Entravision Communications Corporation Reports Third Quarter 2010 Results

Entravision Communications Corporation Reports Third Quarter 2010 Results

SANTA MONICA, Calif., Nov. 4, 2010 /PRNewswire-FirstCall/ -- Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and nine-month periods ended September 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 7. Unaudited financial highlights are as follows:

Three-Month Period
Ended September 30,
-------------------
2010 2009 % Change
---- ---- --------
Net revenue $53,325 $50,754 5%
Operating expenses (1) 31,224 30,572 2%
Corporate expenses (2) 3,823 3,351 14%

Consolidated adjusted EBITDA (3) 18,444 17,268 7%

Free cash flow (4) $8,109 $5,058 60%
Free cash flow per share, basic and
diluted (4) $0.10 $0.06 67%

Net income (loss) applicable to
common stockholders $6,408 $673 NM

Net income (loss) per share
applicable
to common stockholders, basic and
diluted $0.08 $0.01 NM

Weighted average common shares
outstanding, basic 84,512,128 83,683,908
Weighted average common shares
outstanding, diluted 85,089,605 83,935,319

Nine-Month Period
Ended September 30,
-------------------
2010 2009 % Change
---- ---- --------
Net revenue $149,829 $141,165 6%
Operating expenses (1) 92,145 92,031 0%
Corporate expenses (2) 11,048 10,602 4%

Consolidated adjusted EBITDA (3) 46,938 40,307 16%

Free cash flow (4) $12,643 $9,176 38%
Free cash flow per share, basic and
diluted (4) $0.15 $0.11 36%

Net income (loss) applicable to
common stockholders $11,187 $(15,648) NM

Net income (loss) per share
applicable
to common stockholders, basic and
diluted $0.13 $(0.19) NM

Weighted average common shares
outstanding, basic 84,479,299 84,049,423
Weighted average common shares
outstanding, diluted 85,215,491 84,049,423

(1) Operating expenses include direct operating, selling, general
and administrative expenses. Included in operating expenses are $0.3
million and $0.4 million of non-cash stock-based compensation for
the three-month periods ended September 30, 2010 and 2009,
respectively and $0.8 million and $1.1 million of non-cash stock-
based compensation for the nine-month periods ended September 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 $0.4 million and $0.3 million of non-
cash stock-based compensation for the three-month periods ended
September 30, 2010 and 2009, respectively and $0.8 million and $1.1
million of non-cash stock-based compensation for the nine-month
periods ended September 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 revolving 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 non-cash interest expense relating to discount
amortization on the Notes, 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 third quarter, we generated revenue growth primarily driven by retransmission consent revenue and World Cup and political advertising. Our audience shares remain strong in the nation's most densely populated Hispanic markets, and we believe we are well positioned to benefit as the U.S. Hispanic market continues to expand and advertisers increasingly recognize the importance of reaching our audience."

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"). Net proceeds from the Notes were used to pay all indebtedness outstanding under the Company's then-existing syndicated bank credit facility, pay fees and expenses related to the offering of the Notes and for general corporate purposes. Also on July 27, 2010, the Company entered into a new $50,000,000 revolving credit facility and terminated its then-existing syndicated bank 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 September 30, 2010 Compared to Three Months Ended
September 30, 2009
(Unaudited)

Three-Month Period
Ended September 30,
-------------------
2010 2009 % Change
---- ---- --------
Net revenue $53,325 $50,754 5%
Operating
expenses (1) 31,224 30,572 2%
Corporate
expenses (1) 3,823 3,351 14%
Depreciation and
amortization 4,867 5,272 (8)%
----- -----

Operating income 13,411 11,559 16%
Interest expense,
net (4,302) (8,157) (47)%
Loss on debt
extinguishment (987) NM
----

Income before
income taxes 8,122 3,402 139%

Income tax
expense (1,764) (2,802) (37)%
------ ------
Net income before equity in net
income of
nonconsolidated
affiliates 6,358 600 NM
Equity in net income of
nonconsolidated affiliates, net
of tax 50 73 (32)%
--- ---

Net income $6,408 $673 NM
====== ====

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

Net revenue increased to $53.3 million for the three-month period ended September 30, 2010 from $50.8 million for the three-month period ended September 30, 2009, an increase of $2.5 million. Of the overall increase, $2.3 million came from our television segment and was primarily attributable to retransmission consent revenue, advertising revenue from the World Cup and political advertising revenue. Additionally, $0.2 million of the overall increase came from our radio segment and was primarily attributable to advertising revenue from the World Cup and political advertising revenue.

