FORT LAUDERDALE, Fla., Feb. 28 /PRNewswire/ -- Totally free, personalized fundraising consulting is now available for all Florida nonprofits 24/7 at www.fundraisershotline.com.
"Florida nonprofit fundraisers may ask anything they want - like How can I find donors? or How can I get my board to give more and to ask others to give? It's absolutely one-on-one attention. They won't be getting boilerplate answers," says Dr. Stephen L. Goldstein, creator of the hotline and president of The Nonprofit Institute, Educational Marketing Services in Fort Lauderdale.
"Nonprofits always have a hard time raising money. But many are really struggling in today's bad economy, especially in Florida. They need immediate professional advice tailored to their specific needs. But most nonprofits cannot afford to hire an expert to give them quick answers to their pressing questions. So, www.fundraisershotline.com gives them personal access to an experienced professional to be their sounding-board to increase their fundraising success," Goldstein adds.
That's what's so unique about the hotline. It's quick, efficient, direct --and free, of course. Getting answers from the hotline is simple. Go to www.fundraisershotline.com, fill out the short user form, ask a question, then send it to Dr. Goldstein. There is absolutely no cost or obligation. Every question is answered personally and within 24 hours.
Columnist, author, consultant, TV and radio personality, and workshop leader - Dr. Stephen L. Goldstein is a nationally recognized marketing, communications, and fundraising executive, as well as a trends analyst and forecaster. For more than 30 years, he has developed strategies for nonprofit success.
Dr. Goldstein is now the co-producer and host of "The Forum for Nonprofits," which airs on WNN & WSBR and may be heard 24/7 at www.forumfornonprofits.com. He was the producer and host of "Fundraising Success," a weekly radio program on WXEL, 90.7FM/National Public Radio and still available at any time from anywhere in the world at www.wxelpodcasts.org.
Dr. Goldstein's "Fundraising Guru" columns have appeared in The South Florida Sun-Sentinel and have been a regular feature of the Scripps papers on Florida's Treasure Coast. He is the author of the bestseller, 30 Days to Successful Fundraising.
Goldstein is also the developer of "Fundraising Briefing Books," the basis for the workshops and tailored consulting programs he offers nationwide.
Media contact:
Stephen Goldstern
954-772-4455
trendsman@aol.com
Hispanic Television Summit to be held Wednesday, September 23 - Thursday, September 24, 2009 At the Marriott Marquis New York City
Signature Hispanic Television Industry Event presented annually by Multichannel News and Broadcasting & Cable To Join Advertising Week 2009 Lineup
NEW YORK, Feb. 27 /PRNewswire/ -- Leading television industry trade publications Multichannel News and Broadcasting & Cable have announced that, for the first time, they will present the annual Hispanic Television Summit during Advertising Week 2009.
According to Larry Dunn, Reed Television's Group Publisher for Multichannel News and Broadcasting & Cable, "We are pleased to add our Seventh Annual Hispanic Television Summit to the exciting line-up of major events scheduled during Advertising Week 2009. This marks the first time that the leading Hispanic television industry conference has been scheduled in tandem with the many other activities for members of the advertising community."
The Hispanic Television Summit has been presented annually since 2003. It is traditionally held in New York each autumn season and attracts more than 300 attendees from across the country, Latin America and Spain. The Summit has now become the television industry's signature conference for executives involved in the business of television and digital video targeted to the US Hispanic and Latin American viewing audience.
In 2008, Advertising Week's fifth anniversary edition attracted 55,000 industry leaders to nearly 200 thought leadership and special events featuring marquee participants including, the Founder of Wikipedia, Jimmy Wales, Founder of the Huffington Post, Arianna Huffington, Facebook's COO, Sheryl Sandberg, Emeril Lagasse, CNBC's Maria Bartiromo, Lorne Michaels, producer of Saturday Night Live and recording superstar Jon Bon Jovi.
"The Hispanic Television Summit is a terrific addition to our lineup and furthers our deep commitment to leveraging the platform Advertising Week affords to shine a light on our diverse and ever expanding industry," stated Matt Scheckner, Executive Director of Advertising Week.
