Entravision Communications Corporation Reports Third Quarter 2014 Results

Entravision Communications Corporation Reports Third Quarter 2014 Results

- Third Quarter 2014 Net Revenue and Consolidated Adjusted EBITDA Increase 8% and 5% Respectively -

- Free Cash Flow Increases 26% -

- Establishes New Digital Media Segment -

- Repurchases 0.8 Million Shares in the Third Quarter -

SANTA MONICA, Calif., Nov. 6, 2014 /PRNewswire/ -- Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and nine-month periods ended September 30, 2014.

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 10. Unaudited financial highlights are as follows:




Three-Month Period Nine-Month Period

Ended September 30, Ended September 30,
------------------- -------------------

2014 2013 % Change 2014 2013 % Change
---- ---- -------- ---- ---- --------

Net revenue $62,274 $57,786 8% $176,776 $163,823 8%

Cost of revenue -
digital media
(1) 1,489 - 100% 1,489 - 100%

Operating
expenses (2) 35,944 33,991 6% 104,452 99,311 5%

Corporate
expenses (3) 4,899 5,011 (2)% 14,996 14,244 5%


Consolidated
adjusted EBITDA
(4) 20,812 19,864 5% 57,944 53,241 9%


Free cash flow
(5) $15,060 $11,919 26% $41,080 $25,552 61%

Free cash flow
per share, basic
(5) $0.17 $0.14 21% $0.46 $0.29 59%

Free cash flow
per share,
diluted (5) $0.17 $0.14 21% $0.45 $0.29 55%


Net income (loss) $8,057 $(21,384) NM $21,180 $(17,268) NM


Net income (loss)
per share, basic $0.09 $(0.24) NM $0.24 $(0.20) NM

Net income (loss)
per share,
diluted $0.09 $(0.24) NM $0.23 $(0.20) NM


Weighted average
common shares
outstanding,
basic 89,179,192 87,959,856 89,048,459 87,170,106

Weighted average
common shares
outstanding,
diluted 91,239,798 87,959,856 91,130,613 87,170,106


(1) Cost of revenue consists primarily of
the costs of online media acquired
from third-party publishers. Media
cost is classified as cost of revenue
in the period in which the
corresponding revenue is recognized.


(2) Operating expenses include direct
operating, selling, general and
administrative expenses. Included in
operating expenses are $0.3 million of
non-cash stock-based compensation
for each of the three-month periods
ended September 30, 2014 and 2013, and
$0.5 million and $0.8 million of non-
cash stock-based compensation for the
nine-month periods ended September
30, 2014 and 2013, respectively.
Operating expenses do not include
corporate expenses, depreciation and
amortization, impairment charge, gain
(loss) on sale of assets, gain (loss)
on debt extinguishment and other
income (loss).


(3) Corporate expenses include $0.6 million
and $1.0 million of non-cash stock-
based compensation for the three-
month periods ended September 30, 2014
and 2013, respectively, and $1.7
million and $2.7 million of non-cash
stock-based compensation for the
nine-month periods ended September
30, 2014 and 2013, respectively.


(4) 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, other income (loss), gain
(loss) on debt extinguishment, 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 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, other income (loss),
gain (loss) on debt extinguishment,
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, net
interest expense, other income (loss),
gain (loss) on debt extinguishment,
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.


(5) 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 $324 million aggregate principal
amount of 8.750% senior secured first
lien notes (the "Notes"), which were
fully redeemed on August 2, 2013, and
less interest income. 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 achieved revenue growth driven by increases in both our television and digital media segments, as well as retransmission consent revenue and political and World Cup advertising revenue. We also improved our free cash flow and net income over the third quarter of 2013 as we benefited from the successful refinancing of our debt last August. We continued to build our digital footprint through the acquisition of Pulpo Media in June 2014, which provides us with an integrated platform to allow advertisers and marketers to connect with Latino audiences. Looking ahead, we remain well positioned to build on our success in attracting Latino audiences, expanding our advertiser base and monetizing our reach to the benefit of our shareholders."

Shares Repurchase Program

The Company also announced that as part of its recently-announced $10.0 million share repurchase program it repurchased 0.8 million shares of Class A common stock for approximately $3.5 million in the third quarter of 2014. As of October 31, 2014, the Company repurchased 1.6 million shares of Class A common stock for approximately $7.0 million.

