Entravision Communications’ Q3 net revenue decreased to $50.8 million, from $61.0 million for Q3 2008, a decrease of $10.2 million. Of the overall decrease, $5.4 million came from the TV side and was blamed on–you guessed it—a decrease in local and national ad rates. The loss was partially offset by an increase in retrans. consent revenue.
$4.8 million of the overall decrease came from the radio segment and was also attributable to a decrease in local and national ad rates.
Said Walter Ulloa, Chairman and CEO: “Our third quarter financial results continue to be impacted by the recession and the challenging advertising environment. We remain focused on managing our costs and maximizing our cash flows. Our television and radio operations continue to deliver solid ratings in the nation’s most densely-populated Hispanic markets. We believe that 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.”
Operating expenses decreased to $30.6 million for the quarter, from $37.0 million for Q3 2008, a decrease of $6.4 million. The decrease was primarily attributable to decreases in expenses associated with the decrease in net revenue and salary expense due to reductions of personnel and salary reductions.
For the year so far, net revenue decreased to $141.2 million, from $179.6 million in Q3 2008, a decrease of $38.4 million. Of the overall decrease, $20.5 million came from the television segment. $17.9 million of the overall decrease came from the radio side.