Operating expenses increased to $31.2 million for the three-month period ended September 30, 2010 from $30.6 million for the three-month period ended September 30, 2009, an increase of $0.6 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 $3.8 million for the three-month period ended September 30, 2010 from $3.4 million for the three-month period ended September 30, 2009, an increase of $0.4 million. The increase was primarily attributable to expenses relating to the issuance of the Notes. Excluding the expenses relating to the issuance of the Notes, corporate expenses remained at $3.4 million for each of the three-month periods ended September 30, 2010 and 2009.

Nine Months Ended September 30, 2010 Compared to Nine Months Ended
September 30, 2009
(Unaudited)

Nine-Month Period
Ended September 30,
-------------------
2010 2009 % Change
---- ---- --------
Net revenue $149,829 $141,165 6%
Operating expenses
(1) 92,145 92,031 0%
Corporate expenses
(1) 11,048 10,602 4%
Depreciation and
amortization 14,464 15,893 (9)%
Impairment charge - 2,720 (100)%
--- -----

Operating income 32,172 19,919 62%
Interest expense,
net (14,912) (21,374) (30)%
Loss on debt extinguishment (987) (4,716) (79)%
---- ------

Income (loss) before income
taxes 16,273 (6,171) NM

Income tax expense (5,102) (9,311) (45)%
------ ------
Net income (loss) before equity in
net income (loss) of
nonconsolidated affiliates 11,171 (15,482) NM
Equity in net income (loss) of
nonconsolidated affiliates, net of
tax 16 (166) NM
--- ----

Net income (loss) $11,187 $(15,648) NM
======= ========

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

Net revenue increased to $149.8 million for the nine-month period ended September 30, 2010 from $141.2 million for the nine-month period ended September 30, 2009, an increase of $8.6 million. Of the overall increase, $6.7 million came from our television segment and was primarily attributable to advertising revenue from the World Cup, retransmission consent revenue, and political advertising revenue. Additionally, $1.9 million of the overall increase came from our radio segment and was primarily attributable to advertising revenue from the World Cup, and political and census advertising revenue.

Operating expenses increased to $92.1 million for the nine-month period ended September 30, 2010 from $92.0 million for the nine-month period ended September 30, 2009, an increase of $0.1 million. The increase was primarily attributable to an increase in national representation fees and other expenses associated with the increase in net revenue, partially offset by a decrease in salary expense due to reductions of personnel and salary reductions implemented in 2009.

Corporate expenses increased to $11.0 million for the nine-month period ended September 30, 2010 from $10.6 million for the nine-month period ended September 30, 2009, an increase of $0.4 million. The increase was primarily attributable to expenses relating to the issuance of the Notes. Excluding the expenses relating to the issuance of the Notes, corporate expenses remained at $10.6 million for each of the nine-month periods ended September 30, 2010 and 2009.

Segment Results

The following represents selected unaudited segment information:

Three-Month Period
Ended September 30,
-------------------
2010 2009 % Change
---- ---- --------
Net Revenue
Television $34,322 $32,019 7%
Radio 19,003 18,735 1%
------ ------
Total $53,325 $50,754 5%

Operating Expenses (1)
Television $18,041 $17,601 2%
Radio 13,183 12,971 2%
------ ------
Total $31,224 $30,572 2%

Corporate Expenses (1) $3,823 $3,351 14%

Consolidated adjusted EBITDA
(1) $18,444 $17,268 7%

(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 third quarter results on November 4, 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.

