testsite

Tag: Headway

  • Entravision Communications Corporation Schedules Third Quarter 2017 Earnings Release And Teleconference

    Entravision Communications Corporation Schedules Third Quarter 2017 Earnings Release And Teleconference

    SANTA MONICA, Calif., Oct. 25, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC) announced today that it will release third quarter 2017 financial results after market hours on Thursday, November 2, 2017.

    The company will also host a teleconference to discuss its third quarter 2017 financial results on Thursday, November 2, 2017 at 5:00 p.m. Eastern Time. To access the teleconference, please dial 412-317-5440 ten minutes prior to the start time.  The teleconference will also be available via live webcast on the investor relations portion of the Company’s Web site located at www.entravision.com. 

    If you cannot listen to the teleconference at its scheduled time, there will be a replay available through Thursday, November 23, 2017 which can be accessed by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (Int’l), passcode 10113852. The webcast will also be archived on the Company’s Web site for 30 days.

    About Entravision Communications Corporation
    Entravision Communications Corporation is a leading global media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico and Latin America. The company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events and data analytics services. Entravision has 56 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravison also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. Entravision’sPulpo digital advertising unit is the #1-ranked online advertising platform in Hispanic reach according to comScore Media Metrix®, and Entravision’s digital group also includes Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the U.S., Mexico and Latin America.  Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC. Learn more at: www.entravision.com.

    View original content:http://www.prnewswire.com/news-releases/entravision-communications-corporation-schedules-third-quarter-2017-earnings-release-and-teleconference-300543389.html

    SOURCE Entravision Communications Corporation

  • Entravision Communications Corporation Announces New Television Agreements with Univision

    Entravision Communications Corporation Announces New Television Agreements with Univision

    SANTA MONICA, Calif., Oct. 5, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC), a diversified media company serving Latino audiences and communities, today announced that it has entered into a new affiliation agreement and a new proxy agreement with Univision Communications Inc. relating to the company’s Univision and UniMás network affiliate television stations.

    “We have a longstanding and productive relationship with Univision and are pleased to extend our partnership through 2026,” said Walter F. Ulloa, Chairman and Chief Executive Officer of Entravision. “Univision shares our commitment to the growing U.S. Latino market and we will continue to work together to best serve our local communities. Entravision remains focused on providing leading news, information and entertainment content across all of our media platforms in order to reach, engage and benefit our audiences and advertising partners.”

    Under the new affiliation agreement, Univision will continue to provide Entravision’s existing Univision and UniMás network affiliate stations the right to broadcast Univision network and UniMás network programming in their respective markets. Under the new proxy agreement, Univision will continue to negotiate the terms of retransmission consent agreements for Entravision’s Univision and UniMás network affiliate television stations in markets in which the two companies do not both own television stations. In addition, the company also entered into new amended and restated joint sales agreements, under which Entravision will continue to provide sales and marketing services for Univision and UniMás network affiliate television stations owned by Univision in six markets: Albuquerque, New Mexico; Boston, Massachusetts; Denver, Colorado; Orlando, Florida; Tampa, Florida; and Washington, D.C. The term of each of these new agreements extends through December 31, 2026, except that the agreements will expire on December 31, 2021 with respect to affiliate stations in Orlando, Florida; Tampa, Florida; and Washington, D.C. Each of these new agreements replaces its respective predecessor agreements.

    About Entravision
    Entravision Communications Corporation is a leading global media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico and Latin America. The company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events and data analytics services. Entravision has 56 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravison also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. Entravision’sPulpo digital advertising unit is the #1-ranked online advertising platform in Hispanic reach according to comScore Media Metrix®, and Entravision’s digital group also includes Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the U.S., Mexico and Latin America.  Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC. Learn more at: www.entravision.com.

    View original content:http://www.prnewswire.com/news-releases/entravision-communications-corporation-announces-new-television-agreements-with-univision-300531531.html

    SOURCE Entravision Communications Corporation

  • Entravision Communications Corporation Earns the Ad Council’s Crystal Bell Award at RAB-NAB Radio Show

    Entravision Communications Corporation Earns the Ad Council’s Crystal Bell Award at RAB-NAB Radio Show

    NEW YORK, Sept. 8, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC), a diversified media company serving Latino audiences and communities, was recognized with the Ad Council’sCrystal Bell award yesterday at the Radio Show, an annual event produced by the Radio Advertising Bureau (RAB) and the National Association of Broadcasters (NAB) for radio industry professionals, in Austin, Texas. Each year, this award is presented to a radio outlet for its extraordinary contribution to the Ad Council’s public service campaigns.

    The Ad Council, a national non-profit organization, is the largest producer of public service advertising (PSA) campaigns in the U.S. Through partnerships with non-profit organizations and federal government agencies, the Ad Council works to drive change on public issues through PSAs and innovative communications programs. All Ad Council campaign PSAs are aired and run in donated media time and space.

    This year’s Crystal Bell Award was presented to Entravision Communications Corporation. Entravision radio stations have generously supported a diverse range of Spanish-language Ad Council campaigns on a number of important social issues, including campaigns for Fatherhood Involvement, Foreclosure Prevention Assistance, Discovering Nature, Hunger Prevention, and Learning and Attention Issues.  Accepting the award on behalf of Entravision was Ray Leon, Vice President Texas-Sales at Entravision. In 2015, Entravision was also awarded the Crystal Bell for ongoing public service efforts and their dedication to serve the community.

    “We’re incredibly grateful to all of our partners in the radio advertising industry,” said Lisa Sherman, President and CEO of the Ad Council. “Their continued support of our causes and their commitment to spreading important messages to listeners around the country has led to lasting social change. This year, we are proud to recognize Entravision, who has been a stellar partner with all 49 of its stations providing generous support to Ad Council’s Spanish-language PSAs.”

    “Entravision’s efforts to offer informative Spanish-language programming to Hispanics across the United States goes in tandem with being able to reach out, engage and educate our local communities,” said Walter F. Ulloa, Chairman and Chief Executive Officer at Entravision. “In true partnership, we extend our own platform to showcase the noble causes brought to fruition by the Ad Council.”

    The radio industry ranked among the Ad Council’s top supporters of providing pro bono space in 2016, donating more than $48 million in public service advertising. The industry has helped amplify the messages of many Ad Council campaigns through the years, including generous support for the Foreclosure Prevention Assistance, Learning and Attention Issues, Discovering Nature, Fatherhood Involvement, and Child Passenger Safety campaigns in 2016.

    About Entravision
    Entravision Communications Corporation is a leading global media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico, Latin America and Spain. The company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events, and data analytics services. Entravision has 56 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravison also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. According to comScore Media Metrix®, Entravision’s digital operating group, Pulpo, is the #1-ranked online advertising platform in Hispanic reach, and Pulpo’s comprehensive media offering, data, and consumer insights lead the industry. Entravision’s digital group also includes Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the U.S., Mexico and Latin America.  Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC. Learn more at: www.entravision.com.

    About the Radio Show
    The 2017 Radio Show, produced by the Radio Advertising Bureau (RAB) and the National Association of Broadcasters (NAB), will be held September 5-8 in Austin, Texas. This year’s show brings radio broadcasters and industry colleagues together to share knowledge, discover the latest innovations, network with industry leaders and explore creative business strategies for the digital age. To learn more about the 2017 Radio Show, visit www.radioshowweb.com.

    About the Ad Council
    The Ad Council is a private, non-profit organization with a rich history of marshaling volunteer talent from the advertising and media industries to deliver critical messages to the American public. Having produced literally thousands of public service campaigns addressing the most pressing social issues of the day, the Ad Council has affected, and continues to affect, tremendous positive change by raising awareness, inspiring action and saving lives. To learn more about the Ad Council and its campaigns visit adcouncil.org, like us on Facebook, follow us on Twitter or view our PSAs on YouTube.

    View original content:http://www.prnewswire.com/news-releases/entravision-communications-corporation-earns-the-ad-councils-crystal-bell-award-at-rab-nab-radio-show-300512879.html

    SOURCE Entravision Communications Corporation

  • /C O R R E C T I O N — Entravision Communications Corporation/

    /C O R R E C T I O N — Entravision Communications Corporation/

    In the news release, Entravision Communications Corporation Reports Second Quarter 2017 Results, issued 02-Aug-2017 by Entravision Communications Corporation over PR Newswire, we are advised by the company that in the “Quarterly Cash Dividend” paragraph, the ex-dividend date should read “September 13, 2017” rather than “September 12, 2017” as originally issued inadvertently. The complete, corrected release follows:

    Entravision Communications Corporation Reports Second Quarter 2017 Results- Announces Increase in Quarterly Cash Dividend to $0.05 Per Share — Announces $15 Million Share Repurchase Program — Receives $263.6 Million from the FCC Auction for Broadcast Spectrum — Enters into Definitive Agreement to Acquire NBC Affiliate KMIR-TV and MyNetworkTV Affiliate KPSE-LD Serving Palm Springs, California –

    SANTA MONICA, Calif., Aug. 2, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and six-month periods ended June 30, 2017.

    Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure is included beginning on page 10. Unaudited financial highlights are as follows:

    Three-Month Period

    Six-Month Period

    Ended June 30,

    Ended June 30,

    2017

    2016

    % Change

    2017

    2016

    % Change

    Net revenue

    $

    70,509

    $

    64,829

    9

    %

    $

    128,019

    $

    122,942

    4

    %

    Cost of revenue – digital media (1)

    8,762

    2,373

    269

    %

    10,514

    4,212

    150

    %

    Operating expenses (2)

    41,945

    39,948

    5

    %

    80,237

    78,948

    2

    %

    Corporate expenses (3)

    5,619

    5,293

    6

    %

    11,486

    10,897

    5

    %

    Foreign currency (gain) loss

    351

    –

    NM

    351

    –

    NM

    Consolidated adjusted EBITDA (4)

    14,924

    18,171

    (18)

    %

    27,494

    30,782

    (11)

    %

    Free cash flow (5)

    $

    5,643

    $

    11,799

    (52)

    %

    $

    12,868

    $

    18,357

    (30)

    %

    Net income

    $

    3,495

    $

    5,717

    (39)

    %

    $

    6,113

    $

    7,987

    (23)

    %

    Net income per share, basic and diluted

    $

    0.04

    $

    0.06

    (33)

    %

    $

    0.07

    $

    0.09

    (22)

    %

    Weighted average common shares outstanding, basic

    90,354,982

    89,134,412

    90,296,057

    89,015,934

    Weighted average common shares outstanding, diluted

    92,033,111

    91,140,596

    91,897,150

    91,036,353

    (1)      Cost of revenue consists primarily of the costs of online media acquired from third-party publishers. Media cost is classified as cost of revenue in the period in which the corresponding revenue is recognized.

