37%
Free cash flow per share, basic and
diluted (4) $0.08 $0.06 33%

Net income (loss) applicable to
common stockholders $6,963 $(1,827) NM

Net income (loss) per share
applicable to common stockholders,
basic and diluted $0.08 $(0.02) NM

Weighted average common shares
outstanding, basic 84,494,665 84,187,128
Weighted average common shares
outstanding, diluted 85,373,021 84,187,128

Six-Month Period
Ended June 30,
--------------
2010 2009 % Change
---- ---- --------
Net revenue $96,504 $90,411 7%
Operating expenses (1) 60,921 61,459 (1)%
Corporate expenses (2) 7,225 7,251 (0)%

Consolidated adjusted EBITDA (3) 28,494 23,039 24%

Free cash flow (4) $4,534 $4,118 10%
Free cash flow per share, basic and
diluted (4) $0.05 $0.05 0%

Net income (loss) applicable to
common stockholders $4,779 $(16,321) NM

Net income (loss) per share
applicable to common stockholders,
basic and diluted $0.06 $(0.19) NM

Weighted average common shares
outstanding, basic 84,462,613 84,235,509
Weighted average common shares
outstanding, diluted 85,278,162 84,235,509

(1) Operating expenses include direct operating, selling, general
and administrative expenses. Included in operating
expenses are $0.2 million and $0.4 million of non-cash stock-based
compensation for the three-month periods ended
June 30, 2010 and 2009, respectively and $0.5 million and $0.7
million of non-cash stock-based compensation for the
six-month periods ended June 30, 2010 and 2009, respectively.
Operating expenses do not include corporate expenses,
depreciation and amortization, impairment charge, gain (loss) on sale
of assets and gain (loss) on debt extinguishment.
(2) Corporate expenses include $0.3 million and $0.4 million of non-
cash stock-based compensation for the three-month
periods ended June 30, 2010 and 2009, respectively and $0.5 million
and $0.8 million of non-cash stock-based compensation
for the six-month periods ended June 30, 2010 and 2009, respectively.
(3) Consolidated adjusted EBITDA means net income (loss) plus gain
(loss) on sale of assets, depreciation and amortization,
non-cash impairment charge, non-cash stock-based compensation
included in operating and corporate expenses,
net interest expense, gain (loss) on debt extinguishment, income tax
(expense) benefit, equity in net income (loss) of
nonconsolidated affiliate and syndication programming amortization
less syndication programming payments. We use
the term consolidated adjusted EBITDA because that measure is defined
in our syndicated bank credit facility and does
not include gain (loss) on sale of assets, depreciation and
amortization, non-cash impairment charge, non-cash stock-based
compensation, net interest expense, gain (loss) on debt
extinguishment, income tax (expense) benefit, equity in net income
(loss) of nonconsolidated affiliate and syndication programming
amortization and does include syndication programming
payments. While many in the financial community and we consider
consolidated adjusted EBITDA to be important, it should be
considered in addition to, but not as a substitute for or superior
to, other measures of liquidity and financial performance
prepared in accordance with accounting principles generally accepted
in the United States of America, such as cash
flows from operating activities, operating income and net income. As
consolidated adjusted EBITDA excludes non-cash gain
(loss) on sale of assets, non-cash depreciation and amortization,
non-cash impairment charge, non-cash stock-based
compensation expense, net interest expense, gain (loss) on debt
extinguishment, income tax (expense) benefit, equity
in net income (loss) of nonconsolidated affiliate and syndication
programming amortization and includes syndication programming
payments, consolidated adjusted EBITDA has certain limitations
because it excludes and includes several important non-cash
financial line items. Therefore, we consider both non-GAAP and GAAP
measures when evaluating our business. Consolidated
adjusted EBITDA is also used to make executive compensation decisions.
(4) Free cash flow is defined as consolidated adjusted EBITDA less
cash paid for income taxes, net interest expense and
capital expenditures. Net interest expense is defined as interest
expense, less non-cash interest expense relating to
amortization of debt finance costs, less interest income and less the
change in the fair value of our interest rate swaps. Free cash
flow per share is defined as free cash flow divided by the basic or
diluted weighted average common shares outstanding.