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

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

Net revenue $53,325 $50,754
------- -------

Expenses:
Direct operating expenses 21,011 21,030
Selling, general and administrative
expenses 10,213 9,542
Corporate expenses 3,823 3,351
Depreciation and amortization 4,867 5,272
Impairment charge - -
--- ---
39,914 39,195
------ ------
Operating income 13,411 11,559
Interest expense (4,394) (8,227)
Interest income 92 70
Loss on debt extinguishment (987) -
---- ---
Income (loss) before income taxes 8,122 3,402
Income tax expense (1,764) (2,802)
------ ------
Income (loss) before equity in net
income (loss) of
nonconsolidated affiliate 6,358 600
Equity in net income (loss) of
nonconsolidated affiliate, net of tax 50 73
--- ---
Net income (loss) applicable to common
stockholders $6,408 $673
====== ====

Basic and diluted earnings per share:
Net income (loss) per share applicable
to common stockholders,
basic and diluted $0.08 $0.01
===== =====

Weighted average common shares
outstanding, basic 84,512,128 83,683,908
========== ==========
Weighted average common shares
outstanding, diluted 85,089,605 83,935,319
========== ==========

Nine-Month Period
Ended September 30,
-------------------
2010 2009
---- ----

Net revenue $149,829 $141,165
-------- --------

Expenses:
Direct operating expenses 63,941 63,690
Selling, general and administrative
expenses 28,204 28,341
Corporate expenses 11,048 10,602
Depreciation and amortization 14,464 15,893
Impairment charge - 2,720
--- -----
117,657 121,246
------- -------
Operating income 32,172 19,919
Interest expense (15,171) (21,762)
Interest income 259 388
Loss on debt extinguishment (987) (4,716)
---- ------
Income (loss) before income taxes 16,273 (6,171)
Income tax expense (5,102) (9,311)
------ ------
Income (loss) before equity in net
income (loss) of
nonconsolidated affiliate 11,171 (15,482)
Equity in net income (loss) of
nonconsolidated affiliate, net of tax 16 (166)
--- ----
Net income (loss) applicable to common
stockholders $11,187 $(15,648)
======= ========

Basic and diluted earnings per share:
Net income (loss) per share applicable
to common stockholders,
basic and diluted $0.13 $(0.19)
===== ======

Weighted average common shares
outstanding, basic 84,479,299 84,049,423
========== ==========
Weighted average common shares
outstanding, diluted 85,215,491 84,049,423
========== ==========

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

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

Cash flows from operating
activities:
Net income (loss) $6,408 $673
Adjustments to reconcile net income
(loss) to net cash provided by
operating activities:
Depreciation and amortization 4,867 5,272
Impairment charge - -
Deferred income taxes 1,587 2,548
Amortization of debt issue costs 487 104
Amortization of syndication
contracts 290 441
Payments on syndication contracts (732) (706)
Equity in net (income) loss of
nonconsolidated affiliate (50) (73)
Non-cash stock-based compensation 608 702
Gain on sale of media properties
and other assets - -
Non-cash expenses related to debt
extinguishment 934 -
Change in fair value of interest
rate swap agreements (4,135) (1,314)
Changes in assets and liabilities,
net of effect of acquisitions and
dispositions:
Increase in restricted cash (1,023) -
(Increase) decrease in accounts
receivable 1,765 (1,828)
(Increase) decrease in prepaid
expenses and other assets (474) (810)
Increase (decrease) in accounts
payable, accrued expenses and
other liabilities (2,691) 1,085
------ -----
Net cash provided by operating
activities 7,841 6,094
----- -----
Cash flows from investing
activities:
Proceeds from sale of property and
equipment and intangibles - -
Purchases of property and equipment
and intangibles (1,033) (2,589)
------ ------
Net cash used in investing
activities (1,033) (2,589)
------ ------
Cash flows from financing
activities:
Proceeds from issuance of common
stock 14 53
Payments on long-term debt (358,491) (1,572)
Termination of swap agreements (4,039) -
Repurchase of Class A common stock - -
Proceeds from borrowings on long-
term debt 394,888 -
Payments of deferred debt and
offering costs (9,691) -
------ ---
Net cash provided by (used in)
financing activities 22,681 (1,519)
------ ------
Net increase (decrease) in cash and
cash equivalents 29,489 1,986
Cash and cash equivalents:
Beginning 25,721 18,838
------ ------
Ending $55,210 $20,824

