Entravision Communications Corporation Reports Second Quarter 2011 Results

Entravision Communications Corporation Reports Second Quarter 2011 Results

SANTA MONICA, Calif., Aug. 3, 2011 /PRNewswire/ -- Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and six-month periods ended June 30, 2011.

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 June 30,
--------------
2011 2010 % Change
---- ---- --------
Net revenue $50,265 $53,431 (6)%
Operating expenses (1) 31,773 31,097 2%
Corporate expenses (2) 3,772 3,477 8%

Consolidated adjusted EBITDA (3) 15,599 18,966 (18)%

Free cash flow (4) $4,967 $7,134 (30)%
Free cash flow per share, basic and
diluted (4) $0.06 $0.08 (25)%

Net income (loss) applicable to
common stockholders $(352) $6,963 NM

Net income (loss) per share
applicable
to common stockholders, basic and
diluted $0.00 $0.08 (100)%

Weighted average common shares
outstanding, basic 85,053,417 84,494,665
Weighted average common shares
outstanding, diluted 85,053,417 85,373,021

Six-Month Period
Ended June 30,
--------------
2011 2010 % Change
---- ---- --------
Net revenue $94,309 $96,504 (2)%
Operating expenses (1) 61,837 60,921 2%
Corporate expenses (2) 7,517 7,225 4%

Consolidated adjusted EBITDA (3) 26,007 28,494 (9)%

Free cash flow (4) $3,417 $4,534 (25)%
Free cash flow per share, basic and
diluted (4) $0.04 $0.05 (20)%

Net income (loss) applicable to
common stockholders $(4,784) $4,779 NM

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

Weighted average common shares
outstanding, basic 85,046,396 84,462,613
Weighted average common shares
outstanding, diluted 85,046,396 85,278,162

(1) Operating expenses include direct operating, selling, general and
administrative expenses. Included in operating expenses are $0.2
million and $0.2 million of non-cash stock-based compensation for
the three-month periods ended June 30, 2011 and 2010, respectively
and $0.4 million and $0.5 million of non-cash stock-based
compensation for the six-month periods ended June 30, 2011 and
2010, 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 $0.3 million of non-
cash stock-based compensation for the three-month periods ended
June 30, 2011 and 2010, respectively and $0.4 million and $0.5
million of non-cash stock-based compensation for the six-month
periods ended June 30, 2011 and 2010, 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, other income (loss), net interest
expense, income tax (expense) benefit, equity in net income (loss)
of nonconsolidated affiliate, non-cash losses 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, other income
(loss), net interest expense, income tax (expense) benefit, equity
in net income (loss) of nonconsolidated affiliate, non-cash losses
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, other income (loss), net interest expense, income tax
(expense) benefit, equity in net income (loss) of nonconsolidated
affiliate, non-cash losses 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 our $400 million aggregate principal amount of
8.750% senior secured first lien notes due 2017 (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 second quarter of 2011, we faced challenging comparisons to last year's second quarter, when we benefited from World Cup, political and census advertising revenue. Nevertheless, our audience shares remain strong, 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 target audience. The release of the 2010 U.S. census data reconfirms the growth and importance of the U.S. Hispanic population and our position in some of the fastest-growing and most densely-populated Hispanic markets. We remain focused on improving our operating performance while continuing to carefully manage our costs."

Financial Results

Three-Month Period Ended June 30, 2011 Compared to the Three-Month
Period Ended June 30, 2010
(Unaudited)

Three-Month Period
Ended June 30,
--------------
2011 2010 % Change
---- ---- --------
Net revenue $50,265 $53,431 (6)%
Operating expenses (1) 31,773 31,097 2%
Corporate expenses (1) 3,772 3,477 8%
Depreciation and amortization 4,425 4,874 (9)%
----- -----

Operating income 10,295 13,983 (26)%
Interest expense, net (9,459) (5,179) 83%
------ ------

Income (loss) before income taxes 836 8,804 (91)%

Income tax expense (1,188) (1,928) (38)%
------ ------
Net income (loss) before equity in net
income (loss) of
nonconsolidated affiliates (352) 6,876 NM
Equity in net income (loss) of
nonconsolidated affiliates, net of tax - 87 (100)%
--- ---

Net income (loss) $(352) $6,963 NM
===== ======

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

Net revenue decreased to $50.3 million for the three-month period ended June 30, 2011 from $53.4 million for the three-month period ended June 30, 2010, a decrease of $3.1 million. Of the overall decrease, $1.7 million came from our television segment and was primarily attributable to advertising revenue from the World Cup in 2010, which is absent in 2011, partially offset by an increase in retransmission consent revenue. Additionally, $1.4 million of the overall decrease came from our radio segment and was primarily attributable to advertising revenue from the World Cup in 2010, which is absent in 2011.