    (2)      Operating expenses include direct operating and selling, general and administrative expenses. Included in operating expenses are $0.3 million of non-cash stock-based compensation for each of the three-month periods ended June 30, 2017 and 2016, and $0.5 million and $0.6 million of non-cash stock-based compensation for the six-month periods ended June 30, 2017 and 2016, respectively. Operating expenses do not include corporate expenses, foreign currency (gain) loss, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment and other income (loss).

    (3)      Corporate expenses include $0.8 million and $0.6 million of non-cash stock-based compensation for the three-month periods ended June 30, 2017 and 2016, respectively, and $1.5 million and $1.3 million of non-cash stock-based compensation for the six-month periods ended June 30, 2017 and 2016, respectively.

    (4)      Consolidated adjusted EBITDA means net income (loss) plus gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation included in operating and corporate expenses, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization less syndication programming payments. We use the term consolidated adjusted EBITDA because that measure is defined in our credit facility and does not include gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization and does include syndication programming payments. While many in the financial community and we consider consolidated adjusted EBITDA to be important, it should be considered in addition to, but not as a substitute for or superior to, other measures of liquidity and financial performance prepared in accordance with accounting principles generally accepted in the United States of America, such as cash flows from operating activities, operating income and net income. As consolidated adjusted EBITDA excludes non-cash gain (loss) on sale of assets, non-cash depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation expense, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization and includes syndication programming payments, consolidated adjusted EBITDA has certain limitations because it excludes and includes several important non-cash financial line items. Therefore, we consider both non-GAAP and GAAP measures when evaluating our business. Consolidated adjusted EBITDA is also used to make executive compensation decisions.

    (5)      Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense, and capital expenditures. Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income.

    Commenting on the Company’s earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, “During the second quarter, we achieved revenue growth driven by increases in our digital media segment attributable to the acquisition of Headway.  This growth in our digital media segment offset decreases in our radio segment and television segment, which were affected by the loss of political advertising revenue compared to 2016.  We continued to build our digital footprint and, looking ahead, we remain well positioned to build on our success in further attracting Latino audiences, expanding our advertiser base and monetizing our reach to the benefit of our shareholders.”

    Quarterly Cash Dividend

    The Company announced today that its Board of Directors has approved a quarterly cash dividend to shareholders of $0.05 per share of the Company’s Class A, Class B and Class U common stock, in an aggregate amount of approximately $4.5 million, which represents an increase from the prior quarter’s dividend, which was $0.03125 per share. The quarterly dividend will be payable on September 29, 2017 to shareholders of record as of the close of business on September 14, 2017, and the common stock will trade ex-dividend on September 13, 2017. As previously announced, the Company currently anticipates that future cash dividends will be paid on a quarterly basis; however, any decision to pay future cash dividends will be subject to approval by the Board.

    Share Repurchase Program

    On July 13, 2017, the Board of Directors approved the repurchase of up to $15 million of the Company’s common stock.  Under the new share repurchase program, the Company is authorized to purchase shares from time to time through open market purchases or negotiated purchases, subject to market conditions and other factors.  On the same date, the Board terminated the Company’s previous share repurchase program of up to $20 million of the Company’s common stock.

    Receives Proceeds from FCC Auction for Broadcast Spectrum

    On July 21, 2017, the Company received proceeds of $263.6 million related to its participation in the Federal Communications Commission (the “FCC”) auction for broadcast spectrum. The proceeds reflect the FCC’s acceptance of one or more bids placed by the Company during the auction to modify and/or relinquish spectrum usage rights for certain of the Company’s television stations. The Company does not expect that the modification and/or relinquishment of the spectrum usage rights will result in material changes in the operations or results of the Company. The proceeds of the auction were deposited into the account of a “qualified intermediary” to comply with Internal Revenue Code Section 1031 requirements to execute a like-kind exchange.

    Acquisition of NBC Affiliate KMIR-TV and MyNetworkTV Affiliate KPSE-LD Serving Palm Springs, California

    On July 20, 2017, the Company entered into an agreement with OTA Broadcasting (PSP), LLC to acquire television stations KMIR-TV, the local NBC affiliate, and KPSE-LD, the local MyNetworkTV affiliate, serving the Palm Springs, California area, for an aggregate of $21 million.  The transaction, which is subject to customary closing conditions, including the prior consent of the FCC, is currently expected to close in the fourth quarter of 2017.

    Amendment of Bank Credit Facility

    The Company has entered into an amendment to its bank credit facility.  The amendment increases the amount of certain restricted payments that the Company can make under the terms of the credit facility.  Additional details regarding the amendment are provided in the company’s Current Report on Form 8-K dated August 2, 2017, filed with the Securities and Exchange Commission.

    Financial Results

    Three-Month Period Ended June 30, 2017 Compared to Three-Month Period Ended

    June 30, 2016

    (Unaudited)

    Three-Month Period

    Ended June 30,

    2017

    2016

    % Change

    Net revenue

    $

    70,509

    $

    64,829

    9

    %

    Cost of revenue – digital media (1)

    8,762

    2,373

    269

    %

    Operating expenses (1)

    41,945

    39,948

    5

    %

    Corporate expenses (1)

    5,619

    5,293

    6

    %

    Depreciation and amortization

    4,577

    3,885

    18

    %

    Foreign currency (gain) loss

    351

    –

    NM

    Operating income

    9,255

    13,330

    (31)

    %

    Interest expense, net

    (3,573)

    (3,741)

    (4)

    %

    Income before income taxes

    5,682

    9,589

    (41)

    %

    Income tax expense

    (2,119)

    (3,872)

    (45)

    %

    Net income (loss) before equity in net income (loss) of nonconsolidated affiliates

    3,563

    5,717

    (38)

    %

    Equity in net income (loss) of nonconsolidated affiliates, net of tax

    (68)

    –

    NM

    Net income

    $

    3,495

    $

    5,717

    (39)

    %

    (1)      Cost of revenue, operating expenses and corporate expenses are defined on page 1.

    Net revenue increased to $70.5 million for the three-month period ended June 30, 2017 from $64.8 million for the three-month period ended June 30, 2016, an increase of $5.7 million. Of the overall increase, $9.5 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to net revenue in prior periods. The overall increase was partially offset by a decrease in our radio segment of $2.4 million due primarily to decreases in local and national advertising revenue, and a decrease in political advertising revenue, which was not material in 2017, and a decrease in our television segment of $1.4 million due primarily to a decrease in local revenue and a decrease in political advertising revenue, which was not material in 2017.

    Cost of revenue, which we incur in our digital segment, increased to $8.8 million for the three-month period ended June 30, 2017 from $2.4 million for the three-month period ended June 30, 2016, an increase of $6.4 million, primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to cost of revenue in prior periods.

    Operating expenses increased to $41.9 million for the three-month period ended June 30, 2017 from $39.9 million for the three-month period ended June 30, 2016, an increase of $2.0 million. Of the overall increase, $2.2 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to operating expenses in prior periods. The overall increase was partially offset by a decrease in expenses associated with the decrease in advertising revenue, a decrease in expense for ratings services, a decrease in event expense and a decrease in bad debt expense.

    Corporate expenses increased to $5.6 million for the three-month period ended June 30, 2017 from $5.3 million for the three-month period ended June 30, 2016, an increase of $0.3 million. The increase was primarily due to an increase in salary expense and non-cash stock-based compensation expense.

    Six-Month Period Ended June 30, 2017 Compared to Six-Month Period Ended

    June 30, 2016

    (Unaudited)

    Six-Month Period

    Ended June 30,

    2017

    2016

    % Change

    Net revenue

    $

    128,019

    $

    122,942

    4

    %

    Cost of revenue – digital media (1)

    10,514

    4,212

    150

    %

    Operating expenses (1)

    80,237

    78,948

    2

    %

    Corporate expenses (1)

    11,486

    10,897

    5

    %

    Depreciation and amortization

    8,123

    7,912

    3

    %

    Foreign currency (gain) loss

    351

    –

    NM

    Operating income

    17,308

    20,973

    (17)

    %

    Interest expense, net

    (7,109)

    (7,600)

    (6)

    %

    Income before income taxes

    10,199

    13,373

    (24)

    %

    Income tax expense

    (4,018)

    (5,386)

    (25)

    %

    Net income (loss) before equity in net loss of nonconsolidated affiliates

    6,181

    7,987

    (23)

    %

    Equity in net loss of nonconsolidated affiliates, net of tax

    (68)

    –

    NM

    Net income

    $

    6,113

    $

    7,987

    (23)

    %

    (1)      Cost of revenue, operating expenses and corporate expenses are defined on page 1.

    Net revenue increased to $128.0 million for the six-month period ended June 30, 2017 from $122.9 million for the six-month period ended June 30, 2016, an increase of $5.1 million. Of the overall increase, $9.0 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to net revenue in prior periods. The overall increase was partially offset by a decrease in our radio segment of $3.5 million due primarily to decreases in local and national advertising revenue, and a decrease in political advertising revenue, which was not material in 2017, and a decrease in our television segment of $0.3 million due primarily to a decrease in local revenue and a decrease in political advertising revenue, which was not material in 2017, partially offset by an increase in national advertising revenue and an increase in retransmission consent revenue.

    Cost of revenue, which we incur in our digital segment, increased to $10.5 million for the six-month period ended June 30, 2017 from $4.2 million for the six-month period ended June 30, 2016, an increase of $6.3 million, primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to cost of revenue in prior periods.

    Operating expenses increased to $80.2 million for the six-month period ended June 30, 2017 from $78.9 million for the six-month period ended June 30, 2016, an increase of $1.3 million. Of the overall increase, $1.9 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to operating expenses in prior periods. The overall increase was partially offset by a decrease in expenses associated with the decrease in advertising revenue, a decrease in expense for ratings services, a decrease in event expense and a decrease in bad debt expense.

    Corporate expenses increased to $11.5 million for the six-month period ended June 30, 2017 from $10.9 million for the six-month period ended June 30, 2016, an increase of $0.6 million. The increase was primarily due to legal and financial due diligence costs related to the Headway acquisition and non-cash stock-based compensation expense.

