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Article Excerpt
SANTA MONICA, Calif., Aug. 5 /PRNewswire-FirstCall/ -- Entravision Communications Corporation today reported financial results for the three- and six-month periods ended June 30, 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 below. Unaudited financial highlights are as follows:
Three-Month Period Six-Month Period Ended June 30, Ended June 30, -------------- -------------- 2009 2008 % Change 2009 2008 % Change ---- ---- -------- ---- ---- -------- Net revenue $48,696 $62,932 (23)% $90,411 $118,585 (24)% Operating expenses (1) 29,646 36,898 (20)% 61,459 72,307 (15)% Corporate expenses (2) 3,378 4,477 (25)% 7,251 8,931 (19)% Consolidated adjusted EBITDA (3) 16,323 22,371 (27)% 23,039 39,034 (41)% Free cash flow (4) $5,217 $9,871 (47)% $4,118 $14,289 (71)% Free cash flow per share, basic and diluted (4) $0.06 $0.11 (45)% $0.05 $0.15 (67)% Net income (loss) from continuing operations $(1,827) $11,661 NM $(16,321) $4,611 NM Net income (loss) applicable to common stockholders $(1,827) $10,742 NM $(16,321) $3,038 NM Net income (loss) per share from continuing operations applicable to common stockholders, basic and diluted $(0.02) $0.13 NM $(0.19) $0.05 NM Net income (loss) per share applicable to common stockholders, basic and diluted $(0.02) $0.12 NM $(0.19) $0.03 NM Weighted average common shares outstanding, basic 84,187,128 91,573,187 84,235,509 93,495,230 Weighted average common shares outstanding, diluted 84,187,128 91,835,027 84,235,509 93,811,980 (1) Operating expenses include direct operating, selling, general and administrative expenses. Included in operating expenses are $0.4 million and $0.4 million of non-cash stock-based compensation for the three-month periods ended June 30, 2009 and 2008, respectively and $0.7 million and $0.7 million of non-cash stock-based compensation for the six-month periods ended June 30, 2009 and 2008, respectively. Operating expenses do not include corporate expenses, depreciation and amortization, impairment charge, gain (loss) on sale of assets and loss on debt extinguishment. (2) Corporate expenses include $0.4 million and $0.5 million of non-cash stock-based compensation for the three-month periods ended June 30, 2009 and 2008, respectively and $0.8 million and $0.9 million of non-cash stock-based compensation for the six-month periods ended June 30, 2009 and 2008, respectively. (3) Consolidated adjusted EBITDA means net income (loss) plus loss (gain) on sale of assets, depreciation and amortization, non-cash impairment charge, 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, non-cash impairment charge, net interest expense, loss on debt extinguishment, loss from discontinued operations, income tax...
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