Entravision Q2 Revs Down 23%, Radio Drops 29%

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Entravision posted a 23% drop in net revenue for the second quarter to $48.6 million from $62.9 million a year earlier. Operating income (OI) tumbled 51% to $7.7 million from $15.9 million. The company's radio unit saw revenues fall 29% to $16.9 million from $23.9 million. Net earnings fell to $1.82 million (2 cents per share) as compared with earnings of $10.7 million (13 cents).

Chairman/CEO Walter F. Ulloa said, "Our second quarter financial results reflect the continuing recession and the challenging advertising environment. We are continuing to aggressively manage our costs to maximize our cash flows. Our television and radio operations continue to deliver solid ratings in the nation's most densely-populated Hispanic markets. We believe we are well positioned to benefit when the economy recovers."

The company also announced that it had repurchased 0.9 million shares of Entravision Class A common stock from Univision for $0.5 million during the second quarter.