    Segment Results

    The following represents selected unaudited segment information:

    Three-Month Period

    Six-Month Period

    Ended June 30,

    Ended June 30,

    2017

    2016

    % Change

    2017

    2016

    % Change

    Net Revenue

    Television

    $

    37,764

    $

    39,215

    (4)

    %

    $

    75,474

    $

    75,780

    (0)

    %

    Radio

    17,163

    19,552

    (12)

    %

    32,882

    $

    36,436

    (10)

    %

    Digital

    15,582

    6,062

    157

    %

    19,663

    $

    10,726

    83

    %

    Total

    $

    70,509

    $

    64,829

    9

    %

    $

    128,019

    $

    122,942

    4

    %

    Cost of Revenue – digital media (1)

    Digital

    $

    8,762

    $

    2,373

    269

    %

    $

    10,514

    $

    4,212

    150

    %

    Operating Expenses (1)

    Television

    20,150

    20,668

    (3)

    %

    40,355

    $

    41,148

    (2)

    %

    Radio

    15,620

    16,235

    (4)

    %

    31,341

    $

    32,064

    (2)

    %

    Digital

    6,175

    3,045

    103

    %

    8,541

    $

    5,736

    49

    %

    Total

    $

    41,945

    $

    39,948

    5

    %

    $

    80,237

    $

    78,948

    2

    %

    Corporate Expenses (1)

    $

    5,619

    $

    5,293

    6

    %

    $

    11,486

    $

    10,897

    5

    %

    Foreign currency (gain) loss

    $

    351

    $

    –

    NM

    $

    351

    $

    –

    NM

    Consolidated adjusted EBITDA (1)

    $

    14,924

    $

    18,171

    (18)

    %

    $

    27,494

    $

    30,782

    (11)

    %

    (1)          Cost of revenue, operating expenses, corporate expenses, and consolidated adjusted EBITDA are defined on page 1.

    Entravision Communications Corporation will hold a conference call to discuss its 2017 second quarter results on August 2, 2017 at 5 p.m. Eastern Time. To access the conference call, please dial 412-317-5440 ten minutes prior to the start time. The call will be webcast live and archived for replay on the investor relations portion of the Company’s web site located at www.entravision.com.

    Entravision Communications Corporation is a leading global media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico and other markets in Latin America. The Company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events, and data analytics services. Entravision has 54 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravision also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. Entravision’sPulpo digital advertising unit is the #1-ranked online advertising platform in Hispanic reach according to comScore Media Metrix®, and Entravision’s digital group also includes Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the United States, Mexico and other markets in Latin America. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.

    This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.

    Entravision Communications Corporation

    Consolidated Balance Sheets

    (In thousands; unaudited)

    June 30,

    December 31,

    2017

    2016

    ASSETS

    Current assets

    Cash and cash equivalents

    $

    60,637

    $

    61,520

    Trade receivables, net of allowance for doubtful accounts

    70,781

    65,072

    Prepaid expenses and other current assets

    6,183

    4,870

    Total current assets

    137,601

    131,462

    Property and equipment, net

    56,837

    55,368

    Intangible assets subject to amortization, net

    27,437

    13,120

    Intangible assets not subject to amortization

    220,701

    220,701

    Goodwill

    69,316

    50,081

    Deferred income taxes

    36,558

    44,677

    Other assets

    4,594

    2,512

    Total assets

    $

    553,044

    $

    517,921

    LIABILITIES AND STOCKHOLDERS’ EQUITY

    Current liabilities

    Current maturities of long-term debt

    $

    3,750

    $

    3,750

    Accounts payable and accrued expenses

    47,183

    30,810

    Total current liabilities

    50,933

    34,560

    Long-term debt, less current maturities, net of unamortized debt issuance costs

    285,153

    286,697

    Other long-term liabilities

    27,132

    13,208

    Total liabilities

    363,218

    334,465

    Stockholders’ equity

    Class A common stock

    7

    7

    Class B common stock

    2

    2

    Class U common stock

    1

    1

    Additional paid-in capital

    901,806

    904,867

    Accumulated deficit

    (709,910)

    (718,444)

    Accumulated other comprehensive income (loss)

    (2,080)

    (2,977)

    Total stockholders’ equity

    189,826

    183,456

    Total liabilities and stockholders’ equity

    $

    553,044

    $

    517,921

    Entravision Communications Corporation

    Consolidated Statements of Operations

    (In thousands, except share and per share data)

    (Unaudited)

    Three-Month Period

    Six-Month Period

    Ended June 30,

    Ended June 30,

    2017

    2016

    2017

    2016

    Net revenue

    $

    70,509

    $

    64,829

    $

    128,019

    $

    122,942

    Expenses:

    Cost of revenue – digital media

    8,762

    2,373

    10,514

    4,212

    Direct operating expenses

    29,915

    28,538

    57,007

    56,103

    Selling, general and administrative expenses

    12,030

    11,410

    23,230

    22,845

    Corporate expenses

    5,619

    5,293

    11,486

    10,897

    Depreciation and amortization

    4,577

    3,885

    8,123

    7,912

    Foreign currency (gain) loss

    351

    –

    351

    –

    61,254

    51,499

    110,711

    101,969

    Operating income

    9,255

    13,330

    17,308

    20,973

    Interest expense

    (3,683)

    (3,859)

    (7,328)

    (7,725)

    Interest income

    110

    118

    219

    125

    Income before income taxes

    5,682

    9,589

    10,199

    13,373

    Income tax expense

    (2,119)

    (3,872)

    (4,018)

    (5,386)

    Income (loss) before equity in net income (loss) of nonconsolidated
    affiliate

    3,563

    5,717

    6,181

    7,987

    Equity in net income (loss) of nonconsolidated affiliate, net of tax

    (68)

    –

    (68)

    –

    Net income

    $

    3,495

    $

    5,717

    $

    6,113

    $

    7,987

    Basic and diluted earnings per share:

    Net income per share, basic and diluted

    $

    0.04

    $

    0.06

    $

    0.07

    $

    0.09

    Cash dividends declared per common share

    $

    0.03

    $

    0.03

    $

    0.06

    $

    0.06

    Weighted average common shares outstanding, basic

    90,354,982

    89,134,412

    90,296,057

    89,015,934

    Weighted average common shares outstanding, diluted

    92,033,111

    91,140,596

    91,897,150

    91,036,353

    Entravision Communications Corporation

    Consolidated Statements of Cash Flows

    (In thousands; unaudited)

    Three-Month Period

    Six-Month Period

    Ended June 30,

    Ended June 30,

    2017

    2016

    2017

    2016

    Cash flows from operating activities:

    Net income

    3,495

    $

    5,717

    6,113

    $

    7,987

    Adjustments to reconcile net income to net cash provided by operating activities:

    Depreciation and amortization

    4,577

    3,885

    8,123

    7,912

    Deferred income taxes

    1,955

    3,658

    3,428

    4,922

    Amortization of debt issue costs

    186

    193

    369

    384

    Amortization of syndication contracts

    109

    101

    218

    190

    Payments on syndication contracts

    (102)

    (89)

    (215)

    (183)

    Equity in net income (loss) of nonconsolidated affiliate

    68

    –

    68

    –

    Non-cash stock-based compensation

    1,085

    944

    2,060

    1,890

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    2,602

    (217)

    13,581

    5,583

    (Increase) decrease in prepaid expenses and other assets

    (556)

    (5)

    (1,447)

    (383)

    Increase (decrease) in accounts payable, accrued expenses 
         and other liabilities

    (3,029)

    (282)

    (8,992)

    (3,876)

    Net cash provided by operating activities

    10,390

    13,905

    23,306

    24,426

    Cash flows from investing activities:

    Purchases of short-term investments

    –

    –

    –

    (30,000)

    Purchases of property and equipment and intangibles

    (5,730)

    (2,610)

    (7,296)

    (4,745)

    Purchases of investments

    (1,950)

    –

    (2,200)

    –

    Deposits on acquisitions

    –

    –

    (190)

    –

    Purchase of a business, net of cash acquired

    (7,489)

    –

    (7,489)

    –

    Net cash provided by (used in) investing activities

    (15,169)

    (2,610)

    (17,175)

    (34,745)

    Cash flows from financing activities:

    Proceeds from stock option exercises

    215

    870

    526

    1,270

    Payments on long-term debt

    (937)

    (937)

    (1,875)

    (1,875)

    Dividends paid

    (2,826)

    (2,788)

    (5,647)

    (5,569)

    Net cash used in financing activities

    (3,548)

    (2,855)

    (6,996)

    (6,174)

    Effect of exchange rates on cash and cash equivalents

    (18)

    –

    (18)

    –

    Net increase (decrease) in cash and cash equivalents

    (8,345)

    8,440

    (883)

    (16,493)

    Cash and cash equivalents:

    Beginning

    68,982

    22,991

    61,520

    47,924

    Ending

    $

    60,637

    $

    31,431

    $

    60,637

    $

    31,431

    Entravision Communications Corporation

    Reconciliation of Consolidated Adjusted EBITDA to Cash Flows From Operating Activities

    (In thousands; unaudited)

    The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows:

    Three-Month Period

    Six-Month Period

    Ended June 30,

    Ended June 30,

    2017

    2016

    2017

    2016

    Consolidated adjusted EBITDA (1)

    14,924

    18,171

    27,494

    30,782

    Interest expense

    (3,683)

    (3,859)

    (7,328)

    (7,725)

    Interest income

    110

    118

    219

    125

    Income tax expense

    (2,119)

    (3,872)

    (4,018)

    (5,386)

    Amortization of syndication contracts

    (109)

    (101)

    (218)

    (190)

    Payments on syndication contracts

    102

    89

    215

    183

    Equity in net losses of nonconsolidated affiliates

    (68)

    –

    (68)

    –

    Non-cash stock-based compensation included in direct operating

       expenses

    (307)

    (300)

    (530)

    (621)

    Non-cash stock-based compensation included in corporate expenses

    (778)

    (644)

    (1,530)

    (1,269)

    Depreciation and amortization

    (4,577)

    (3,885)

    (8,123)

    (7,912)

    Net income

    3,495

    5,717

    6,113

    7,987

    Depreciation and amortization

    4,577

    3,885

    8,123

    7,912

    Deferred income taxes

    1,955

    3,658

    3,428

    4,922

    Amortization of debt issue costs

    186

    193

    369

    384

    Amortization of syndication contracts

    109

    101

    218

    190

    Payments on syndication contracts

    (102)

    (89)

    (215)

    (183)

    Equity in net income (loss) of nonconsolidated affiliate

    68

    –

    68

    –

    Non-cash stock-based compensation

    1,085

    944

    2,060

    1,890

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    2,602

    (217)

    13,581

    5,583

    (Increase) decrease in prepaid expenses and other assets

    (556)

    (5)

    (1,447)

    (383)

    Increase (decrease) in accounts payable, accrued expenses and other
    liabilities

    (3,029)

    (282)

    (8,992)

    (3,876)

    Cash flows from operating activities

    10,390

    13,905

    23,306

    24,426

    (1)      Consolidated adjusted EBITDA is defined on page 1.

