Net revenue fell 5% to $62.9 million at Entravision Communications for the second quarter, compared with the same quarter a year ago.
Net income from continuing operations was $11.7 million, down slightly from the $11.8 million posted in Q2 a year ago. Operating income plummeted 20% in the quarter to $15.9 million.
The Spanish-language broadcaster’s net revenue for the six-month period ended June 30 was $118.6 million, down 4% from the same six-month period last year.
Television net revenue slipped 3% to $38.9 million for the second quarter, while operating expenses for TV were flat. Entravision’s radio holdings had a bigger dip in net revenue, 9%.
Entravision chairman and CEO Walter Ulloa cited a weak economic environment for the negative numbers. "During the second quarter, we continued to drive audience growth and strengthen the position of our TV and radio stations in an advertising market that remains weak due to general economic conditions,” he said.
“We are taking additional steps to control our costs while continuing to make prudent investments in our content, marketing and sales capabilities,” Ulloa added. “In addition, our balance sheet remains strong and we have ample financial flexibility. The nation's Hispanic population continues to grow and we remain optimally positioned to capitalize on this opportunity over the long-term."
For the third quarter, Entravision expects net revenues to decrease by low- to mid-single-digit percentages and operating expenses to increase by low-single-digit percentages compared with the third quarter of 2007.
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