Commenting on the Company's earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, "During the second quarter, we generated solid revenue growth, primarily driven by World Cup advertising and retransmission consent revenue. Our audience shares remain strong in the nation's most densely populated Hispanic markets, and we believe that our U.S. Hispanic audience will continue to grow. In addition, our recently-completed bond offering and new revolving credit facility extend the maturity of our debt and provide additional financial flexibility as we continue to seek to enhance shareholder value."

Senior Secured Notes and Revolving Credit Facility

On July 27, 2010, the Company completed the offering and sale of $400,000,000 aggregate principal amount of its 8.75% Senior Secured First Lien Notes (the "Notes"). The Notes were issued at a discount of 98.722% of their principal amount and will mature on August 1, 2017. Interest on the Notes accrues at a rate of 8.75% per annum from the date of original issuance and is payable semi-annually in arrears on February 1 and August 1 of each year, commencing on February 1, 2011. The Notes are guaranteed on a senior secured basis by all of the Company's existing and future wholly-owned domestic subsidiaries. Net proceeds from the Notes were used to pay all indebtedness outstanding under the Company's syndicated bank credit facility, pay fees and expenses related to the offering of the Notes and for general corporate purposes.

On July 27, 2010, the Company also entered into a new $50,000,000 revolving credit facility (the "Revolving Credit Facility") and terminated the then-existing syndicated bank credit facility. The Revolving Credit Facility expires on July 27, 2013 and is guaranteed on a senior secured basis by all of the Company's existing and future wholly-owned domestic subsidiaries, which are also the guarantors of the Notes. To date, the Company has not drawn any part of the Revolving Credit Facility.

These transactions are more fully described in the Company's Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on July 27, 2010.

Financial Results

Three Months Ended June 30, 2010 Compared to Three Months Ended June
30, 2009
(Unaudited)

Three-Month Period
Ended June 30,
--------------
%
2010 2009 Change
---- ---- -------
Net revenue $53,431 $48,696 10%
Operating expenses (1) 31,097 29,646 5%
Corporate expenses (1) 3,477 3,378 3%
Depreciation and amortization 4,874 5,191 (6)%
Impairment charge - 2,720 NM
--- -----

Operating income 13,983 7,761 80%
Interest expense, net (5,179) (8,404) (38)%
------ ------

Income (loss) before income taxes 8,804 (643) NM

Income tax expense (1,928) (1,099) 75%
------ ------
Net income (loss) before equity in
net income (loss) of
nonconsolidated affiliates 6,876 (1,742) NM
Equity in net income (loss) of
nonconsolidated affiliates, net
of tax 87 (85) NM
--- ---

Net income (loss) $6,963 $(1,827) NM
====== =======

(1) Operating expenses and corporate expenses are defined on page 1.

Net revenue increased to $53.4 million for the three-month period ended June 30, 2010 from $48.7 million for the three-month period ended June 30, 2009, an increase of $4.7 million. Of the overall increase, $3.1 million came from our television segment and was primarily attributable to advertising revenue from the World Cup and census and retransmission consent revenue. Additionally, $1.6 million of the overall increase came from our radio segment and was primarily attributable to advertising revenue from the World Cup.

Operating expenses increased to $31.1 million for the three-month period ended June 30, 2010 from $29.6 million for the three-month period ended June 30, 2009, an increase of $1.5 million. The increase was primarily attributable to an increase in national representation fees and other expenses associated with the increase in net revenue.

Corporate expenses increased to $3.5 million for the three-month period ended June 30, 2010 from $3.4 million for the three-month period ended June 30, 2009, an increase of $0.1 million. The increase was attributable to an increase in professional fees.