This year's Advertising Week will run from Monday, September 21 through Friday, September 25. Information about all Advertising Week events and registration information is available at www.advertisingweek.com
"Strategically, this is a great alliance for us," added Larry Dunn. "By joining our successful Hispanic Television Summit into the Advertising Week schedule, we are able to create a win-win for those in the multicultural television advertising community. It is simply a great way to accommodate the busy schedules of today's advertising and television executives."
The distinctive topic of the Hispanic Television Summit always focuses on the latest trends for generating revenues within the Hispanic television and digital media space. It delivers the "freshest" industry information in response to the current trends in the television and digital video marketplace. As a result, the Summit attracts speakers, panelists, and participants who are top executives from broadcast, cable, satellite, broadband and mobile, as well as those from related businesses like advertising, finance, consumer electronics, video technology and other consumer goods.
The Summit is being produced for the seventh time for Multichannel News and Broadcasting & Cable by New York-based Schramm Sports & Entertainment, Inc., a leading marketing and media services company which includes Hispanic marketing of TV content among its specialties.
To register: visit www.multichannel.com/hispanicsummit09 or call Sandy Friedman at 646-746-6740
Multichannel News covers multichannel television and communications providers, such as cable operators, satellite TV firms, and telephone companies, as well as emerging Internet video and communication services. www.multichannel.com
Broadcasting & Cable covers the business of television for industry professionals offering breaking news and analysis on programming, syndication, the station business, technology and advertising for broadcasting, cable, satellite, telco TV and the Web. www.broadcastingcable.com
About Advertising Week:
Since its creation in 2004, Advertising Week has drawn thousands of participants from around the world to New York City for a week long think-tank comprised of over 200 different events, panels and discussions that focus on the power of advertising and its neighboring industries. Above and beyond celebration, the mission of The Week is to inspire young people to join the craft; focus the industry and public at-large on the social impacts of advertising; address the most important issues facing the industry and shine a bright light on the business and economic influence of the advertising, media and marketing industries. www.advertisingweek.com
COLUMBIA, Md., Feb. 27 /PRNewswire/ -- Anita Gentle Newcomb, founder and president of A.G. Newcomb & Co., a strategic advisory firm for the banking industry, was recently featured on the Washington DC business radio show and website, The Leaders Spot. The show features top business leaders discussing their leadership styles, philosophies, challenges, successes, and industry trends.
Ms. Newcomb, an expert on banking strategies, illuminated part of the banking story that has been absent from most media coverage. Her work has provided insight into the fiscal health of many of the nation's 8,200 community banks. She believes that the state of "most of the nation's banks is quite different than what is currently being highlighted."
According to Ms. Newcomb, "Despite dire banking headlines, 98% of banks are 'well capitalized,' the highest capital level designation accorded by the FDIC." Ms. Newcomb points out that "Community banks have been painted with the same broad brush as larger banks and investment and mortgage companies. This has created a view that the banking industry is failing. But, the foundation of the banking industry, the smaller community banks, is sound and well positioned." She states that community banks are better positioned because many do not have a critical mass of high-risk loans, they have a loyal clientele, and they are working "daily and proactively" with their clients to mitigate damage. Ms. Newcomb noted, "Small banks are on the front line, already doing things that are being touted in the recovery plans. My clients are working with customers to bridge difficult circumstances." Contrary to what is being said in the media, community banks' loans increased last year.
She states that, "Customers and banks are in uncharted waters. Most customers have never felt such anxiety about their financial service relationships. This has created a tipping point in which consumers and businesses are reconsidering their banking relationships. There is a heightened sensitivity to security and trustworthiness, whereas in the past it was about convenience. Community banks have been the recipients of this influx of customers. Most community banks reported an increase in loans and deposits in the third quarter of 2008." Ms. Newcomb acknowledges that big banks play a critical role in the recovery and that it is imperative that they return to the fundamentals of banking: the building of sound, trusting relationships with their customers, "We are entering a new time that calls for new banking."
A podcast of Ms. Newcomb's interview can be heard at http://theleadersspot.com/archives/990.