    Entravision Communications Corporation

    Reconciliation of Free Cash Flow to Cash Flows From Operating Activities

    (In thousands; unaudited)

    The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows:

    Three-Month Period

    Six-Month Period

    Ended June 30,

    Ended June 30,

    2017

    2016

    2017

    2016

    Consolidated adjusted EBITDA (1)

    $

    14,924

    $

    18,171

    $

    27,494

    $

    30,782

    Net interest expense (1)

    (3,387)

    (3,548)

    (6,740)

    (7,216)

    Cash paid for income taxes

    (164)

    (214)

    (590)

    (464)

    Capital expenditures (2)

    (5,730)

    (2,610)

    (7,296)

    (4,745)

    Free cash flow (1)

    5,643

    11,799

    12,868

    18,357

    Capital expenditures (2)

    5,730

    2,610

    7,296

    4,745

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    2,602

    (217)

    13,581

    5,583

    (Increase) decrease in prepaid expenses and other assets

    (556)

    (5)

    (1,447)

    (383)

    Increase (decrease) in accounts payable, accrued expenses and other liabilities

    (3,029)

    (282)

    (8,992)

    (3,876)

    Cash Flows From Operating Activities

    $

    10,390

    $

    13,905

    $

    23,306

    $

    24,426

    (1)          Consolidated adjusted EBITDA, net interest expense, and free cash flow are defined on page 1.

    (2)          Capital expenditures are not part of the consolidated statement of operations.

    View original content:http://www.prnewswire.com/news-releases/entravision-communications-corporation-reports-second-quarter-2017-results-300498705.html

    SOURCE Entravision Communications Corporation

  • Entravision Communications Corporation Reports Second Quarter 2017 Results

    Entravision Communications Corporation Reports Second Quarter 2017 Results

    SANTA MONICA, Calif., Aug. 2, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and six-month periods ended June 30, 2017.

    Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure is included beginning on page 10. Unaudited financial highlights are as follows:

    Three-Month Period

    Six-Month Period

    Ended June 30,

    Ended June 30,

    2017

    2016

    % Change

    2017

    2016

    % Change

    Net revenue

    $

    70,509

    $

    64,829

    9

    %

    $

    128,019

    $

    122,942

    4

    %

    Cost of revenue – digital media (1)

    8,762

    2,373

    269

    %

    10,514

    4,212

    150

    %

    Operating expenses (2)

    41,945

    39,948

    5

    %

    80,237

    78,948

    2

    %

    Corporate expenses (3)

    5,619

    5,293

    6

    %

    11,486

    10,897

    5

    %

    Foreign currency (gain) loss

    351

    –

    NM

    351

    –

    NM

    Consolidated adjusted EBITDA (4)

    14,924

    18,171

    (18)

    %

    27,494

    30,782

    (11)

    %

    Free cash flow (5)

    $

    5,643

    $

    11,799

    (52)

    %

    $

    12,868

    $

    18,357

    (30)

    %

    Net income

    $

    3,495

    $

    5,717

    (39)

    %

    $

    6,113

    $

    7,987

    (23)

    %

    Net income per share, basic and diluted

    $

    0.04

    $

    0.06

    (33)

    %

    $

    0.07

    $

    0.09

    (22)

    %

    Weighted average common shares outstanding, basic

    90,354,982

    89,134,412

    90,296,057

    89,015,934

    Weighted average common shares outstanding, diluted

    92,033,111

    91,140,596

    91,897,150

    91,036,353

    (1)      Cost of revenue consists primarily of the costs of online media acquired from third-party publishers. Media cost is classified as cost of revenue in the period in which the corresponding revenue is recognized.

    (2)      Operating expenses include direct operating and selling, general and administrative expenses. Included in operating expenses are $0.3 million of non-cash stock-based compensation for each of the three-month periods ended June 30, 2017 and 2016, and $0.5 million and $0.6 million of non-cash stock-based compensation for the six-month periods ended June 30, 2017 and 2016, respectively. Operating expenses do not include corporate expenses, foreign currency (gain) loss, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment and other income (loss).

    (3)      Corporate expenses include $0.8 million and $0.6 million of non-cash stock-based compensation for the three-month periods ended June 30, 2017 and 2016, respectively, and $1.5 million and $1.3 million of non-cash stock-based compensation for the six-month periods ended June 30, 2017 and 2016, respectively.

    (4)      Consolidated adjusted EBITDA means net income (loss) plus gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation included in operating and corporate expenses, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization less syndication programming payments. We use the term consolidated adjusted EBITDA because that measure is defined in our credit facility and does not include gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization and does include syndication programming payments. While many in the financial community and we consider consolidated adjusted EBITDA to be important, it should be considered in addition to, but not as a substitute for or superior to, other measures of liquidity and financial performance prepared in accordance with accounting principles generally accepted in the United States of America, such as cash flows from operating activities, operating income and net income. As consolidated adjusted EBITDA excludes non-cash gain (loss) on sale of assets, non-cash depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation expense, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization and includes syndication programming payments, consolidated adjusted EBITDA has certain limitations because it excludes and includes several important non-cash financial line items. Therefore, we consider both non-GAAP and GAAP measures when evaluating our business. Consolidated adjusted EBITDA is also used to make executive compensation decisions.

    (5)      Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense, and capital expenditures. Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income.

    Commenting on the Company’s earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, “During the second quarter, we achieved revenue growth driven by increases in our digital media segment attributable to the acquisition of Headway.  This growth in our digital media segment offset decreases in our radio segment and television segment, which were affected by the loss of political advertising revenue compared to 2016.  We continued to build our digital footprint and, looking ahead, we remain well positioned to build on our success in further attracting Latino audiences, expanding our advertiser base and monetizing our reach to the benefit of our shareholders.”

    Quarterly Cash Dividend

    The Company announced today that its Board of Directors has approved a quarterly cash dividend to shareholders of $0.05 per share of the Company’s Class A, Class B and Class U common stock, in an aggregate amount of approximately $4.5 million, which represents an increase from the prior quarter’s dividend, which was $0.03125 per share. The quarterly dividend will be payable on September 29, 2017 to shareholders of record as of the close of business on September 14, 2017, and the common stock will trade ex-dividend on September 12, 2017. As previously announced, the Company currently anticipates that future cash dividends will be paid on a quarterly basis; however, any decision to pay future cash dividends will be subject to approval by the Board.

    Share Repurchase Program

    On July 13, 2017, the Board of Directors approved the repurchase of up to $15 million of the Company’s common stock.  Under the new share repurchase program, the Company is authorized to purchase shares from time to time through open market purchases or negotiated purchases, subject to market conditions and other factors.  On the same date, the Board terminated the Company’s previous share repurchase program of up to $20 million of the Company’s common stock.

    Receives Proceeds from FCC Auction for Broadcast Spectrum

    On July 21, 2017, the Company received proceeds of $263.6 million related to its participation in the Federal Communications Commission (the “FCC”) auction for broadcast spectrum. The proceeds reflect the FCC’s acceptance of one or more bids placed by the Company during the auction to modify and/or relinquish spectrum usage rights for certain of the Company’s television stations. The Company does not expect that the modification and/or relinquishment of the spectrum usage rights will result in material changes in the operations or results of the Company. The proceeds of the auction were deposited into the account of a “qualified intermediary” to comply with Internal Revenue Code Section 1031 requirements to execute a like-kind exchange.

    Acquisition of NBC Affiliate KMIR-TV and MyNetworkTV Affiliate KPSE-LD Serving Palm Springs, California

    On July 20, 2017, the Company entered into an agreement with OTA Broadcasting (PSP), LLC to acquire television stations KMIR-TV, the local NBC affiliate, and KPSE-LD, the local MyNetworkTV affiliate, serving the Palm Springs, California area, for an aggregate of $21 million.  The transaction, which is subject to customary closing conditions, including the prior consent of the FCC, is currently expected to close in the fourth quarter of 2017.

    Amendment of Bank Credit Facility

    The Company has entered into an amendment to its bank credit facility.  The amendment increases the amount of certain restricted payments that the Company can make under the terms of the credit facility.  Additional details regarding the amendment are provided in the company’s Current Report on Form 8-K dated August 2, 2017, filed with the Securities and Exchange Commission.

    Financial Results

    Three-Month Period Ended June 30, 2017 Compared to Three-Month Period Ended

    June 30, 2016

    (Unaudited)

    Three-Month Period

    Ended June 30,

    2017

    2016

    % Change

    Net revenue

    $

    70,509

    $

    64,829

    9

    %

    Cost of revenue – digital media (1)

    8,762

    2,373

    269

    %

    Operating expenses (1)

    41,945

    39,948

    5

    %

    Corporate expenses (1)

    5,619

    5,293

    6

    %

    Depreciation and amortization

    4,577

    3,885

    18

    %

    Foreign currency (gain) loss

    351

    –

    NM

    Operating income

    9,255

    13,330

    (31)

    %

    Interest expense, net

    (3,573)

    (3,741)

    (4)

    %

    Income before income taxes

    5,682

    9,589

    (41)

    %

    Income tax expense

    (2,119)

    (3,872)

    (45)

    %

    Net income (loss) before equity in net income (loss) of nonconsolidated affiliates

    3,563

    5,717

    (38)

    %

    Equity in net income (loss) of nonconsolidated affiliates, net of tax

    (68)

    –

    NM

    Net income

    $

    3,495

    $

    5,717

    (39)

    %

    (1)      Cost of revenue, operating expenses and corporate expenses are defined on page 1.

    Net revenue increased to $70.5 million for the three-month period ended June 30, 2017 from $64.8 million for the three-month period ended June 30, 2016, an increase of $5.7 million. Of the overall increase, $9.5 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to net revenue in prior periods. The overall increase was partially offset by a decrease in our radio segment of $2.4 million due primarily to decreases in local and national advertising revenue, and a decrease in political advertising revenue, which was not material in 2017, and a decrease in our television segment of $1.4 million due primarily to a decrease in local revenue and a decrease in political advertising revenue, which was not material in 2017.