Six Months Ended June 30, 2010 Compared to Six Months Ended June 30, 2009
(Unaudited)

Six-Month Period
Ended June 30,
--------------
%
2010 2009 Change
---- ---- -------
Net revenue $96,504 $90,411 7%
Operating expenses (1) 60,921 61,459 (1)%
Corporate expenses (1) 7,225 7,251 (0)%
Depreciation and amortization 9,597 10,621 (10)%
Impairment charge - 2,720 NM
--- -----

Operating income 18,761 8,360 124%
Interest expense, net (10,610) (13,217) (20)%
Loss on debt extinguishment - (4,716) NM
--- ------

Income (loss) before income taxes 8,151 (9,573) NM

Income tax expense (3,338) (6,509) (49)%
------ ------
Net income (loss) before equity in net
loss of nonconsolidated affiliates 4,813 (16,082) NM
Equity in net loss of nonconsolidated
affiliates, net of tax (34) (239) (86)%
--- ----

Net income (loss) $4,779 $(16,321) NM
====== ========

(1) Operating expenses and corporate expenses are defined on page 1.

Net revenue increased to $96.5 million for the six-month period ended June 30, 2010 from $90.4 million for the six-month period ended June 30, 2009, an increase of $6.1 million. Of the overall increase, $4.5 million came from our television segment and was primarily attributable to advertising revenue from the World Cup, retransmission consent revenue and political and census advertising revenue. Additionally, $1.6 million of the overall increase came from our radio segment and was primarily attributable to advertising revenue from the World Cup and census.

Operating expenses decreased to $60.9 million for the six-month period ended June 30, 2010 from $61.5 million for the six-month period ended June 30, 2009, a decrease of $0.6 million. The decrease was primarily attributable to a decrease in salary expense due to reductions of personnel and salary reductions implemented in 2009, partially offset by an increase in national representation fees and other expenses associated with the increase in net revenue.

Corporate expenses decreased to $7.2 million for the six-month period ended June 30, 2010 from $7.3 million for the six-month period ended June 30, 2009, a decrease of $0.1 million. The decrease was attributable to a decrease in non-cash stock-based compensation of $0.3 million, partially offset by an increase in professional fees.

Segment Results

The following represents selected unaudited segment information:

Three-Month Period
Ended June 30,
--------------
2010 2009 % Change
---- ---- --------
Net Revenue
Television $34,819 $31,746 10%
Radio 18,612 16,950 10%
------ ------
Total $53,431 $48,696 10%

Operating Expenses (1)
Television $18,904 $18,107 4%
Radio 12,193 11,539 6%
------ ------
Total $31,097 $29,646 5%

Corporate Expenses (1) $3,477 $3,378 3%

Consolidated adjusted EBITDA (1) $18,966 $16,323 16%

(1) Operating expenses, Corporate expenses, and Consolidated
adjusted EBITDA are defined on page 1.

Entravision Communications Corporation will hold a conference call to discuss its 2010 second quarter results on August 5, 2010 at 5 p.m. Eastern Time. To access the conference call, please dial 412-858-4600 ten minutes prior to the start time. The call will be webcast live and archived for replay at www.entravision.com.

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision's TeleFutura network, with television stations in 20 of the nation's top 50 Hispanic markets. The Company also operates one of the nation's largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.

This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the Securities and Exchange Commission.

(Financial Table Follows)

Entravision Communications Corporation
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)

Three-Month Period
Ended June 30,
--------------
2010 2009
---- ----

Net revenue $53,431 $48,696
------- -------

Expenses:
Direct operating expenses (including
related parties of $3,151, $2,004,
$5,502 and $3,731) (including non-
cash stock-based compensation of
$103, $164, $208 and $330) 22,162 20,799
Selling, general and administrative
expenses (including non-cash stock-
based compensation of $147, $207,
$295 and $414) 8,935 8,847

Corporate expenses (including non-
cash stock-based compensation of
$286, $353, $492 and $759) 3,477 3,378

Depreciation and amortization
(includes direct operating of $3,385,
$3,843, $6,874 and $7,918; selling,
general and administrative of $903,
$1,068, $1,841 and $2,089; and
corporate of $586, $280, $883 and
$614) (including related parties of
$846, $580, $1,426 and $1,160) 4,874 5,191

Impairment charge - 2,720
--- -----
39,448 40,935
------ ------
Operating income 13,983 7,761
Interest expense (including related
parties of $25, $29, $54 and $60) (5,263) (8,474)
Interest income 84 70
Loss on debt extinguishment - -
--- ---
Income (loss) before income taxes 8,804 (643)
Income tax expense (1,928) (1,099)
------ ------
Income (loss) before equity in net
income (loss) of nonconsolidated
affiliate 6,876 (1,742)
Equity in net income (loss) of
nonconsolidated affiliate, net of tax 87 (85)
--- ---
Net income (loss) applicable to common
stockholders $6,963 $(1,827)
====== =======