Digital Media Segment

Beginning this quarter, we are presenting our financial results in three reportable segments, television broadcasting, radio broadcasting and digital media. We previously operated in two reportable segments, television broadcasting and radio broadcasting. On June 18, 2014, we acquired Pulpo Media Inc. ("Pulpo"), a leading provider of digital advertising services and solutions focused on Hispanics in the U.S. and Latin America, and the #1-ranked online advertising platform in Hispanic reach, according to comScore Media Metrix®. Beginning with the third quarter of 2014, we separated the results of Pulpo into a new operating segment, digital media, which we believe maximizes the opportunity for our advertisers and marketers to connect with the growing Latino consumer market.




Financial Results


Three-Month Period Ended September 30, 2014 Compared to Three-Month Period Ended

September 30, 2013

(Unaudited)


Three-Month Period

Ended September 30,
-------------------

2014 2013 % Change
---- ---- --------

Net revenue $62,274 $57,786 8%

Cost of revenue -digital
media (1) 1,489 - 100%

Operating expenses (1) 35,944 33,991 6%

Corporate expenses (1) 4,899 5,011 (2)%

Depreciation and amortization 3,785 3,613 5%


Operating income (loss) 16,157 15,171 6%

Interest expense, net (3,489) (5,340) (35)%

Gain (loss) on debt
extinguishment - (29,404) (100)%
--- -------


Income (loss) before income
taxes 12,668 (19,573) NM


Income tax (expense) benefit (4,611) (1,811) 155%
------ ------

Net income (loss) $8,057 $(21,384) NM
====== ========



(1) Cost of revenue, operating
expenses and corporate
expenses are defined on
page 1.
Net revenue increased to $62.3 million for the three-month period ended September 30, 2014 from $57.8 million for the three-month period ended September 30, 2013, an increase of $4.5 million. Of the overall increase, approximately $1.5 million was generated by our television segment and was primarily attributable to advertising revenue from the World Cup, an increase in political advertising revenue, which was not material in 2013, and an increase in retransmission consent revenue. Additionally, $0.1 million of the overall increase was generated by our radio segment and was primarily attributable to advertising revenue from the World Cup, partially offset by decreases in local and national advertising. The remaining $2.9 million of the overall increase was generated by our new digital media segment, resulting from our acquisition of Pulpo in June 2014 and which did not contribute to revenues in prior periods.

Operating expenses increased to $35.9 million for the three-month period ended September 30, 2014 from $34.0 million for the three-month period ended September 30, 2013, an increase of $1.9 million. The increase was primarily attributable to our acquisition of Pulpo in June 2014, an increase in salary expense and an increase in employee benefits costs and payroll taxes associated with the increase in salary expense.

Corporate expenses decreased to $4.9 million for the three-month period ended September 30, 2014 from $5.0 million for the three-month period ended September 30, 2013, a decrease of $0.1 million. The decrease was primarily attributable to a decrease in non-cash stock-based compensation.

Cost of revenue increased to $1.5 million for the three-month period ended September 30, 2014 due to the acquisition of Pulpo in June 2014.




Nine-Month Period Ended September 30, 2014 Compared to Nine-Month Period Ended

September 30, 2013

(Unaudited)


Nine-Month Period

Ended September 30,
-------------------

2014 2013 % Change
---- ---- --------

Net revenue $176,776 $163,823 8%

Cost of revenue -digital media
(1) 1,489 - 100%

Operating expenses (1) 104,452 99,311 5%

Corporate expenses (1) 14,996 14,244 5%

Depreciation and amortization 10,803 11,388 (5)%


Operating income (loss) 45,036 38,880 16%

Interest expense, net (10,371) (20,989) (51)%

Gain (loss) on debt
extinguishment - (29,534) (100)%
--- -------


Income (loss) before income
taxes 34,665 (11,643) NM


Income tax (expense) benefit (13,485) (5,625) 140%
------- ------

Net income (loss) $21,180 $(17,268) NM
======= ========



(1) Cost of revenue, operating
expenses and corporate
expenses are defined on
page 1.
Net revenue increased to $176.8 million for the nine-month period ended September 30, 2014 from $163.8 million for the nine-month period ended September 30, 2013, an increase of $13.0 million. Of the overall increase, approximately $7.9 million was generated by our television segment and was primarily attributable to advertising revenue from the World Cup, an increase in retransmission consent revenue, and an increase in political advertising revenue, which was not material in 2013. Additionally, $2.2 million of the overall increase was generated by our radio segment and was primarily attributable to advertising revenue from the World Cup and an increase in national advertising revenue, partially offset by a decrease in local advertising revenue. The remaining $2.9 million of the overall increase was generated by our new digital media segment, resulting from our acquisition of Pulpo in June 2014 and which did not contribute to revenues in prior periods.