    Cost of revenue, which we incur in our digital segment, increased to $8.8 million for the three-month period ended June 30, 2017 from $2.4 million for the three-month period ended June 30, 2016, an increase of $6.4 million, primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to cost of revenue in prior periods.

    Operating expenses increased to $41.9 million for the three-month period ended June 30, 2017 from $39.9 million for the three-month period ended June 30, 2016, an increase of $2.0 million. Of the overall increase, $2.2 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to operating expenses in prior periods. The overall increase was partially offset by a decrease in expenses associated with the decrease in advertising revenue, a decrease in expense for ratings services, a decrease in event expense and a decrease in bad debt expense.

    Corporate expenses increased to $5.6 million for the three-month period ended June 30, 2017 from $5.3 million for the three-month period ended June 30, 2016, an increase of $0.3 million. The increase was primarily due to an increase in salary expense and non-cash stock-based compensation expense.

    Six-Month Period Ended June 30, 2017 Compared to Six-Month Period Ended

    June 30, 2016

    (Unaudited)

    Six-Month Period

    Ended June 30,

    2017

    2016

    % Change

    Net revenue

    $

    128,019

    $

    122,942

    4

    %

    Cost of revenue – digital media (1)

    10,514

    4,212

    150

    %

    Operating expenses (1)

    80,237

    78,948

    2

    %

    Corporate expenses (1)

    11,486

    10,897

    5

    %

    Depreciation and amortization

    8,123

    7,912

    3

    %

    Foreign currency (gain) loss

    351

    –

    NM

    Operating income

    17,308

    20,973

    (17)

    %

    Interest expense, net

    (7,109)

    (7,600)

    (6)

    %

    Income before income taxes

    10,199

    13,373

    (24)

    %

    Income tax expense

    (4,018)

    (5,386)

    (25)

    %

    Net income (loss) before equity in net loss of nonconsolidated affiliates

    6,181

    7,987

    (23)

    %

    Equity in net loss of nonconsolidated affiliates, net of tax

    (68)

    –

    NM

    Net income

    $

    6,113

    $

    7,987

    (23)

    %

    (1)      Cost of revenue, operating expenses and corporate expenses are defined on page 1.

    Net revenue increased to $128.0 million for the six-month period ended June 30, 2017 from $122.9 million for the six-month period ended June 30, 2016, an increase of $5.1 million. Of the overall increase, $9.0 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to net revenue in prior periods. The overall increase was partially offset by a decrease in our radio segment of $3.5 million due primarily to decreases in local and national advertising revenue, and a decrease in political advertising revenue, which was not material in 2017, and a decrease in our television segment of $0.3 million due primarily to a decrease in local revenue and a decrease in political advertising revenue, which was not material in 2017, partially offset by an increase in national advertising revenue and an increase in retransmission consent revenue.

    Cost of revenue, which we incur in our digital segment, increased to $10.5 million for the six-month period ended June 30, 2017 from $4.2 million for the six-month period ended June 30, 2016, an increase of $6.3 million, primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to cost of revenue in prior periods.

    Operating expenses increased to $80.2 million for the six-month period ended June 30, 2017 from $78.9 million for the six-month period ended June 30, 2016, an increase of $1.3 million. Of the overall increase, $1.9 million was attributable to our digital segment and was primarily due to the acquisition of Headway during the second quarter of 2017, which did not contribute to operating expenses in prior periods. The overall increase was partially offset by a decrease in expenses associated with the decrease in advertising revenue, a decrease in expense for ratings services, a decrease in event expense and a decrease in bad debt expense.

    Corporate expenses increased to $11.5 million for the six-month period ended June 30, 2017 from $10.9 million for the six-month period ended June 30, 2016, an increase of $0.6 million. The increase was primarily due to legal and financial due diligence costs related to the Headway acquisition and non-cash stock-based compensation expense.

    Segment Results

    The following represents selected unaudited segment information:

    Three-Month Period

    Six-Month Period

    Ended June 30,

    Ended June 30,

    2017

    2016

    % Change

    2017

    2016

    % Change

    Net Revenue

    Television

    $

    37,764

    $

    39,215

    (4)

    %

    $

    75,474

    $

    75,780

    (0)

    %

    Radio

    17,163

    19,552

    (12)

    %

    32,882

    $

    36,436

    (10)

    %

    Digital

    15,582

    6,062

    157

    %

    19,663

    $

    10,726

    83

    %

    Total

    $

    70,509

    $

    64,829

    9

    %

    $

    128,019

    $

    122,942

    4

    %

    Cost of Revenue – digital media (1)

    Digital

    $

    8,762

    $

    2,373

    269

    %

    $

    10,514

    $

    4,212

    150

    %

    Operating Expenses (1)

    Television

    20,150

    20,668

    (3)

    %

    40,355

    $

    41,148

    (2)

    %

    Radio

    15,620

    16,235

    (4)

    %

    31,341

    $

    32,064

    (2)

    %

    Digital

    6,175

    3,045

    103

    %

    8,541

    $

    5,736

    49

    %

    Total

    $

    41,945

    $

    39,948

    5

    %

    $

    80,237

    $

    78,948

    2

    %

    Corporate Expenses (1)

    $

    5,619

    $

    5,293

    6

    %

    $

    11,486

    $

    10,897

    5

    %

    Foreign currency (gain) loss

    $

    351

    $

    –

    NM

    $

    351

    $

    –

    NM

    Consolidated adjusted EBITDA (1)

    $

    14,924

    $

    18,171

    (18)

    %

    $

    27,494

    $

    30,782

    (11)

    %

    (1)          Cost of revenue, operating expenses, corporate expenses, and consolidated adjusted EBITDA are defined on page 1.

    Entravision Communications Corporation will hold a conference call to discuss its 2017 second quarter results on August 2, 2017 at 5 p.m. Eastern Time. To access the conference call, please dial 412-317-5440 ten minutes prior to the start time. The call will be webcast live and archived for replay on the investor relations portion of the Company’s web site located at www.entravision.com.

    Entravision Communications Corporation is a leading global media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico and other markets in Latin America. The Company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events, and data analytics services. Entravision has 54 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravision also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. Entravision’sPulpo digital advertising unit is the #1-ranked online advertising platform in Hispanic reach according to comScore Media Metrix®, and Entravision’s digital group also includes Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the United States, Mexico and other markets in Latin America. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.

    This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.

    Entravision Communications Corporation

    Consolidated Balance Sheets

    (In thousands; unaudited)

    June 30,

    December 31,

    2017

    2016

    ASSETS

    Current assets

    Cash and cash equivalents

    $

    60,637

    $

    61,520

    Trade receivables, net of allowance for doubtful accounts

    70,781

    65,072

    Prepaid expenses and other current assets

    6,183

    4,870

    Total current assets

    137,601

    131,462

    Property and equipment, net

    56,837

    55,368

    Intangible assets subject to amortization, net

    27,437

    13,120

    Intangible assets not subject to amortization

    220,701

    220,701

    Goodwill

    69,316

    50,081

    Deferred income taxes

    36,558

    44,677

    Other assets

    4,594

    2,512

    Total assets

    $

    553,044

    $

    517,921

    LIABILITIES AND STOCKHOLDERS’ EQUITY

    Current liabilities

    Current maturities of long-term debt

    $

    3,750

    $

    3,750

    Accounts payable and accrued expenses

    47,183

    30,810

    Total current liabilities

    50,933

    34,560

    Long-term debt, less current maturities, net of unamortized debt issuance costs

    285,153

    286,697

    Other long-term liabilities

    27,132

    13,208

    Total liabilities

    363,218

    334,465

    Stockholders’ equity

    Class A common stock

    7

    7

    Class B common stock

    2

    2

    Class U common stock

    1

    1

    Additional paid-in capital

    901,806

    904,867

    Accumulated deficit

    (709,910)

    (718,444)

    Accumulated other comprehensive income (loss)

    (2,080)

    (2,977)

    Total stockholders’ equity

    189,826

    183,456

    Total liabilities and stockholders’ equity

    $

    553,044

    $

    517,921

    Entravision Communications Corporation

    Consolidated Statements of Operations

    (In thousands, except share and per share data)

    (Unaudited)

    Three-Month Period

    Six-Month Period

    Ended June 30,

    Ended June 30,

    2017

    2016

    2017

    2016

    Net revenue

    $

    70,509

    $

    64,829

    $

    128,019

    $

    122,942

    Expenses:

    Cost of revenue – digital media

    8,762

    2,373

    10,514

    4,212

    Direct operating expenses

    29,915

    28,538

    57,007

    56,103

    Selling, general and administrative expenses

    12,030

    11,410

    23,230

    22,845

    Corporate expenses

    5,619

    5,293

    11,486

    10,897

    Depreciation and amortization

    4,577

    3,885

    8,123

    7,912

    Foreign currency (gain) loss

    351

    –

    351

    –

    61,254

    51,499

    110,711

    101,969

    Operating income

    9,255

    13,330

    17,308

    20,973

    Interest expense

    (3,683)

    (3,859)

    (7,328)

    (7,725)

    Interest income

    110

    118

    219

    125

    Income before income taxes

    5,682

    9,589

    10,199

    13,373

    Income tax expense

    (2,119)

    (3,872)

    (4,018)

    (5,386)

    Income (loss) before equity in net income (loss) of nonconsolidated
    affiliate

    3,563

    5,717

    6,181

    7,987

    Equity in net income (loss) of nonconsolidated affiliate, net of tax

    (68)

    –

    (68)

    –

    Net income

    $

    3,495

    $

    5,717

    $

    6,113

    $

    7,987

    Basic and diluted earnings per share:

    Net income per share, basic and diluted

    $

    0.04

    $

    0.06

    $

    0.07

    $

    0.09

    Cash dividends declared per common share

    $

    0.03

    $

    0.03

    $

    0.06

    $

    0.06

    Weighted average common shares outstanding, basic

    90,354,982

    89,134,412

    90,296,057

    89,015,934

    Weighted average common shares outstanding, diluted

    92,033,111

    91,140,596

    91,897,150

    91,036,353

    Entravision Communications Corporation

    Consolidated Statements of Cash Flows

    (In thousands; unaudited)