Operating expenses increased to $31.8 million for the three-month period ended June 30, 2011 from $31.1 million for the three-month period ended June 30, 2010, an increase of $0.7 million. The increase was primarily attributable to an increase in salary expense as a result of the partial restoration of employee salaries in 2011 and expenses associated with Lotus/Entravision Reps LLC, partially offset by a decrease in national representation fees and other expenses associated with the decrease in net revenue.

Corporate expenses increased to $3.8 million for the three-month period ended June 30, 2011 from $3.5 million for the three-month period ended June 30, 2010, an increase of $0.3 million. The increase was attributable to an increase in professional fees.

Six-Month Period Ended June 30, 2011 Compared to the Six-Month
Period Ended June 30, 2010
(Unaudited)

Six-Month Period
Ended June 30,
--------------
2011 2010 % Change
---- ---- --------
Net revenue $94,309 $96,504 (2)%
Operating expenses (1) 61,837 60,921 2%
Corporate expenses (1) 7,517 7,225 4%
Depreciation and amortization 9,157 9,597 (5)%
----- -----

Operating income 15,798 18,761 (16)%
Interest expense, net (18,900) (10,610) 78%
Other income 687 - NM
--- ---

Income (loss) before income taxes (2,415) 8,151 NM

Income tax expense (2,369) (3,338) (29)%
------ ------
Net income (loss) before equity in
net loss of
nonconsolidated affiliates (4,784) 4,813 NM
Equity in net loss of
nonconsolidated affiliates, net of
tax - (34) (100)%
--- ---

Net income (loss) $(4,784) $4,779 NM
======= ======

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

Net revenue decreased to $94.3 million for the six-month period ended June 30, 2011 from $96.5 million for the six-month period ended June 30, 2010, a decrease of $2.2 million. Of the overall decrease, $1.5 million came from our radio segment and was primarily attributable to advertising revenue from the World Cup and census in 2010, both of which are absent in 2011. Additionally, $0.7 million of the overall decrease came from our television segment and was primarily attributable to advertising revenue from the World Cup and political advertising revenue in 2010, both of which are not material in 2011, partially offset by an increase in retransmission consent revenue.

Operating expenses increased to $61.8 million for the six-month period ended June 30, 2011 from $60.9 million for the six-month period ended June 30, 2010, an increase of $0.9 million. The increase was primarily attributable to an increase in salary expense as a result of the partial restoration of employee salaries in 2011 and expenses associated with Lotus/Entravision Reps LLC, partially offset by a decrease in national representation fees and other expenses associated with the decrease in net revenue.

Corporate expenses increased to $7.5 million for the six-month period ended June 30, 2011 from $7.2 million for the six-month period ended June 30, 2010, an increase of $0.3 million. The increase was attributable to an increase in professional fees.

Segment Results

The following represents selected unaudited segment information:

Three-Month Period
Ended June 30,
--------------
2011 2010 % Change
---- ---- --------
Net Revenue
Television $33,118 $34,819 (5)%
Radio 17,147 18,612 (8)%
------ ------
Total $50,265 $53,431 (6)%

Operating Expenses (1)
Television $18,656 $18,904 (1)%
Radio 13,117 12,193 8%
------ ------
Total $31,773 $31,097 2%

Corporate Expenses (1) $3,772 $3,477 8%

Consolidated adjusted
EBITDA (1) $15,599 $18,966 (18)%

(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 2011 second quarter results on August 3, 2011 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 on the investor relations portion of the Company's Web site located at www.entravision.com.

