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Forum List » Business News and Headlines SEC Filings, Earing Reports, Press Releases  
Entravision Communications Corp. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 2, 2012 05:08PM
Entravision Communications Corp. (EVC) filed Quarterly Report for the period ended 2012-09-30. Highlight of Business Operations:Net revenue increased to $159.5 million for the nine-month period ended September 30, 2012 from $144.4 million for the nine-month period ended September 30, 2011, an increase of $15.1 million. Of the overall increase, $14.1 million came from our television segment and was primarily attributable to increases in core advertising revenue, political advertising revenue, which was not material in 2011, and retransmission consent revenue. Additionally, $1.0 million of the overall increase came from our radio segment and was primarily attributable to increases in political advertising revenue, which was not material in 2011, and core advertising revenue.Direct operating expenses increased to $67.8 million for the nine-month period ended September 30, 2012 from $65.9 million for the nine-month period ended September 30, 2011, an increase of $1.9 million. Of the overall increase, $1.6 million came from our television segment and was primarily attributable to an increase in expenses associated with the increase in net revenue and an increase in salary expense. Additionally, $0.3 million of the overall increase came from our radio segment and was primarily attributable to an increase in salary expense. As a percentage of net revenue, direct operating expenses decreased to 43% for the nine-month period ended September 30, 2012 from 46% for the nine-month period ended September 30, 2011. Direct operating expenses as a percentage of net revenue decreased because the increase in net revenue outpaced the increase in direct operating expenses. Selling, General and Administrative Expenses. Selling, general and administrative expenses increased to $9.6 million for the three-month period ended September 30, 2012 from $8.6 million for the three-month period ended September 30, 2011, an increase of $1.0 million. Of the overall increase, $0.7 million came from our television segment and was primarily attributable to an increase in bad debt expense and an increase in salary expense. Additionally, $0.3 million of the overall increase came from our radio segment and was primarily attributable to an increase in salary expense. As a percentage of net revenue, selling, general and administrative expenses decreased to 16% for the three-month period ended September 30, 2012 from 17% for the three-month period ended September 30, 2011. Selling, general and administrative expenses as a percentage of net revenue decreased because the increase in net revenue outpaced the increase in selling, general and administrative expenses. Selling, general and administrative expenses increased to $28.6 million for the nine-month period ended September 30, 2012 from $27.1 million for the nine-month period ended September 30, 2011, an increase of $1.5 million. Of the overall increase, $1.1 million came from our television segment and was primarily attributable to an increase in salary expense. Additionally, $0.4 million of the overall increase came from our radio segment and was primarily attributable to an increase in salary expense. As a percentage of net revenue, selling, general and administrative expenses decreased to 18% for the nine-month period ended September 30, 2012 from 19% for the nine-month period ended September 30, 2011. Selling, general and administrative expenses as a percentage of net revenue decreased because the increase in net revenue outpaced the increase in selling, general and administrative expenses. Consolidated adjusted EBITDA (as defined below) increased to $51.5 million for the nine-month period ended September 30, 2012 from $41.1 million for the nine-month period ended September 30, 2011, an increase of $10.4 million, or 25%. As a percentage of net revenue, consolidated adjusted EBITDA increased to 32% for the nine-month period ended September 30, 2012 from 28% for the nine-month period ended September 30, 2011.
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