    Three-Month Period

    Six-Month Period

    Ended June 30,

    Ended June 30,

    2017

    2016

    2017

    2016

    Cash flows from operating activities:

    Net income

    3,495

    $

    5,717

    6,113

    $

    7,987

    Adjustments to reconcile net income to net cash provided by operating activities:

    Depreciation and amortization

    4,577

    3,885

    8,123

    7,912

    Deferred income taxes

    1,955

    3,658

    3,428

    4,922

    Amortization of debt issue costs

    186

    193

    369

    384

    Amortization of syndication contracts

    109

    101

    218

    190

    Payments on syndication contracts

    (102)

    (89)

    (215)

    (183)

    Equity in net income (loss) of nonconsolidated affiliate

    68

    –

    68

    –

    Non-cash stock-based compensation

    1,085

    944

    2,060

    1,890

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    2,602

    (217)

    13,581

    5,583

    (Increase) decrease in prepaid expenses and other assets

    (556)

    (5)

    (1,447)

    (383)

    Increase (decrease) in accounts payable, accrued expenses 
         and other liabilities

    (3,029)

    (282)

    (8,992)

    (3,876)

    Net cash provided by operating activities

    10,390

    13,905

    23,306

    24,426

    Cash flows from investing activities:

    Purchases of short-term investments

    –

    –

    –

    (30,000)

    Purchases of property and equipment and intangibles

    (5,730)

    (2,610)

    (7,296)

    (4,745)

    Purchases of investments

    (1,950)

    –

    (2,200)

    –

    Deposits on acquisitions

    –

    –

    (190)

    –

    Purchase of a business, net of cash acquired

    (7,489)

    –

    (7,489)

    –

    Net cash provided by (used in) investing activities

    (15,169)

    (2,610)

    (17,175)

    (34,745)

    Cash flows from financing activities:

    Proceeds from stock option exercises

    215

    870

    526

    1,270

    Payments on long-term debt

    (937)

    (937)

    (1,875)

    (1,875)

    Dividends paid

    (2,826)

    (2,788)

    (5,647)

    (5,569)

    Net cash used in financing activities

    (3,548)

    (2,855)

    (6,996)

    (6,174)

    Effect of exchange rates on cash and cash equivalents

    (18)

    –

    (18)

    –

    Net increase (decrease) in cash and cash equivalents

    (8,345)

    8,440

    (883)

    (16,493)

    Cash and cash equivalents:

    Beginning

    68,982

    22,991

    61,520

    47,924

    Ending

    $

    60,637

    $

    31,431

    $

    60,637

    $

    31,431

    Entravision Communications Corporation

    Reconciliation of Consolidated Adjusted EBITDA to Cash Flows From Operating Activities

    (In thousands; unaudited)

    The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows:

    Three-Month Period

    Six-Month Period

    Ended June 30,

    Ended June 30,

    2017

    2016

    2017

    2016

    Consolidated adjusted EBITDA (1)

    14,924

    18,171

    27,494

    30,782

    Interest expense

    (3,683)

    (3,859)

    (7,328)

    (7,725)

    Interest income

    110

    118

    219

    125

    Income tax expense

    (2,119)

    (3,872)

    (4,018)

    (5,386)

    Amortization of syndication contracts

    (109)

    (101)

    (218)

    (190)

    Payments on syndication contracts

    102

    89

    215

    183

    Equity in net losses of nonconsolidated affiliates

    (68)

    –

    (68)

    –

    Non-cash stock-based compensation included in direct operating

       expenses

    (307)

    (300)

    (530)

    (621)

    Non-cash stock-based compensation included in corporate expenses

    (778)

    (644)

    (1,530)

    (1,269)

    Depreciation and amortization

    (4,577)

    (3,885)

    (8,123)

    (7,912)

    Net income

    3,495

    5,717

    6,113

    7,987

    Depreciation and amortization

    4,577

    3,885

    8,123

    7,912

    Deferred income taxes

    1,955

    3,658

    3,428

    4,922

    Amortization of debt issue costs

    186

    193

    369

    384

    Amortization of syndication contracts

    109

    101

    218

    190

    Payments on syndication contracts

    (102)

    (89)

    (215)

    (183)

    Equity in net income (loss) of nonconsolidated affiliate

    68

    –

    68

    –

    Non-cash stock-based compensation

    1,085

    944

    2,060

    1,890

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    2,602

    (217)

    13,581

    5,583

    (Increase) decrease in prepaid expenses and other assets

    (556)

    (5)

    (1,447)

    (383)

    Increase (decrease) in accounts payable, accrued expenses and other
    liabilities

    (3,029)

    (282)

    (8,992)

    (3,876)

    Cash flows from operating activities

    10,390

    13,905

    23,306

    24,426

    (1)      Consolidated adjusted EBITDA is defined on page 1.

    Entravision Communications Corporation

    Reconciliation of Free Cash Flow to Cash Flows From Operating Activities

    (In thousands; unaudited)

    The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows:

    Three-Month Period

    Six-Month Period

    Ended June 30,

    Ended June 30,

    2017

    2016

    2017

    2016

    Consolidated adjusted EBITDA (1)

    $

    14,924

    $

    18,171

    $

    27,494

    $

    30,782

    Net interest expense (1)

    (3,387)

    (3,548)

    (6,740)

    (7,216)

    Cash paid for income taxes

    (164)

    (214)

    (590)

    (464)

    Capital expenditures (2)

    (5,730)

    (2,610)

    (7,296)

    (4,745)

    Free cash flow (1)

    5,643

    11,799

    12,868

    18,357

    Capital expenditures (2)

    5,730

    2,610

    7,296

    4,745

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    2,602

    (217)

    13,581

    5,583

    (Increase) decrease in prepaid expenses and other assets

    (556)

    (5)

    (1,447)

    (383)

    Increase (decrease) in accounts payable, accrued expenses and other liabilities

    (3,029)

    (282)

    (8,992)

    (3,876)

    Cash Flows From Operating Activities

    $

    10,390

    $

    13,905

    $

    23,306

    $

    24,426

    (1)          Consolidated adjusted EBITDA, net interest expense, and free cash flow are defined on page 1.

    (2)          Capital expenditures are not part of the consolidated statement of operations.

    View original content:http://www.prnewswire.com/news-releases/entravision-communications-corporation-reports-second-quarter-2017-results-300498705.html

    SOURCE Entravision Communications Corporation

  • Entravision Communications Corporation Schedules Second Quarter 2017 Earnings Release And Teleconference

    Entravision Communications Corporation Schedules Second Quarter 2017 Earnings Release And Teleconference

    SANTA MONICA, Calif., July 27, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC) announced today that it will release second quarter 2017 financial results after market hours on Wednesday, August 2, 2017.

    The company will also host a teleconference to discuss its second quarter 2017 financial results on Wednesday, August 2, 2017 at 5:00 p.m. Eastern Time. To access the teleconference, please dial 412-317-5440 ten minutes prior to the start time.  The teleconference will also be available via live webcast on the investor relations portion of the Company’s Web site located at www.entravision.com. 

    If you cannot listen to the teleconference at its scheduled time, there will be a replay available through Wednesday, August 23, 2017 which can be accessed by dialing (877) 344-7529 (U.S.) or (412) 317-0088 (Int’l), passcode 10111007. The webcast will also be archived on the Company’s Web site for 30 days.

    About Entravision Communications Corporation
    Entravision Communications Corporation is a leading global media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico and Latin America. The company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events and data analytics services. Entravision has 56 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravison also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. Entravision’sPulpo digital advertising unit is the #1-ranked online advertising platform in Hispanic reach according to comScore Media Metrix®, and Entravision’s digital group also includes Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the U.S., Mexico and Latin America.  Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC. Learn more at: www.entravision.com

    View original content:http://www.prnewswire.com/news-releases/entravision-communications-corporation-schedules-second-quarter-2017-earnings-release-and-teleconference-300495547.html

    SOURCE Entravision Communications Corporation

  • Entravision Communications Corporation Enters into Agreement to Acquire NBC Affiliate KMIR-TV and MyNetworkTV Affiliate KPSE-LD Serving Palm Springs, California

    Entravision Communications Corporation Enters into Agreement to Acquire NBC Affiliate KMIR-TV and MyNetworkTV Affiliate KPSE-LD Serving Palm Springs, California

    SANTA MONICA, Calif., July 21, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC), a diversified media company serving Latino audiences and communities, today announced that it has entered into an agreement with OTA Broadcasting (PSP), LLC to acquire Stations KMIR-TV, the NBC affiliate, and KPSE-LD, the MyNetworkTV affiliate, serving Palm Springs, California, for $21 million.  Including anticipated synergies, the transaction represents an attractive purchase price multiple of less than 6.5 times expected blended 2016-2017 pro forma broadcast cash flow, is expected to be immediately free cash flow accretive and is expected to be funded on a tax efficient basis with proceeds from the FCC broadcast incentive auction and treated as a like-kind exchange pursuant to Section 1031 of the Internal Revenue Code of 1986, as amended.  The transaction, which is subject to customary closing conditions, including the prior consent of the Federal Communications Commission, is expected to close in the fourth quarter of 2017. 

    Walter F. Ulloa, Chairman and Chief Executive Officer of Entravision, said, “Palm Springs is a growing and vibrant market that we know very well and have served for more than 20 years.  Our existing television and radio assets located in the market have helped us build strong relationships with the Palm Springs community and our local news programming, Noticias Ya, is highly rated.  We are excited to add KMIR’s impactful and significant local news presence to our portfolio in Palm Springs.  This is a strategic transaction that is extremely attractive on a financial basis, allowing us to broaden the services we provide the Palm Springs market and positions us to continue to build on the success of KMIR and KPSE.”

    Bill Tolpegin, Chief Executive Officer of OTA Broadcasting, said, “We are grateful for the hard work and dedication of KMIR’s terrific employees during our ownership of the station.  We are confident that Entravision will be a great new home for the station and its team, and look forward to following their continued success.”

    Entravision currently owns and operates the UniMas and Univision affiliated television stations (KVER-CD, KEVC-CD, and KVES-LD) and 94.7 FM Jose and 103.5 FM Tricolor radio stations (KLOB-FM and KPST-FM) serving the Palm Springs, CA market, which is ranked #146 in total population and #49 in Hispanic population.  Entravision’s Univision affiliate, KVER-TV is the leading station in the market, number one in full week ratings, Mon-Sun 3am-3am among Adults 18-34, 18-49 and 25-54 [1]. 