Ms. Newcomb formed A.G. Newcomb & Co., headquartered in Columbia, Maryland, in 1999. The firm provides strategic advisory services to banks and their partners nationwide. The firm's expertise includes: consumer and business banking strategies; strategic planning; geographic and business line expansions; and acquisitions and divestitures.
SANTA MONICA, Calif., Feb. 26 /PRNewswire-FirstCall/ -- Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and twelve-month periods ended December 31, 2008.
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 8. Unaudited financial highlights are as follows:
Three Months Ended
December 31,
2008 2007 % Change
Net revenue $52,762 $62,514 (16)%
Operating expenses (1) 35,226 36,119 (2)%
Corporate expenses (2) 4,414 4,669 (5)%
Consolidated adjusted EBITDA (3) 13,948 22,283 (37)%
Free cash flow (4) $3,532 $13,064 (73)%
Free cash flow per share, basic
and diluted (4) $0.04 $0.13 (69)%
Income (loss) from continuing
operations $(134,126) $26,114 NM
Net loss applicable to
common stockholders $(136,483) $(47,051) 190%
Net income (loss) per share from
continuing operations applicable
to common stockholders,
basic and diluted $(1.56) $0.26 NM
Net loss per share applicable
to common stockholders,
basic and diluted $(1.58) $(0.48) 229%
Weighted average common shares
outstanding, basic 86,185,661 98,806,107
Weighted average common shares
outstanding, diluted 86,185,661 99,276,283
Twelve Months Ended
December 31,
2008 2007 % Change
Net revenue $232,335 $250,046 (7)%
Operating expenses (1) 144,510 143,875 0%
Corporate expenses (2) 17,117 17,353 (1)%
Consolidated adjusted EBITDA (3) 74,104 91,779 (19)%
Free cash flow (4) $26,572 $50,383 (47)%
Free cash flow per share, basic
and diluted (4) $0.29 $0.49 (41)%
Income (loss) from continuing
operations $(484,007) $40,040 NM
Net loss applicable to
common stockholders $(487,937) $(43,117) NM
Net income (loss) per share from
continuing operations applicable
to common stockholders,
basic and diluted $(5.34) $0.39 NM
Net loss per share applicable
to common stockholders,
basic and diluted $(5.39) $(0.42) NM
Weighted average common shares
outstanding, basic 90,560,685 102,382,307
Weighted average common shares
outstanding, diluted 90,560,685 103,020,657
(1) Operating expenses include direct operating, selling, general and
administrative expenses. Included in operating expenses are $0.4
million and $0.2 million of non-cash stock-based compensation for the
three-month periods ended December 31, 2008 and 2007, respectively
and $1.4 million and $1.1 million of non-cash stock-based compensation
for the twelve-month periods ended December 31, 2008 and 2007,
respectively. Operating expenses do not include corporate expenses,
depreciation and amortization, impairment loss, gain (loss) on sale of
assets and gain on debt extinguishment.
(2) Corporate expenses include $0.5 million and $0.5 million of non-cash
stock-based compensation for the three-month periods ended December
31, 2008 and 2007, respectively and $1.9 million and $1.9 million of
non-cash stock-based compensation for the twelve-month periods ended
December 31, 2008 and 2007, respectively.
(3) Consolidated adjusted EBITDA means operating income (loss) plus (gain)
loss on sale of assets, depreciation and amortization, non-cash
impairment loss, non-cash stock-based compensation included in
operating and corporate expenses 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 (gain) loss on
sale of assets, depreciation and amortization, non-cash impairment
loss, non-cash stock-based compensation, net interest expense, gain
on debt extinguishment, income tax expense (benefit), equity in net
income (loss) of nonconsolidated affiliate, loss from discontinued
operations and syndication programming amortization and does include
syndication programming payments. The definition of operating income
(loss), and thus consolidated adjusted EBITDA, excludes (gain) loss
on sale of assets, depreciation and amortization, non-cash impairment
loss, non-cash stock-based compensation, net interest expense, gain on
debt extinguishment, income tax expense (benefit), equity in net
income (loss) of nonconsolidated affiliate, loss from discontinued
operations and syndication programming amortization and includes
syndication programming payments. While many in the financial
community and we consider consolidated adjusted EBITDA to be
important, it should be considered in addition to, but not as a
substitute for or superior to, other measures of liquidity and
financial performance prepared in accordance with accounting
principles generally accepted in the United States of America, such
as cash flows from operating activities, operating income and net
income. As consolidated adjusted EBITDA excludes non-cash (gain) loss
of sales of assets, non-cash depreciation and amortization, non-cash
impairment loss, non-cash stock-based compensation, net interest
expense, gain on debt extinguishment, income tax expense (benefit),
equity in net income (loss) of nonconsolidated affiliate, loss from
discontinued operations and syndication programming amortization and
includes syndication programming payments, consolidated adjusted
EBITDA has certain limitations because it excludes and includes
several important non-cash financial line items. Therefore, we
consider both non-GAAP and GAAP measures when evaluating our business.