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television, radio and digital operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision 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. Additionally, Entravision has a variety of cross-platform digital content and sales offerings designed to capitalize on the company's leadership position within the Hispanic broadcasting community. 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,
--------------
2011 2010
---- ----

Net revenue $50,265 $53,431
------- -------

Expenses:
Direct operating expenses (including
related parties of $1,815, $3,151,
$3,519 and $5,502) (including non-
cash stock-based compensation of
$53, $103, $104 and $208) 22,487 22,162
Selling, general and administrative
expenses (including non-cash
stock-based compensation of $159,
$147, $315 and $295) 9,286 8,935
Corporate expenses (including non-
cash stock-based compensation
of $289, $286, $445 and $492) 3,772 3,477
Depreciation and amortization
(includes direct operating of $3,352,
$3,385, $6,678 and $6,874; selling,
general and administrative of $798,
$903, $1,619 and $1,841; and
corporate of $275, $586, $860 and
$883) (including related parties of
$627, $846, $1,520 and $1,426) 4,425 4,874
39,970 39,448
------ ------
Operating income (loss) 10,295 13,983
Interest expense (including related
parties of $15, $25, $30 and $54) (9,459) (5,263)
Interest income - 84
Other income (loss) - -
--- ---
Income (loss) before income taxes 836 8,804
Income tax (expense) benefit (1,188) (1,928)
------ ------
Income (loss) before equity in net
income (loss) of
nonconsolidated affiliate (352) 6,876
Equity in net income (loss) of
nonconsolidated affiliate, net of tax - 87
--- ---
Net income (loss) applicable to common
stockholders $(352) $6,963
===== ======

Basic and diluted earnings per share:
Net income (loss) per share applicable
to common stockholders,
basic and diluted $0.00 $0.08
===== =====

Weighted average common shares
outstanding, basic 85,053,417 84,494,665
========== ==========
Weighted average common shares
outstanding, diluted 85,053,417 85,373,021
========== ==========

Six-Month Period
Ended June 30,
--------------
2011 2010
---- ----

Net revenue $94,309 $96,504
------- -------

Expenses:
Direct operating expenses (including
related parties of $1,815, $3,151,
$3,519 and $5,502) (including non-
cash stock-based compensation of
$53, $103, $104 and $208) 43,308 42,930
Selling, general and administrative
expenses (including non-cash
stock-based compensation of $159,
$147, $315 and $295) 18,529 17,991
Corporate expenses (including non-
cash stock-based compensation
of $289, $286, $445 and $492) 7,517 7,225
Depreciation and amortization
(includes direct operating of $3,352,
$3,385, $6,678 and $6,874; selling,
general and administrative of $798,
$903, $1,619 and $1,841; and
corporate of $275, $586, $860 and
$883) (including related parties of
$627, $846, $1,520 and $1,426) 9,157 9,597
78,511 77,743
------ ------
Operating income (loss) 15,798 18,761
Interest expense (including related
parties of $15, $25, $30 and $54) (18,902) (10,777)
Interest income 2 167
Other income (loss) 687 -
--- ---
Income (loss) before income taxes (2,415) 8,151
Income tax (expense) benefit (2,369) (3,338)
------ ------
Income (loss) before equity in net
income (loss) of
nonconsolidated affiliate (4,784) 4,813
Equity in net income (loss) of
nonconsolidated affiliate, net of tax - (34)
--- ---
Net income (loss) applicable to common
stockholders $(4,784) $4,779
======= ======

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

Weighted average common shares
outstanding, basic 85,046,396 84,462,613
========== ==========
Weighted average common shares
outstanding, diluted 85,046,396 85,278,162
========== ==========

