Entravision Communications announced net revenue of $48.7 million for the second quarter, a 23% slide from the $62.9 million reported in the same quarter a year ago.
Operating income was $7.8 million, down 51% from last year's second quarter. Entravision's operating expenses decreased 20%.
Of the Spanish-language broadcaster's $14.2 million revenue decrease in the quarter, $7.2 million came from television and "was primarily attributable to a decrease in local and national advertising rates," the company said in a statement, "which in turn was primarily due to the continuing weak economy." That was partially offset by an increase in retransmission consent revenue of $2.9 million.
The remaining $7 million decrease was on the radio side.
"Our second quarter financial results reflect the continuing recession and the challenging advertising environment," said Chairman/CEO Walter F. Ulloa. "We are continuing to aggressively manage our costs to maximize our cash flows. Our television and radio operations continue to deliver solid ratings in the nation's most densely-populated Hispanic markets. We believe we are well positioned to benefit when the economy recovers, given the strength of our brands and our ability to deliver the valuable Hispanic audience to advertisers."
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