    Sources: [1] Nielsen TV, May 2017 survey.

    About Entravision
    Entravision Communications Corporation is a leading global media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico and Latin America. The company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events and data analytics services. Entravision has 56 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravison also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. Entravision’sPulpo digital advertising unit is the #1-ranked online advertising platform in Hispanic reach according to comScore Media Metrix®, and Entravision’s digital group also includes Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the U.S., Mexico and Latin America.  Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC. Learn more at: www.entravision.com

    View original content:http://www.prnewswire.com/news-releases/entravision-communications-corporation-enters-into-agreement-to-acquire-nbc-affiliate-kmir-tv-and-mynetworktv-affiliate-kpse-ld-serving-palm-springs-california-300491971.html

    SOURCE Entravision

  • Entravision Communications Corporation Announces News Programming Lineup Moving to Azteca America in San Diego

    Entravision Communications Corporation Announces News Programming Lineup Moving to Azteca America in San Diego

    SANTA MONICA, Calif., June 20, 2017 /PRNewswire/ — Entravision Communications Corporation, (NYSE: EVC), a diversified media company serving Latino audiences and communities, today announced that beginning July 3, 2017, the local news programming lineup for XHAS-TV will make an affiliation change to Azteca America in the San Diego market. The new affiliation partnership will allow Entravision the opportunity to strengthen its connection across multiple platforms to the diverse Latino audience who make San Diego and Tijuana their home.

    Entravision’s news programming, which includes local and national news, entertainment, weather and sports will be carried throughout Azteca America’s daily broadcast. The San Diego station will produce a total of one hour and a half of local news from 5-6 p.m. and 11-11:30 p.m. PT from Monday to Friday each week.

    The early evening newscast will be anchored by Martin Borchardt. With more than 14 years of experience, Mr. Borchardt is one of the best-known anchors in the San Diego market. The 11 p.m. newscast will be anchored by Estephanía Baez and Aranzazú Alvarez. Ms. Baez has been named a San Diego Latino leader by “Latino Leaders Magazine”, and recently received an Emmy nomination for her reporting on education. Ms. Alvarez has been with Entravision since 2014 anchoring the late news with Ms. Baez.

    “Exceeding expectations, creating exceptional content and providing the most up to the minute news to our audience has always been our main goal at Entravision,” said Luisa Collins, Vice President of News Social Affairs and Wellness for Entravision. “With our continued commitment to local news in Spanish, and with our Emmy award winning news team, we are able to grow, inform and educate our audience.”

    “Entravision is committed to being the Latino community’s trusted local news voice not only in San Diego, but in the 22 markets in which we provide local newscasts.” said Jeffery Liberman, President and Chief Operating Officer for Entravision. “Now more than ever, we see viewers gravitating towards our unique Spanish-language local news broadcasts. This makes us the undisputed Spanish language local news leader in the market. We are extremely proud to serve the ever-growing community.”

    About Entravision

    Entravision Communications Corporation is a leading global media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico, Latin America and Spain. The company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events, and data analytics services. Entravision has 56 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravison also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. According to comScore Media Metrix®, Entravision’s digital operating group, Pulpo, is the #1-ranked online advertising platform in Hispanic reach, and Pulpo’s comprehensive media offering, data, and consumer insights lead the industry. Entravision’s digital group also includes Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the U.S., Mexico and Latin America.  Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC. Learn more at: www.entravision.com

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/entravision-communications-corporation-announces-news-programming-lineup-moving-to-azteca-america-in-san-diego-300477029.html

    SOURCE Entravision

  • Entravision Communications Corporation Reports First Quarter 2017 Results

    Entravision Communications Corporation Reports First Quarter 2017 Results

    SANTA MONICA, Calif., May 4, 2017 /PRNewswire/ — Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three-month period ended March 31, 2017.

    Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure is included beginning on page 9. Unaudited financial highlights are as follows:

    Three-Month Period

    Ended March 31,

    2017

    2016

    % Change

    Net revenue

    $

    57,510

    $

    58,113

    (1)%

    Cost of revenue – digital media (1)

    1,752

    1,839

    (5)%

    Operating expenses (2)

    38,292

    39,000

    (2)%

    Corporate expenses (3)

    5,867

    5,604

    5%

    Consolidated adjusted EBITDA (4)

    12,570

    12,611

    (0)%

    Free cash flow (5)

    $

    7,265

    $

    6,558

    11%

    Net income

    $

    2,618

    $

    2,270

    15%

    Net income per share, basic

    $

    0.03

    $

    0.03

    0%

    Net income per share, diluted

    $

    0.03

    $

    0.02

    50%

    Weighted average common shares outstanding, basic

    90,236,476

    88,897,456

    Weighted average common shares outstanding, diluted

    91,760,531

    90,932,109

    (1)      Cost of revenue consists primarily of the costs of online media acquired from third-party publishers. Media cost is classified as cost of revenue in the period in which the corresponding revenue is recognized.

    (2)      Operating expenses include direct operating, selling, general and administrative expenses. Included in operating expenses are $0.2 million and $0.3 million of non-cash stock-based compensation for the three-month periods ended March 31, 2017 and 2016, respectively. Operating expenses do not include corporate expenses, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment and other income (loss).

    (3)      Corporate expenses include $0.8 million and $0.6 million of non-cash stock-based compensation for the three-month periods ended March 31, 2017 and 2016, respectively.

    (4)      Consolidated adjusted EBITDA means net income (loss) plus gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation included in operating and corporate expenses, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization less syndication programming payments. We use the term consolidated adjusted EBITDA because that measure is defined in our credit facility and does not include gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization and does include syndication programming payments. While many in the financial community and we consider consolidated adjusted EBITDA to be important, it should be considered in addition to, but not as a substitute for or superior to, other measures of liquidity and financial performance prepared in accordance with accounting principles generally accepted in the United States of America, such as cash flows from operating activities, operating income and net income. As consolidated adjusted EBITDA excludes non-cash gain (loss) on sale of assets, non-cash depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation expense, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization and includes syndication programming payments, consolidated adjusted EBITDA has certain limitations because it excludes and includes several important non-cash financial line items. Therefore, we consider both non-GAAP and GAAP measures when evaluating our business. Consolidated adjusted EBITDA is also used to make executive compensation decisions.

    (5)      Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense, and capital expenditures. Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, and less interest income.

    Commenting on the Company’s earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, “Our first quarter results were impacted by the absence of political advertising revenue in the first quarter compared to the prior year.  We grew our television advertising revenue, but this increase was offset by decreases in our radio and digital segments.  We also improved our free cash flow and net income over last year’s fourth quarter.  Additionally, we continued to build our digital footprint through our announced acquisition of Headway, a leading provider of mobile, programmatic, data and performance digital marketing solutions primarily in the United States, Mexico and other parts of Latin America.  Looking ahead, we remain well positioned to build on our success in further attracting Latino audiences, expanding our advertiser base and monetizing our reach to the benefit of our shareholders.”

    Quarterly Cash Dividend
    The Company announced today that its Board of Directors has approved a quarterly cash dividend to shareholders of $0.03125 per share of the Company’s Class A, Class B and Class U common stock, in an aggregate amount of approximately $2.8 million. The quarterly dividend will be payable on June 30, 2017 to shareholders of record as of the close of business on June 15, 2017, and the common stock will trade ex-dividend on June 13, 2017. As previously announced, the Company currently anticipates that future cash dividends will be paid on a quarterly basis; however, any decision to pay future cash dividends will be subject to approval by the Board.

    FCC Auction for Broadcast Spectrum
    On April 13, 2017, the Federal Communication Commission finalized the “incentive auction” for broadcast spectrum, which resulted in anticipated proceeds of approximately $264 million for the Company. The anticipated proceeds reflect the FCC’s acceptance of one or more bids placed by the Company during the auction to modify and/or relinquish spectrum usage rights for certain of the Company’s television stations. The Company does not expect that the modification and/or relinquishment of the spectrum usage rights will result in material changes in the operations or results of the Company. The proceeds of the incentive auction are expected to be received in the second half of 2017.

    WJAL-TV to Relocate from Hagerstown, Maryland to Washington, D.C.
    On April 20, 2017, the Company exercised its rights under an agreement pursuant to which a full-power station in Washington, D.C. will permit the Company’s television station WJAL-TV to broadcast on a portion of such station’s broadcast channel, on a jointly shared and licensed basis, and relocate its broadcast location from Hagerstown, Maryland to Washington, D.C., subject to Federal Communications Commission approval, in exchange for payment from the Company of $32.5 million.

    Acquisition of Headway
    On April 4, 2017, the Company completed the acquisition of the business of Headway, a provider of digital marketing solutions primarily in the United States, Mexico and other parts of Latin America. The transaction was funded from the Company’s cash on hand.

    Financial Results

    Three-Month Period Ended March 31, 2017 Compared to Three-Month Period Ended
    March 31, 2016
    (Unaudited)

    Three-Month Period

    Ended March 31,

    2017

    2016

    % Change

    Net revenue

    $

    57,510

    $

    58,113

    (1)%

    Cost of revenue – digital media (1)

    1,752

    1,839

    (5)%

    Operating expenses (1)

    38,292

    39,000

    (2)%

    Corporate expenses (1)

    5,867

    5,604

    5%

    Depreciation and amortization

    3,546

    4,027

    (12)%

    Operating income

    8,053

    7,643

    5%

    Interest expense, net

    (3,536)

    (3,859)

    (8)%

    Income before income taxes

    4,517

    3,784

    19%

    Income tax expense

    (1,899)

    (1,514)

    25%

    Net income

    $

    2,618

    $

    2,270

    15%

    (1)     Cost of revenue, operating expenses and corporate expenses are defined on page 1.

    Net revenue decreased to $57.5 million for the three-month period ended March 31, 2017 from $58.1 million for the three-month period ended March 31, 2016, a decrease of $0.6 million. Of the overall decrease, approximately $1.2 million was attributable to our radio segment and was primarily due to a decrease in political advertising revenue, which was not material in 2017, and decreases in local and national advertising revenue. Additionally we had a decrease of $0.6 million in the digital segment primarily attributable to a decrease in national revenue. The overall decrease was partially offset by an increase in the television segment of approximately $1.1 million. The increase was primarily due to increases in national and local advertising revenue and an increase in retransmission consent revenue, partially offset by a decrease in political advertising revenue, which was not material in 2017.

