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Entravision Q2 Net Revenue Down 38.4% to $45.1 Million
RADIO ONLINE | Tuesday, August 4, 2020 |
Entravision Communications reported second quarter net revenue decreased 38.4% to $45.1 million in 2019. Of the overall decrease, $11.1 million was attributable to its television segment, $7.6 million to its radio segment and $5.4 million in its digital segment. The declines in local and national ad revenue were primarily a result of the continuing economic crisis resulting from the COVID-19 pandemic. The company posted a net income $2.3 million (3 cents per diluted share) as compared to a net loss of $16.2 million (19 cents) in the year-ago period.
Operating expenses decreased to $33 million from $43.2 million in 2019. The decline was primarily due to decreases in salary expense, as a result of the company-wide reduction in salaries implemented effective April 16, and expenses associated with the decrease in advertising revenue.
Chairman and CEO Walter F. Ulloa said, "Our second quarter results were affected by the COVID-19 pandemic and the resulting economic crisis, which resulted in declines in our television, radio and digital segments compared to the prior year. We expect a sustained adverse impact in future periods, depending upon the extent and duration of the economic downturn brought on by the pandemic.
"Nonetheless, we continue to maintain a solid balance sheet, have reduced costs and will continue to undertake an extensive review of our business in order to more efficiently align operations and further 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."
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