Operating expenses increased to $104.5 million for the nine-month period ended September 30, 2014 from $99.3 million for the nine-month period ended September 30, 2013, an increase of $5.2 million. The increase was primarily attributable to our acquisition of Pulpo in June 2014, an increase in salary expense and an increase in employee benefits costs and payroll taxes associated with the increase in salary expense.

Corporate expenses increased to $15.0 million for the nine-month period ended September 30, 2014 from $14.2 million for the nine-month period ended September 30, 2013, an increase of $0.8 million. The increase was primarily attributable to fees associated with the acquisition of Pulpo and an increase in salary expense, partially offset by a decrease in non-cash stock-based compensation.

Cost of revenue increased to $1.5 million for the nine-month period ended September 30, 2014 due to the acquisition of Pulpo in June 2014.

Segment Results

The following represents selected unaudited segment information:




Three-Month Period Nine-Month Period

Ended September 30, Ended September 30,
------------------- -------------------

2014 2013 % Change 2014 2013 % Change
---- ---- -------- ---- ---- --------

Net Revenue

Television $41,301 $39,747 4% $122,193 $114,289 7%

Radio 18,081 18,039 0% 51,691 49,534 4%

Digital 2,892 - 100% 2,892 - 100%
----- --- ----- ---

Total $62,274 $57,786 8% $176,776 $163,823 8%


Cost of Revenue -
digital media (1)

Digital $1,489 $ - 100% $1,489 $ - 100%


Operating Expenses (1)

Television $20,123 $20,032 0% $59,760 $58,519 2%

Radio 14,281 13,959 2% 43,152 40,792 6%

Digital 1,540 - 100% 1,540 - 100%
----- --- ----- ---

Total $35,944 $33,991 6% $104,452 $99,311 5%


Corporate Expenses (1) $4,899 $5,011 (2)% $14,996 $14,244 5%


Consolidated adjusted
EBITDA (1) $20,812 $19,864 5% $57,944 $53,241 9%



(1) Cost of revenue, operating
expenses, corporate expenses,
and consolidated adjusted
EBITDA are defined on page 1.
Entravision Communications Corporation will hold a conference call to discuss its 2014 third quarter results on November 6, 2014 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 media company serving Latino audiences and communities with an integrated platform of solutions and services that includes television, radio, digital media and data analytics to reach Latino audiences across the United States and Latin America. Entravision has 58 primary television stations, including in 20 of the nation's top 50 Latino markets, and is the largest affiliate group of both the top-ranked Univision television network and Univision's UniMas network. Entravision also operates one of the nation's largest groups of primarily Spanish-language radio stations, consisting of 49 owned and operated radio stations, and Entravision Solutions, a national sales representation and marketing organization specializing in Spanish-language media platforms and radio networks. Entravision also offers a variety of digital media platforms and services, including digital content, digital advertising platforms, including the #1-ranked online advertising platform in Hispanic reach according to comScore Media Metrix®, and data analytics solutions designed to maximize the opportunity for advertisers and marketers to connect with the growing Latino consumer market. 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 Balance Sheets

(In thousands; unaudited)


September 30, December 31,

2014 2013
---- ----


ASSETS

Current assets

Cash and cash equivalents $46,266 $43,822

Trade receivables, net of allowance for
doubtful accounts 64,948 57,043

Deferred income taxes 6,100 6,100

Prepaid expenses and other current assets 6,157 4,087
----- -----

Total current assets 123,471 111,052

Property and equipment, net 57,372 58,765

Intangible assets subject to amortization,
net 21,077 19,812

Intangible assets not subject to
amortization 220,701 220,701

Goodwill 50,456 36,647

Deferred income taxes 70,747 83,856

Other assets 6,587 7,404
----- -----

Total assets $550,411 $538,237
======== ========



LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities

Current maturities of long-term
debt $4,688 $3,750

Advances payable, related parties 118 118

Accounts payable and accrued expenses 29,583 31,246
------ ------

Total current liabilities 34,389 35,114

Long-term debt, less current maturities 357,500 360,313

Other long-term liabilities 8,773 6,786

Total liabilities 400,662 402,213
------- -------


Stockholders' equity

Class A common stock 6 6

Class B common stock 2 2

Class U common stock 1 1

Additional paid-in capital 924,700 927,377

Accumulated deficit (770,416) (791,596)