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

Three-Month
Period
Ended June 30,
--------------
2011 2010
---- ----

Cash flows from operating
activities:
Net income (loss) $(352) $6,963
Adjustments to reconcile net income
(loss) to net cash provided by
(used in) operating activities:
Depreciation and amortization 4,425 4,874
Deferred income taxes 979 1,414
Amortization of debt issue costs 547 104
Amortization of syndication
contracts 853 278
Payments on syndication contracts (475) (705)
Equity in net income (loss) of
nonconsolidated affiliate - (87)
Non-cash stock-based compensation 501 536
Other income (loss) - -
Change in fair value of interest
rate swap agreements - (4,123)
Changes in assets and liabilities,
net of effect of acquisitions and
dispositions:
(Increase) decrease in restricted
cash 809 -
(Increase) decrease in accounts
receivable (5,202) (8,665)
(Increase) decrease in prepaid
expenses and other assets 645 140
Increase (decrease) in accounts
payable, accrued expenses and
other liabilities 9,844 3,339
----- -----
Net cash provided by (used in)
operating activities 12,574 4,068
------ -----
Cash flows from investing
activities:
Purchases of property and equipment
and intangibles (2,189) (3,371)
Purchase of a business (203) -
---- ---
Net cash provided by (used in)
investing activities (2,392) (3,371)
------ ------
Cash flows from financing
activities:
Proceeds from issuance of common
stock 15 69
Payments on long-term debt (1,000) (1,000)
Payments of deferred debt and
offering costs - (501)
--- ----
Net cash provided by (used in)
financing activities (985) (1,432)
---- ------
Net increase (decrease) in cash and
cash equivalents 9,197 (735)
Cash and cash equivalents:
Beginning 66,072 26,456
------ ------
Ending $75,269 $25,721

Six-Month Period
Ended June 30,
--------------
2011 2010
---- ----

Cash flows from operating activities:
Net income (loss) $(4,784) $4,779
Adjustments to reconcile net income
(loss) to net cash provided by (used in)
operating activities:
Depreciation and amortization 9,157 9,597
Deferred income taxes 1,617 2,627
Amortization of debt issue costs 1,086 208
Amortization of syndication contracts 1,143 550
Payments on syndication contracts (955) (1,409)
Equity in net income (loss) of
nonconsolidated affiliate - 34
Non-cash stock-based compensation 864 995
Other income (loss) (687) -
Change in fair value of interest rate
swap agreements - (8,053)
Changes in assets and liabilities, net of
effect of acquisitions and dispositions:
(Increase) decrease in restricted cash 809 -
(Increase) decrease in accounts
receivable 1,605 (3,625)
(Increase) decrease in prepaid expenses
and other assets 47 48
Increase (decrease) in accounts payable,
accrued expenses and other liabilities (783) 3,451
---- -----
Net cash provided by (used in) operating
activities 9,119 9,202
----- -----
Cash flows from investing activities:
Purchases of property and equipment and
intangibles (4,702) (6,045)
Purchase of a business (551) -
---- ---
Net cash provided by (used in) investing
activities (5,253) (6,045)
------ ------
Cash flows from financing activities:
Proceeds from issuance of common stock 42 219
Payments on long-term debt (1,000) (4,458)
Payments of deferred debt and offering
costs (29) (863)
--- ----
Net cash provided by (used in) financing
activities (987) (5,102)
---- ------
Net increase (decrease) in cash and cash
equivalents 2,879 (1,945)
Cash and cash equivalents:
Beginning 72,390 27,666
------ ------
Ending $75,269 $25,721

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,
--------------
2011 2010
---- ----

Consolidated adjusted EBITDA (1) $15,599 $18,966

Interest expense (9,459) (5,263)
Interest income - 84
Income tax (expense) benefit (1,188) (1,928)
Amortization of syndication contracts (853) (278)
Payments on syndication contracts 475 705
Non-cash stock-based compensation included
in direct operating
expenses (53) (103)
Non-cash stock-based compensation included
in selling, general
and administrative expenses (159) (147)
Non-cash stock-based compensation included
in corporate expenses (289) (286)
Depreciation and amortization (4,425) (4,874)
Other income (loss) - -
Equity in net income (loss) of nonconsolidated
affiliates - 87
Net income (loss) (352) 6,963

Depreciation and amortization 4,425 4,874
Deferred income taxes 979 1,414
Amortization of debt issue costs 547 104
Amortization of syndication contracts 853 278
Payments on syndication contracts (475) (705)
Equity in net income (loss) of nonconsolidated
affiliate - (87)
Non-cash stock-based compensation 501 536
Other (income) loss - -
Change in fair value of interest rate swap
agreements - (4,123)
Changes in assets and liabilities, net of
effect of acquisitions and dispositions:
(Increase) decrease in restricted cash 809 -
(Increase) decrease in accounts receivable (5,202) (8,665)
(Increase) decrease in prepaid expenses and
other assets 645 140
Increase (decrease) in accounts payable,
accrued expenses and other liabilities 9,844 3,339
----- -----
Cash flows from operating activities $12,574 $4,068
======= ======