    Cost of revenue was $1.8 million for each of the three-month periods ended March 31, 2017 and 2016.

    Operating expenses decreased to $38.3 million for the three-month period ended March 31, 2017 from $39.0 million for the three-month period ended March 31, 2016, a decrease of $0.7 million. The decrease was primarily due to a decrease in professional services, non-cash stock based compensation, bad debt expense and a decrease in expense for ratings services, partially offset by an increase in salary expense.

    Corporate expenses increased to $5.9 million for the three-month period ended March 31, 2017 from $5.6 million for the three-month period ended March 31, 2016, an increase of $0.3 million. The increase was primarily due to legal and financial due diligence costs related to a pending acquisition and non-cash stock-based compensation expense.

    Segment Results

    The following represents selected unaudited segment information:

    Three-Month Period

    Ended March 31,

    2017

    2016

    % Change

    Net Revenue

    Television

    $

    37,710

    $

    36,565

    3%

    Radio

    15,719

    16,884

    (7)%

    Digital

    4,081

    4,664

    (13)%

    Total

    $

    57,510

    $

    58,113

    (1)%

    Cost of Revenue – digital media (1)

    Digital

    $

    1,752

    $

    1,839

    (5)%

    Operating Expenses (1)

    Television

    20,205

    20,480

    (1)%

    Radio

    15,721

    15,829

    (1)%

    Digital

    2,366

    2,691

    (12)%

    Total

    $

    38,292

    $

    39,000

    (2)%

    Corporate Expenses (1)

    $

    5,867

    $

    5,604

    5%

    Consolidated adjusted EBITDA (1)

    $

    12,570

    $

    12,611

    (0)%

    (1)   Cost of revenue, operating expenses, corporate expenses, and consolidated adjusted EBITDA are defined on page 1.

    Entravision Communications Corporation will hold a conference call to discuss its 2017 first quarter results on May 4, 2017 at 5 p.m. Eastern Time. To access the conference call, please dial 412-317-5440 ten minutes prior to the start time. The call will be webcast live and archived for replay on the investor relations portion of the Company’s web site located at www.entravision.com.

    Entravision Communications Corporation is a leading media company that reaches and engages U.S. Latinos across acculturation levels and media channels, as well as consumers in Mexico. The Company’s comprehensive portfolio incorporates integrated media and marketing solutions comprised of acclaimed television, radio, digital properties, events, and data analytics services. Entravision has 54 primary television stations and is the largest affiliate group of both the Univision and UniMás television networks. Entravision also owns and operates 49 primarily Spanish-language radio stations featuring nationally recognized talent, as well as the Entravision Audio Network and Entravision Solutions, a coast-to-coast national spot and network sales and marketing organization representing Entravision’s owned and operated, as well as its affiliate partner, radio stations. According to comScore Media Metrix®, Entravision’s digital operating group, Pulpo Media, is the #1-ranked online advertising platform in Hispanic reach, and Pulpo’s comprehensive media offerings, data, and consumer insights lead the industry. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.

    This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.

    Entravision Communications Corporation
    Consolidated Balance Sheets
    (In thousands; unaudited)

    March 31,

    December 31,

    2017

    2016

    ASSETS

    Current assets

    Cash and cash equivalents

    $

    68,982

    $

    61,520

    Trade receivables, net of allowance for doubtful accounts

    54,460

    65,072

    Prepaid expenses and other current assets

    5,683

    4,870

    Total current assets

    129,125

    131,462

    Property and equipment, net

    53,917

    55,368

    Intangible assets subject to amortization, net

    12,273

    13,120

    Intangible assets not subject to amortization

    220,701

    220,701

    Goodwill

    50,081

    50,081

    Deferred income taxes

    45,278

    44,677

    Other assets

    2,890

    2,512

    Total assets

    $

    514,265

    $

    517,921

    LIABILITIES AND STOCKHOLDERS’ EQUITY

    Current liabilities

    Current maturities of long-term debt

    $

    3,750

    $

    3,750

    Accounts payable and accrued expenses

    24,862

    30,810

    Total current liabilities

    28,612

    34,560

    Long-term debt, less current maturities, net of unamortized debt issuance costs

    285,924

    286,697

    Other long-term liabilities

    12,217

    13,208

    Total liabilities

    326,753

    334,465

    Stockholders’ equity

    Class A common stock

    7

    7

    Class B common stock

    2

    2

    Class U common stock

    1

    1

    Additional paid-in capital

    903,331

    904,867

    Accumulated deficit

    (713,405)

    (718,444)

    Accumulated other comprehensive income (loss)

    (2,424)

    (2,977)

    Total stockholders’ equity

    187,512

    183,456

    Total liabilities and stockholders’ equity

    $

    514,265

    $

    517,921

    Entravision Communications Corporation
    Consolidated Statements of Operations
    (In thousands, except share and per share data)
    (Unaudited)

    Three-Month Period

    Ended March 31,

    2017

    2016

    Net revenue

    $

    57,510

    $

    58,113

    Expenses:

    Cost of revenue – digital media

    1,752

    1,839

    Direct operating expenses

    27,092

    27,565

    Selling, general and administrative expenses

    11,200

    11,435

    Corporate expenses

    5,867

    5,604

    Depreciation and amortization

    3,546

    4,027

    49,457

    50,470

    Operating income

    8,053

    7,643

    Interest expense

    (3,645)

    (3,866)

    Interest income

    109

    7

    Income before income taxes

    4,517

    3,784

    Income tax expense

    (1,899)

    (1,514)

    Net income

    $

    2,618

    $

    2,270

    Basic and diluted earnings per share:

    Net income per share, basic

    $

    0.03

    $

    0.03

    Net income per share, diluted

    $

    0.03

    $

    0.02

    Cash dividends declared per common share

    $

    0.03

    $

    0.03

    Weighted average common shares outstanding, basic

    90,236,476

    88,897,456

    Weighted average common shares outstanding, diluted

    91,760,531

    90,932,109

    Entravision Communications Corporation
    Consolidated Statements of Cash Flows
    (In thousands; unaudited)

    Three-Month Period

    Ended March 31,

    2017

    2016

    Cash flows from operating activities:

    Net income

    $

    2,618

    $

    2,270

    Adjustments to reconcile net income to net cash provided by
             operating activities:

    Depreciation and amortization

    3,546

    4,027

    Deferred income taxes

    1,473

    1,264

    Amortization of debt issue costs

    183

    191

    Amortization of syndication contracts

    109

    89

    Payments on syndication contracts

    (113)

    (94)

    Non-cash stock-based compensation

    975

    946

                Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    10,979

    5,800

    (Increase) decrease in prepaid expenses and other assets

    (891)

    (378)

    Increase (decrease) in accounts payable, accrued expenses
         and other liabilities

    (5,963)

    (3,594)

    Net cash provided by operating activities

    12,916

    10,521

    Cash flows from investing activities:

    Purchases of short-term investments

    –

    (30,000)

    Purchases of property and equipment and intangibles

    (1,526)

    (2,135)

    Purchases of investments

    (250)

    –

    Deposits on acquisitions

    (230)

    –

    Net cash provided by (used in) investing activities

    (2,006)

    (32,135)

    Cash flows from financing activities:

    Proceeds from stock option exercises

    311

    400

    Payments on long-term debt

    (938)

    (938)

    Dividends paid

    (2,821)

    (2,781)

    Net cash used in financing activities

    (3,448)

    (3,319)

    Net increase (decrease) in cash and cash equivalents

    7,462

    (24,933)

    Cash and cash equivalents:

    Beginning

    61,520

    47,924

    Ending

    $

    68,982

    $

    22,991

    Entravision Communications Corporation
    Reconciliation of Consolidated Adjusted EBITDA to Cash Flows From Operating Activities
    (In thousands; unaudited)

    The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to
    cash flows from operating activities for each of the periods presented is as follows:

    Three-Month Period

    Ended March 31,

    2017

    2016

    Consolidated adjusted EBITDA (1)

    $

    12,570

    $

    12,611

    Interest expense

    (3,645)

    (3,866)

    Interest income

    109

    7

    Income tax expense

    (1,899)

    (1,514)

    Amortization of syndication contracts

    (109)

    (89)

    Payments on syndication contracts

    113

    94

    Non-cash stock-based compensation included in direct operating

       expenses

    (223)

    (321)

    Non-cash stock-based compensation included in corporate expenses

    (752)

    (625)

    Depreciation and amortization

    (3,546)

    (4,027)

    Net income

    2,618

    2,270

    Depreciation and amortization

    3,546

    4,027

    Deferred income taxes

    1,473

    1,264

    Amortization of debt issue costs

    183

    191

    Amortization of syndication contracts

    109

    89

    Payments on syndication contracts

    (113)

    (94)

    Non-cash stock-based compensation

    975

    946

    Changes in assets and liabilities:

    (Increase) decrease in accounts receivable

    10,979

    5,800

    (Increase) decrease in prepaid expenses and other assets

    (891)

    (378)

    Increase (decrease) in accounts payable, accrued expenses and other liabilities

    (5,963)

    (3,594)

    Cash flows from operating activities

    $

    12,916

    $

    10,521

    (1)     Consolidated adjusted EBITDA is defined on page 1.

    Entravision Communications Corporation
    Reconciliation of Free Cash Flow to Cash Flows From Operating Activities
    (In thousands; unaudited)

    The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to
    cash flows from operating activities for each of the periods presented is as follows:

    Three-Month Period

    Ended March 31,

    2017

    2016

    Consolidated adjusted EBITDA (1)

    $

    12,570

    $

    12,611

    Net interest expense (1)

    (3,353)

    (3,668)

    Cash paid for income taxes

    (426)

    (250)

    Capital expenditures (2)

    (1,526)

    (2,135)

    Free cash flow (1)

    7,265

    6,558

    Capital expenditures (2)

    1,526

    2,135

    Changes in assets and liabilities:

         (Increase) decrease in accounts receivable

    10,979

    5,800

         (Increase) decrease in prepaid expenses and other assets

    (891)

    (378)

          Increase (decrease) in accounts payable, accrued expenses and other liabilities

    (5,963)

    (3,594)

    Cash Flows From Operating Activities

    $

    12,916

    $

    10,521

    (1)     Consolidated adjusted EBITDA, net interest expense, and free cash flow are defined on page 1.

    (2)     Capital expenditures are not part of the consolidated statement of operations.

    To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/entravision-communications-corporation-reports-first-quarter-2017-results-300451957.html

    SOURCE Entravision Communications Corporation