Treasury stock, Class A common stock, at
cost (3,482) -

Accumulated other comprehensive income
(loss) (1,062) 234
------ ---

Total stockholders' equity 149,749 136,024
------- -------

Total liabilities and
stockholders' equity $550,411 $538,237
======== ========






Entravision Communications Corporation

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)


Three-Month Period Nine-Month Period

Ended September 30, Ended September 30,
------------------- -------------------

2014 2013 2014 2013
---- ---- ---- ----


Net revenue $62,274 $57,786 $176,776 $163,823
------- ------- -------- --------


Expenses:

Cost of revenue - digital media 1,489 - 1,489 -

Direct operating expenses 26,913 25,860 78,542 76,073

Selling, general and administrative
expenses 9,031 8,131 25,910 23,238

Corporate expenses 4,899 5,011 14,996 14,244

Depreciation and amortization 3,785 3,613 10,803 11,388

46,117 42,615 131,740 124,943
------ ------ ------- -------

Operating income (loss) 16,157 15,171 45,036 38,880

Interest expense (3,501) (5,352) (10,408) (21,017)

Interest income 12 12 37 28

Gain (loss) on debt extinguishment - (29,404) - (29,534)
--- ------- --- -------

Income (loss) before income taxes 12,668 (19,573) 34,665 (11,643)

Income tax (expense) benefit (4,611) (1,811) (13,485) (5,625)
------ ------ ------- ------

Net income (loss) $8,057 $(21,384) $21,180 $(17,268)
====== ======== ======= ========


Basic and diluted earnings per share:

Net income (loss) per
share, basic $0.09 $(0.24) $0.24 $(0.20)
===== ====== ===== ======

Net income (loss) per
share, diluted $0.09 $(0.24) $0.23 $(0.20)
===== ====== ===== ======


Cash dividends declared
per common share $0.03 - $0.08 -
===== === ===== ===


Weighted average common shares
outstanding, basic 89,179,192 87,959,856 89,048,459 87,170,106
========== ========== ========== ==========

Weighted average common shares
outstanding, diluted 91,239,798 87,959,856 91,130,613 87,170,106
========== ========== ========== ==========






Entravision Communications Corporation

Consolidated Statements of Cash Flows

(In thousands; unaudited)


Three-Month Period Nine-Month Period

Ended September 30, Ended September 30,
------------------- -------------------

2014 2013 2014 2013
---- ---- ---- ----


Cash flows from operating activities:

Net income (loss) $8,057 $(21,384) $21,180 $(17,268)

Adjustments to reconcile net income (loss) to net cash
provided by (used in) operating activities:

Depreciation and amortization 3,785 3,613 10,803 11,388

Deferred income taxes 4,480 1,761 12,771 5,055

Amortization of debt issue costs 207 408 611 1,438

Amortization of syndication contracts 110 148 354 450

Payments on syndication contracts (129) (344) (441) (995)

Non-cash stock-based compensation 889 1,276 2,192 3,518

(Gain) loss on debt extinguishment - 29,404 - 29,534

Changes in assets and liabilities:

(Increase) decrease in accounts receivable (1,891) 626 (5,523) (3,701)

(Increase) decrease in prepaid expenses and other assets (907) (869) (2,168) (1,323)

Increase (decrease) in accounts payable, accrued expenses
and other liabilities (186) (9,473) (5,670) (10,111)

Net cash provided by (used in) operating activities 14,415 5,166 34,109 17,985
------ ----- ------ ------

Cash flows from investing activities:

Purchases of property and equipment and intangibles (2,339) (2,963) (6,390) (7,568)

Purchase of a business, net of cash acquired - - (15,048) -

Net cash provided by (used in) investing activities (2,339) (2,963) (21,438) (7,568)
------ ------ ------- ------

Cash flows from financing activities:

