Entravision Q3 Net Revenue Down 8%, Earnings Swing to Loss
|RADIO ONLINE | Thursday, November 7, 2019|
Entravision Communications reported third quarter net revenue of $68.8 million, down 8% from $74.5 million in 2018. The company's radio unit was down 6% to $14.78 million from $15.78 million. Operating expenses fell 2% to $43.2 million from $44 million, while consolidated adjusted EBITDA declined 19% to $9.1 million from $11.2 million. The company posted a net loss of $12.2 million (14 cents per share) as compared to a net income of $2.2 million (2 cents) in the year-ago period.
The company also announced that its board of directors approved a quarterly cash dividend to shareholders of $0.05 per share on its Class A, Class B and Class U common stock of approximately $4.3 million. The dividend will be payable on December 31, 2019 to shareholders of record as of the close of business on December 16, 2019, and the common stock will trade ex-dividend on December 13.