Basic and diluted earnings per share:
Net income (loss) per share applicable
to common stockholders,
basic and diluted $0.08 $(0.02)
===== ======

Weighted average common shares
outstanding, basic 84,494,665 84,187,128
========== ==========
Weighted average common shares
outstanding, diluted 85,373,021 84,187,128
========== ==========

Six-Month Period
Ended June 30,
--------------
2010 2009
---- ----

Net revenue $96,504 $90,411
------- -------

Expenses:
Direct operating expenses (including
related parties of $3,151, $2,004,
$5,502 and $3,731) (including non-
cash stock-based compensation of
$103, $164, $208 and $330) 42,930 42,660
Selling, general and administrative
expenses (including non-cash stock-
based compensation of $147, $207,
$295 and $414) 17,991 18,799

Corporate expenses (including non-
cash stock-based compensation of
$286, $353, $492 and $759) 7,225 7,251

Depreciation and amortization
(includes direct operating of $3,385,
$3,843, $6,874 and $7,918; selling,
general and administrative of $903,
$1,068, $1,841 and $2,089; and
corporate of $586, $280, $883 and
$614) (including related parties of
$846, $580, $1,426 and $1,160) 9,597 10,621

Impairment charge - 2,720
--- -----
77,743 82,051
------ ------
Operating income 18,761 8,360
Interest expense (including related
parties of $25, $29, $54 and $60) (10,777) (13,535)
Interest income 167 318
Loss on debt extinguishment - (4,716)
--- ------
Income (loss) before income taxes 8,151 (9,573)
Income tax expense (3,338) (6,509)
------ ------
Income (loss) before equity in net
income (loss) of nonconsolidated
affiliate 4,813 (16,082)
Equity in net income (loss) of
nonconsolidated affiliate, net of tax (34) (239)
--- ----
Net income (loss) applicable to common
stockholders $4,779 $(16,321)
====== ========

Basic and diluted earnings per share:
Net income (loss) per share applicable
to common stockholders,
basic and diluted $0.06 $(0.19)
===== ======

Weighted average common shares
outstanding, basic 84,462,613 84,235,509
========== ==========
Weighted average common shares
outstanding, diluted 85,278,162 84,235,509
========== ==========

Entravision Communications Corporation
Consolidated Statements of Cash Flows
(Unaudited; in thousands)

Three-Month Period
Ended June 30,
--------------
2010 2009
---- ----

Cash flows from operating activities:
Net income (loss) $6,963 $(1,827)
Adjustments to reconcile net income
(loss) to net cash provided by operating
activities:
Depreciation and amortization 4,874 5,191
Impairment charge - 2,720
Deferred income taxes 1,414 486
Amortization of debt issue costs 104 105
Amortization of syndication contracts 278 627
Payments on syndication contracts (705) (700)
Equity in net (income) loss of
nonconsolidated affiliate (87) 85
Non-cash stock-based compensation 536 724
Gain on sale of media properties and
other assets - (2)
Non-cash expenses related to debt
extinguishment - -
Change in fair value of interest rate
swap agreements (4,123) (855)
Changes in assets and liabilities, net of
effect of acquisitions and dispositions:
Increase in accounts receivable (8,665) (5,591)
Decrease in prepaid expenses and other
assets 140 51
Increase in accounts payable, accrued
expenses and other liabilities 3,339 2,905
Net cash provided by operating activities 4,068 3,919
----- -----
Cash flows from investing activities:
Proceeds from sale of property and
equipment and intangibles - 14
Purchases of property and equipment and
intangibles (3,371) (1,339)
------ ------
Net cash used in investing activities (3,371) (1,325)
------ ------
Cash flows from financing activities:
Proceeds from issuance of common stock 69 -
Payments on long-term debt (1,000) -
Repurchase of Class A common stock - (532)
Payments of deferred debt and offering
costs (501) -
---- ---
Net cash used in financing activities (1,432) (532)
------ ----
Net increase (decrease) in cash and cash
equivalents (735) 2,062
Cash and cash equivalents:
Beginning 26,456 16,776
------ ------
Ending $25,721 $18,838