Nine-Month Period
Ended September 30,
-------------------
2010 2009
---- ----

Cash flows from operating
activities:
Net income (loss) $11,187 $(15,648)
Adjustments to reconcile net
income (loss) to net cash
provided by
operating activities:
Depreciation and amortization 14,464 15,893
Impairment charge - 2,720
Deferred income taxes 4,214 8,534
Amortization of debt issue costs 695 298
Amortization of syndication
contracts 840 1,689
Payments on syndication contracts (2,141) (2,119)
Equity in net (income) loss of
nonconsolidated affiliate (16) 166
Non-cash stock-based
compensation 1,603 2,205
Gain on sale of media properties
and other assets - (102)
Non-cash expenses related to debt
extinguishment 934 945
Change in fair value of interest
rate swap agreements (12,188) (3,850)
Changes in assets and liabilities,
net of effect of acquisitions and
dispositions:
Increase in restricted cash (1,023) -
(Increase) decrease in accounts
receivable (1,860) (3,100)
(Increase) decrease in prepaid
expenses and other assets (426) (621)
Increase (decrease) in accounts
payable, accrued expenses and
other liabilities 760 3,187
--- -----
Net cash provided by operating
activities 17,043 10,197
------ ------
Cash flows from investing
activities:
Proceeds from sale of property and
equipment and intangibles - 114
Purchases of property and
equipment and intangibles (7,078) (9,207)
------ ------
Net cash used in investing
activities (7,078) (9,093)
------ ------
Cash flows from financing
activities:
Proceeds from issuance of common
stock 233 255
Payments on long-term debt (362,949) (42,572)
Termination of swap agreements (4,039) -
Repurchase of Class A common stock - (1,075)
Proceeds from borrowings on long-
term debt 394,888 -
Payments of deferred debt and
offering costs (10,554) (1,182)
------- ------
Net cash provided by (used in)
financing activities 17,579 (44,574)
------ -------
Net increase (decrease) in cash
and cash equivalents 27,544 (43,470)
Cash and cash equivalents:
Beginning 27,666 64,294
------ ------
Ending $55,210 $20,824

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 September 30,
-------------------
2010 2009
---- ----

Consolidated adjusted
EBITDA (1) $18,444 $17,268

Interest expense (4,394) (8,227)
Interest income 92 70
Loss on debt
extinguishment (987) -
Income tax
expense (1,764) (2,802)
Amortization of
syndication contracts (290) (441)
Payments on syndication
contracts 732 706
Non-cash stock-based compensation
included in direct operating
expenses (104) (159)
Non-cash stock-based compensation
included in selling, general
and administrative
expenses (147) (204)
Non-cash stock-based compensation
included in corporate expenses (357) (339)
Depreciation and
amortization (4,867) (5,272)
Impairment charge - -
Equity in net income (loss) of
nonconsolidated affiliates 50 73
--- ---
Net income (loss) 6,408 673

Depreciation and
amortization 4,867 5,272
Impairment charge - -
Deferred income
taxes 1,587 2,548
Amortization of debt issue
costs 487 104
Amortization of
syndication contracts 290 441
Payments on syndication
contracts (732) (706)
Equity in net (income) loss of
nonconsolidated affiliate (50) (73)
Non-cash stock-based
compensation 608 702
Gain on sale of media properties
and other assets - -
Non-cash expenses related to
debt extinguishment 934 -
Change in fair value of interest
rate swap agreements (4,135) (1,314)
Changes in assets and liabilities, net of
effect of acquisitions and dispositions:
Increase in restricted
cash (1,023) -
(Increase) decrease in accounts
receivable 1,765 (1,828)
(Increase) decrease in prepaid expenses and
other assets (474) (810)
Increase (decrease) in accounts payable,
accrued expenses and other liabilities (2,691) 1,085
------ -----
Cash flows from operating
activities $7,841 $6,094

