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Article Excerpt
SANTA MONICA, Calif., May 6 /PRNewswire-FirstCall/ -- Entravision Communications Corporation today reported financial results for the three-month period ended March 31, 2009.
Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). The results of our outdoor operations are presented in discontinued operations within the statements of operations in accordance with SFAS 144, "Accounting for the Impairment or Disposal of Long-Lived Assets". This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure, is included beginning on page 7. Unaudited financial highlights are as follows:
Three-Month Period Ended March 31, 2009 2008 % Change Net revenue $41,715 $55,653 (25)% Operating expenses (1) 31,813 35,409 (10)% Corporate expenses (2) 3,873 4,454 (13)% Consolidated adjusted EBITDA (3) 6,716 16,663 (60)% Free cash flow (4) $(1,099) $4,417 NM Free cash flow per share, basic and diluted (4) $(0.01) $0.05 NM Net loss from continuing operations $(14,494) $(7,050) 106% Net loss applicable to common stockholders $(14,494) $(7,704) 88% Net loss per share from continuing operations applicable to common stockholders, basic and diluted $(0.17) $(0.07) 143% Net loss per share applicable to common stockholders, basic and diluted $(0.17) $(0.08) 113% Weighted average common shares outstanding, basic 87,511,642 95,416,338 Weighted average common shares outstanding, diluted 87,511,642 95,416,338 1. Operating expenses include direct operating, selling, general and administrative expenses. Included in operating expenses are $0.4 million and $0.3 million of non-cash stock-based compensation for the three-month periods ended March 31, 2009 and 2008, respectively. Operating expenses do not include corporate expenses, depreciation and amortization, gain (loss) on sale of assets and loss on debt extinguishment. 2. Corporate expenses include $0.4 million and $0.4 million of non-cash stock-based compensation for the three-month periods ended March 31, 2009 and 2008, respectively. 3. Consolidated adjusted EBITDA means net income (loss) plus loss (gain) on sale of assets, depreciation and amortization, non-cash stock-based compensation included in operating and corporate expenses, net interest expense, loss on debt extinguishment, loss from discontinued operations, income tax expense (benefit), equity in net income (loss) of nonconsolidated affiliate and syndication programming amortization less syndication programming payments. We use the term consolidated adjusted EBITDA because that measure is defined in our syndicated bank credit facility and does not include non-cash stock-based compensation, loss (gain) on sale of assets, depreciation and amortization, net interest expense, loss on debt...
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