Spanish radio and TV specialist Entravision reported that Q1 revenues were down 2% to $55.7 million, with consolidated EBITDA down 13% to $15 million. The company is expecting another revenue decline in the low to mid single digits for Q2. But it also expects to have 100 million bucks in its coffers from the pending sale of its outdoor business, which will give it plenty of financial flexibility to get through this tough economic period.
"During the first quarter we continued to execute on our strategic plan and strengthen the position of our television and radio stations in a challenging advertising environment due to general economic conditions. We also faced difficult comparisons in our operational results compared to the year ago period, when we outperformed the industry with robust results from both our television and radio divisions. We remain well positioned to capitalize on the expanding purchasing power of the Hispanic consumer. We are prudently investing in our broadcasting assets to build audience share, penetrating new business and maintaining our disciplined cost approach,” said CEO Walter Ulloa.
Q1 radio revenues were down 3% to $19.5 million, while expenses rose 3%. Ulloa noted that radio had tough comps, having been up double digits the previous year. TV revenues were down 2% to $36.1 million, with expenses flat for the period.