Nine-Month Period
Ended September 30,
-------------------
2010 2009
---- ----

Consolidated adjusted
EBITDA (1) $46,938 $40,307

Interest expense (15,171) (21,762)
Interest income 259 388
Loss on debt
extinguishment (987) (4,716)
Income tax
expense (5,102) (9,311)
Amortization of
syndication contracts (840) (1,689)
Payments on syndication
contracts 2,141 2,119
Non-cash stock-based compensation
included in direct operating
expenses (312) (489)
Non-cash stock-based compensation
included in selling, general
and administrative
expenses (442) (618)
Non-cash stock-based compensation
included in corporate expenses (849) (1,098)
Depreciation and
amortization (14,464) (15,893)
Impairment
charge - (2,720)
Equity in net income (loss) of
nonconsolidated affiliates 16 (166)
--- ----
Net income
(loss) 11,187 (15,648)

Depreciation and
amortization 14,464 15,893
Impairment
charge - 2,720
Deferred income
taxes 4,214 8,534
Amortization of debt
issue costs 695 298
Amortization of
syndication contracts 840 1,689
Payments on syndication
contracts (2,141) (2,119)
Equity in net (income) loss of
nonconsolidated affiliate (16) 166
Non-cash stock-based
compensation 1,603 2,205
Gain on sale of media properties
and other assets - (102)
Non-cash expenses related to
debt extinguishment 934 945
Change in fair value of interest
rate swap agreements (12,188) (3,850)
Changes in assets and liabilities, net of
effect of acquisitions and dispositions:
Increase in restricted
cash (1,023) -
(Increase) decrease in accounts
receivable (1,860) (3,100)
(Increase) decrease in prepaid expenses
and other assets (426) (621)
Increase (decrease) in accounts payable,
accrued expenses and other liabilities 760 3,187
--- -----
Cash flows from operating
activities $17,043 $10,197

(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
Ended September 30,
-------------------
2010 2009
---- ----
Consolidated adjusted EBITDA (1) $18,444 $17,268
Net interest expense (1) 9,125 9,367
Cash paid for income
taxes 177 254
Capital expenditures (2) 1,033 2,589
Free cash flow (1) 8,109 5,058

Capital expenditures (2) 1,033 2,589
Non-cash interest expense relating to
amortization of debt finance costs
and interest rate swap agreements
4,823 1,210
Loss on debt extinguishment (987) -
Non-cash income tax expense (1,587) (2,548)
Amortization of syndication
contracts (290) (441)
Payments on syndication contracts 732 706
Non-cash stock-based compensation
included in direct operating
expenses
(104) (159)
Non-cash stock-based compensation
included in selling, general
and administrative expenses
(147) (204)
Non-cash stock-based compensation
included in corporate expenses (357) (339)
Depreciation and amortization (4,867) (5,272)
Impairment charge - -
Equity in net income (loss) of
nonconsolidated affiliates 50 73
--- ---
Net income (loss) $6,408 $673

Nine-Month Period
Ended September 30,
-------------------
2010 2009
---- ----
Consolidated adjusted EBITDA (1) $46,938 $40,307
Net interest expense (1) 27,579 24,926
Cash paid for income
taxes 888 777
Capital expenditures (2) 5,828 5,428
Free cash flow (1) 12,643 9,176

Capital expenditures (2) 5,828 5,428
Non-cash interest expense relating to
amortization of debt finance costs
and interest rate swap agreements
12,667 3,552
Loss on debt extinguishment (987) (4,716)
Non-cash income tax expense (4,214) (8,534)
Amortization of syndication
contracts (840) (1,689)
Payments on syndication contracts 2,141 2,119
Non-cash stock-based compensation
included in direct operating
expenses
(312) (489)
Non-cash stock-based compensation
included in selling, general
and administrative expenses
(442) (618)
Non-cash stock-based compensation
included in corporate expenses (849) (1,098)
Depreciation and amortization (14,464) (15,893)
Impairment charge - (2,720)
Equity in net income (loss) of
nonconsolidated affiliates 16 (166)
--- ----
Net income (loss) $11,187 $(15,648)

(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

Entravision Communications Corporation

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

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

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