Entravision Q2 Net Revenues Up 5%, Declares Dividend
|RADIO ONLINE | Wednesday, August 8, 2018 | 5:15pm CT|
Entravision Communications reported second quarter net revenue gained 5% to $74.3 million as compared to $70.5 million in 2017. Of the overall increase, about $5 million was attributable to its digital segment. Radio revenues were flat at $17.2 million. Operating income grew 6% to $9.8 million from $9.25 million. The company posted a net earnings gain of 37% to $4.87 million from 43.5 million in the year-ago period.
Chairman/CEO Walter F. Ulloa said, "During the second quarter, we achieved revenue growth driven by increases in our digital media segment. This growth in our digital media segment offsets a decrease in our television segment, while our radio segment was flat. We also improved our free cash flow and net income over last year's second quarter. Additionally, we continued to build our digital footprint through our acquisition of Smadex, a digital advertising technology company, while implementing steps to more efficiently align operations and reduce costs."
The company also announced that its board of directors has approved a quarterly cash dividend to shareholders of $0.05 per share of its Class A, Class B and Class U common stock, in an amount of approximately $4.5 million. The quarterly dividend will be payable on September 28, 2018 to shareholders of record as of the close of business on September 14, 2018, and the common stock will trade ex-dividend on September 13.