Six-Month Period
Ended June 30,
--------------
2011 2010
---- ----

Consolidated adjusted EBITDA (1) $26,007 $28,494

Interest expense (18,902) (10,777)
Interest income 2 167
Income tax (expense) benefit (2,369) (3,338)
Amortization of syndication contracts (1,143) (550)
Payments on syndication contracts 955 1,409
Non-cash stock-based compensation included
in direct operating
expenses (104) (208)
Non-cash stock-based compensation included
in selling, general
and administrative expenses (315) (295)
Non-cash stock-based compensation included
in corporate expenses (445) (492)
Depreciation and amortization (9,157) (9,597)
Other income (loss) 687 -
Equity in net income (loss) of nonconsolidated
affiliates - (34)
Net income (loss) (4,784) 4,779

Depreciation and amortization 9,157 9,597
Deferred income taxes 1,617 2,627
Amortization of debt issue costs 1,086 208
Amortization of syndication contracts 1,143 550
Payments on syndication contracts (955) (1,409)
Equity in net income (loss) of nonconsolidated
affiliate - 34
Non-cash stock-based compensation 864 995
Other (income) loss (687) -
Change in fair value of interest rate swap
agreements - (8,053)
Changes in assets and liabilities, net of
effect of acquisitions and dispositions:
(Increase) decrease in restricted cash 809 -
(Increase) decrease in accounts receivable 1,605 (3,625)
(Increase) decrease in prepaid expenses and
other assets 47 48
Increase (decrease) in accounts payable,
accrued expenses and other liabilities (783) 3,451
---- -----
Cash flows from operating activities $9,119 $9,202
====== ======

(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 June 30,
--------------
2011 2010
---- ----
Consolidated adjusted EBITDA (1) $15,599 $18,966
Net interest expense (1) 8,912 9,197
Cash paid for income taxes 209 514
Capital expenditures (2) 1,511 2,121
----- -----
Free cash flow (1) 4,967 7,134

Capital expenditures (2) 1,511 2,121
Non-cash interest expense relating to
amortization of debt finance (547) 4,018
costs and interest rate swap agreements
Non-cash income tax expense (979) (1,414)
Amortization of syndication contracts (853) (278)
Payments on syndication contracts 475 705
Non-cash stock-based compensation
included in direct operating (53) (103)
expenses
Non-cash stock-based compensation
included in selling, general (159) (147)
and administrative expenses
Non-cash stock-based compensation
included in corporate expenses (289) (286) (445)
Depreciation and amortization (4,425) (4,874)
Other income (loss) - -
Equity in net income (loss) of
nonconsolidated affiliates - 87
--- ---
Net income (loss) $(352) $6,963
===== ======

Six-Month Period
Ended June 30,
--------------
2011 2010
---- ----
Consolidated adjusted EBITDA (1) $26,007 $28,494
Net interest expense (1) 17,814 18,454
Cash paid for income taxes 752 711
Capital expenditures (2) 4,024 4,795
Free cash flow (1) 3,417 4,534

Capital expenditures (2) 4,024 4,795
Non-cash interest expense relating to
amortization of debt finance (1,086) 7,844
costs and interest rate swap agreements
Non-cash income tax expense (1,617) (2,627)
Amortization of syndication contracts (1,143) (550)
Payments on syndication contracts 955 1,409
Non-cash stock-based compensation
included in direct operating (104) (208)
expenses
Non-cash stock-based compensation
included in selling, general (315) (295)
and administrative expenses
Non-cash stock-based compensation
included in corporate expenses (445) (492)
Depreciation and amortization (9,157) (9,597)
Other income (loss) 687 -
Equity in net income (loss) of
nonconsolidated affiliates - (34)
--- ---
Net income (loss) $(4,784) $4,779
======= ======

(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; or Mike Smargiassi, or Brad Edwards, both of Brainerd Communicators, Inc., +1-212-986-6667

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

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