Entravision Q1 Net Revenues Down 1%, Radio Falls 2%

RADIO ONLINE | Thursday, May 7, 2020

Entravison

Entravision Communications reported first quarter net revenue declined 1% to $64.2 million from $64.6 million in 2019. Radio revenues were down 2% to $11.7 million from $11.9 million. Operating expenses fell 65 to $40.2 million from $42.7 million, while consolidated adjusted EBITDA grew 20% to $9.6 million from $8 million. Free cash flow was up 304% to $5.2 million from $1.2 million. The company posted a net loss of $35.5 million (42 cents per diluted share) as compared to net earnings of $1.4 million (2 cents) in the year-ago period.

Chairman and CEO Walter F. Ulloa commented, "Our first quarter results were affected by the COVID-19 pandemic and the resulting economic crisis late in the period, which resulted in declines in our radio and digital segments compared to the prior year. However, we did achieve growth in our television segment compared to the first quarter of 2019. We expect a significantly greater adverse impact in future periods, depending upon the extent and duration of the economic downturn."

He added, "We continue to maintain a solid balance sheet and are undertaking an extensive review of our business in order to more efficiently align operations and reduce costs. Looking ahead, we remain well positioned to build on our success in further attracting Latino and other audiences worldwide, as we execute our multiplatform strategy to the benefit of our shareholders."

Entravision also announced that its board of directors have approved a quarterly cash dividend to shareholders of $0.025 per share on its Class A, Class B and Class U common stock. The quarterly dividend will be payable on June 30, 2020 to shareholders of record as of the close of business on June 15, 2020, and the common stock will trade ex-dividend on June 12.