Proceeds from stock option exercises 78 348 1,817 2,740

Payments on long-term debt - (364,997) (1,875) (365,047)

Dividends paid (2,223) - (6,687) -

Repurchase of Class A common stock (3,482) - (3,482) -

Proceeds from borrowings on long-term debt - 375,000 - 375,000

Payments of capitalized debt offering and issuance costs - (74) - (5,694)
--- --- --- ------

Net cash provided by (used in) financing activities (5,627) 10,277 (10,227) 6,999
------ ------ ------- -----

Net increase (decrease) in cash and cash equivalents 6,449 12,480 2,444 17,416

Cash and cash equivalents:

Beginning 39,817 41,066 43,822 36,130
------ ------ ------ ------

Ending $46,266 $53,546 $46,266 $53,546
======= ======= ======= =======






Entravision Communications Corporation

Reconciliation of Consolidated Adjusted EBITDA to Cash Flows From Operating Activities

(In thousands; unaudited)


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 Nine-Month Period

Ended September 30, Ended September 30,
------------------- -------------------

2014 2013 2014 2013
---- ---- ---- ----


Consolidated adjusted
EBITDA (1) $20,812 $19,864 $57,944 $53,241


Interest expense (3,501) (5,352) (10,408) (21,017)

Interest income 12 12 37 28

Income tax (expense) benefit (4,611) (1,811) (13,485) (5,625)

Amortization of syndication
contracts (110) (148) (354) (450)

Payments on syndication
contracts 129 344 441 995

Non-cash stock-based
compensation included in direct
operating expenses (278) (297) (495) (776)

Non-cash stock-based
compensation included in
corporate expenses (611) (979) (1,697) (2,742)

Depreciation and amortization (3,785) (3,613) (10,803) (11,388)

Gain (loss) on debt
extinguishment - (29,404) - (29,534)

Net income (loss) 8,057 (21,384) 21,180 (17,268)



Depreciation and amortization 3,785 3,613 10,803 11,388

Deferred income taxes 4,480 1,761 12,771 5,055

Amortization of debt issue costs 207 408 611 1,438

Amortization of syndication
contracts 110 148 354 450

Payments on syndication
contracts (129) (344) (441) (995)

Non-cash stock-based
compensation 889 1,276 2,192 3,518

(Gain) loss on debt
extinguishment - 29,404 - 29,534

Changes in assets and
liabilities:

(Increase) decrease in accounts
receivable (1,891) 626 (5,523) (3,701)

(Increase) decrease in prepaid
expenses and other assets (907) (869) (2,168) (1,323)

Increase (decrease) in accounts
payable, accrued expenses and
other liabilities (186) (9,473) (5,670) (10,111)

Cash flows from
operating activities $14,415 $5,166 $34,109 $17,985
======= ====== ======= =======


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



Entravision Communications Corporation

Reconciliation of Free Cash Flow to Net Income (Loss)

(In thousands; unaudited)


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 Nine-Month Period

Ended September 30, Ended September 30,
------------------- -------------------

2014 2013 2014 2013
---- ---- ---- ----

Consolidated adjusted EBITDA
(1) $20,812 $19,864 $57,944 $53,241

Net interest expense (1) 3,282 4,932 9,760 19,551

Cash paid for income taxes 131 50 714 570

Capital expenditures (2) 2,339 2,963 6,390 7,568
----- ----- ----- -----

Free cash flow (1) 15,060 11,919 41,080 25,552


Capital expenditures (2) 2,339 2,963 6,390 7,568

Amortization of debt issue costs (207) (408) (611) (1,438)

Non-cash income tax expense (4,480) (1,761) (12,771) (5,055)

Amortization of syndication contracts (110) (148) (354) (450)

Payments on syndication contracts 129 344 441 995

Non-cash stock-based compensation
included in direct operating expenses (278) (297) (495) (776)

Non-cash stock-based compensation
included in corporate expenses (611) (979) (1,697) (2,742)

Depreciation and amortization (3,785) (3,613) (10,803) (11,388)

Gain (loss) on debt extinguishment - (29,404) - (29,534)

Net income (loss) $8,057 $(21,384) $21,180 $(17,268)
====== ======== ======= ========


(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, 310-447-3870, Mike Smargiassi/Brad Edwards, Brainerd Communicators, Inc. 212-986-6667

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


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