Six-Month Period
Ended June 30,
--------------
2010 2009
---- ----

Cash flows from operating activities:
Net income (loss) $4,779 $(16,321)
Adjustments to reconcile net income
(loss) to net cash provided by operating
activities:
Depreciation and amortization 9,597 10,621
Impairment charge - 2,720
Deferred income taxes 2,627 5,986
Amortization of debt issue costs 208 194
Amortization of syndication contracts 550 1,248
Payments on syndication contracts (1,409) (1,413)
Equity in net (income) loss of
nonconsolidated affiliate 34 239
Non-cash stock-based compensation 995 1,503
Gain on sale of media properties and
other assets - (102)
Non-cash expenses related to debt
extinguishment - 945
Change in fair value of interest rate
swap agreements (8,053) (2,536)
Changes in assets and liabilities, net of
effect of acquisitions and dispositions:
Increase in accounts receivable (3,625) (1,272)
Decrease in prepaid expenses and other
assets 48 189
Increase in accounts payable, accrued
expenses and other liabilities 3,451 2,102
Net cash provided by operating activities 9,202 4,103
----- -----
Cash flows from investing activities:
Proceeds from sale of property and
equipment and intangibles - 114
Purchases of property and equipment and
intangibles (6,045) (6,618)
------ ------
Net cash used in investing activities (6,045) (6,504)
------ ------
Cash flows from financing activities:
Proceeds from issuance of common stock 219 202
Payments on long-term debt (4,458) (41,000)
Repurchase of Class A common stock - (1,075)
Payments of deferred debt and offering
costs (863) (1,182)
---- ------
Net cash used in financing activities (5,102) (43,055)
------ -------
Net increase (decrease) in cash and cash
equivalents (1,945) (45,456)
Cash and cash equivalents:
Beginning 27,666 64,294
------ ------
Ending $25,721 $18,838

Entravision Communications Corporation
Reconciliation of Consolidated Adjusted EBITDA to
Cash Flows From Operating Activities
(Unaudited; in thousands)

The most directly comparable GAAP financial measure is operating cash
flow. A reconciliation of this non-GAAP
measure to cash flows from operating activities for each of the
periods presented is as follows:

Three-Month Period
Ended June 30,
--------------
2010 2009
---- ----

Consolidated adjusted EBITDA (1) $18,966 $16,323

Interest expense (5,263) (8,474)
Interest income 84 70
Loss on debt extinguishment - -
Income tax expense (1,928) (1,099)
Amortization of syndication contracts (278) (627)
Payments on syndication contracts 705 700
Non-cash stock-based compensation included
in direct operating
expenses (103) (164)
Non-cash stock-based compensation included
in selling, general
and administrative expenses (147) (207)
Non-cash stock-based compensation included
in corporate expenses (286) (353)
Depreciation and amortization (4,874) (5,191)
Impairment charge - (2,720)
Equity in net income (loss) of
nonconsolidated affiliates 87 (85)
Net income (loss) 6,963 (1,827)

Depreciation and amortization 4,874 5,191
Impairment charge - 2,720
Deferred income taxes 1,414 486
Amortization of debt issue costs 104 105
Amortization of syndication contracts 278 627
Payments on syndication contracts (705) (700)
Equity in net (income) loss of
nonconsolidated affiliate (87) 85
Non-cash stock-based compensation 536 724
Gain on sale of media properties and other
assets - (2)
Non-cash expenses related to debt
extinguishment - -
Change in fair value of interest rate swap
agreements (4,123) (855)
Changes in assets and liabilities, net of
effect of acquisitions and dispositions:
Increase in accounts receivable (8,665) (5,591)
Decrease in prepaid expenses and other
assets 140 51
Increase in accounts payable, accrued
expenses and other liabilities 3,339 2,905
----- -----
Cash flows from operating activities $4,068 $3,919
====== ======

Six-Month Period
Ended June 30,
--------------
2010 2009
---- ----

Consolidated adjusted EBITDA (1) $28,494 $23,039

Interest expense (10,777) (13,535)
Interest income 167 318
Loss on debt extinguishment - (4,716)
Income tax expense (3,338) (6,509)
Amortization of syndication contracts (550) (1,248)
Payments on syndication contracts 1,409 1,413
Non-cash stock-based compensation
included in direct operating
expenses (208) (330)
Non-cash stock-based compensation
included in selling, general
and administrative expenses (295) (414)
Non-cash stock-based compensation
included in corporate expenses (492) (759)
Depreciation and amortization (9,597) (10,621)
Impairment charge - (2,720)
Equity in net income (loss) of
nonconsolidated affiliates (34) (239)
Net income (loss) 4,779 (16,321)

Depreciation and amortization 9,597 10,621
Impairment charge - 2,720
Deferred income taxes 2,627 5,986
Amortization of debt issue costs 208 194
Amortization of syndication contracts 550 1,248
Payments on syndication contracts (1,409) (1,413)
Equity in net (income) loss of
nonconsolidated affiliate 34 239
Non-cash stock-based compensation 995 1,503
Gain on sale of media properties and other
assets - (102)
Non-cash expenses related to debt
extinguishment - 945
Change in fair value of interest rate swap
agreements (8,053) (2,536)
Changes in assets and liabilities, net of
effect of acquisitions and dispositions:
Increase in accounts receivable (3,625) (1,272)
Decrease in prepaid expenses and other
assets 48 189
Increase in accounts payable, accrued
expenses and other liabilities 3,451 2,102
----- -----
Cash flows from operating activities $9,202 $4,103
====== ======

(1) Consolidated adjusted EBITDA is defined on page 1.

Entravision Communications Corporation
Reconciliation of Free Cash Flow to Net Income (Loss)
(Unaudited; in thousands)

The most directly comparable GAAP financial measure is net income
(loss). A reconciliation of this non-GAAP measure to net income
(loss) for each of the periods presented is as follows:

Three-Month
Period Six-Month Period
Ended June 30, Ended June 30,
-------------- --------------
2010 2009 2010 2009
---- ---- ---- ----
Consolidated
adjusted EBITDA (1) $18,966 $16,323 $28,494 $23,039
Net interest expense
(1) 9,197 9,154 18,454 15,559
Cash paid for income
taxes 514 613 711 523
Capital expenditures
(2) 2,121 1,339 4,795 2,839
Free cash flow (1) 7,134 5,217 4,534 4,118

Capital expenditures
(2) 2,121 1,339 4,795 2,839
Non-cash interest
expense relating to
amortization of
debt
finance costs and
interest rate swap
agreements 4,018 750 7,844 2,342
Loss on debt
extinguishment - - - (4,716)
Non-cash income tax
expense (1,414) (486) (2,627) (5,986)
Amortization of
syndication
contracts (278) (627) (550) (1,248)
Payments on
syndication
contracts 705 700 1,409 1,413
Non-cash stock-
based compensation
included in direct
operating
expenses (103) (164) (208) (330)
Non-cash stock-
based compensation
included in
selling, general
and administrative
expenses (147) (207) (295) (414)
Non-cash stock-
based compensation
included in
corporate expenses (286) (353) (492) (759)
Depreciation and
amortization (4,874) (5,191) (9,597) (10,621)
Impairment charge - (2,720) - (2,720)
Equity in net income
(loss) of
nonconsolidated
affiliates 87 (85) (34) (239)
--- --- --- ----
Net income (loss) $6,963 $(1,827) $4,779 $(16,321)
====== ======= ====== ========

(1) Consolidated adjusted EBITDA, net interest expense and free cash
flow are defined on page 1.
(2) Capital expenditures is not part of the consolidated statement
of operations.

Source: Entravision Communications Corporation

CONTACT: Christopher T. Young, Chief Financial Officer, Entravision
Communications Corporation, +1-310-447-3870; or Mike Smargiassi, or Brad
Edwards, Brainerd Communicators, Inc., +1-212-986-6667

Web Site: http://www.entravision.com/

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Profile: intent