Consolidated adjusted EBITDA is also used to make executive
compensation decisions.
(4) Free cash flow is defined as consolidated adjusted EBITDA less cash
paid for income taxes, net interest expense and capital expenditures.
Net interest expense is defined as interest expense, less non-cash
interest expense relating to amortization of debt finance costs, less
interest income less the change in the fair value of our interest rate
swaps. Free cash flow per share is defined as free cash flow divided
by the diluted weighted average common shares outstanding.
Commenting on the Company's earnings results, Walter F. Ulloa, Chairman and Chief Executive Officer, said, "Our fourth quarter results reflect the continuing impact of the global financial crisis and the recession, resulting in an advertising downturn. We are continuing to focus on debt reduction and are committed to further reducing our costs and operating as efficiently as possible in order to maximize our cash flows, without sacrificing the quality of our content or marketing efforts. Our audience shares remain strong in the nation's most densely populated Hispanic markets."
The Company also announced that it repurchased 3.3 million shares of Class A common stock for approximately $4.2 million in the fourth quarter of 2008. The Company repurchased 12.1 million shares of Class A common stock for approximately $50.4 million in 2008. The Company's Board of Directors has approved the retirement of all treasury stock repurchased as of December 31, 2008, and a total of 14.1 million treasury shares were retired on December 31, 2008.
Impairment of Television and Radio Segment Intangibles
In the fourth quarter of 2008, the Company recorded an impairment charge of $170 million, primarily related to television and radio FCC broadcasting licenses and goodwill as a result of an appraisal recently conducted on certain television and radio assets. For the 2008 year, the Company recorded an impairment charge of $610 million, primarily related to television and radio FCC broadcasting licenses and goodwill.
In connection with the preparation of our financial statements for the three- and twelve-month periods ended December 31, 2008, we are currently in the process of finalizing the provision for income taxes, which we intend to complete in time to permit a timely filing of our annual report for the period ended December 31, 2008.
Three Months Ended December 31, 2008 Compared to
Three Months Ended December 31, 2007
(Unaudited)
Three Months Ended
December 31,
2008 2007 % Change
Net revenue $52,762 $62,514 (16)%
Operating expenses(1) 35,226 36,119 (2)%
Corporate expenses(1) 4,414 4,669 (5)%
Depreciation and amortization 6,227 5,572 12%
Impairment charge 170,436 - NM
Operating income (loss) (163,541) 16,154 NM
Interest expense, net (14,943) (17,266) (13)%
Gain on debt extinguishment 9,813 - NM
Loss before income taxes (168,671) (1,112) NM
Income tax benefit 34,538 27,295 27%
Net income (loss) before equity in
net loss of nonconsolidated
affiliates and discontinued
operations (134,133) 26,183 NM
Equity in net income (loss) of
nonconsolidated affiliates 7 (69) NM
Net income (loss) before
discontinued operations (134,126) 26,114 NM
Loss from discontinued operations,
net of tax (2,357) (73,165) (97)%
Net loss $(136,483) $(47,051) 190%
(1) Operating expenses and corporate expenses are defined on page 1.
Net revenue decreased to $52.8 million for the three-month period ended December 31, 2008 from $62.5 million for the three-month period ended December 31, 2007, a decrease of $9.7 million. Of the overall decrease, $6.0 million came from our television segment and was primarily attributable to a decrease in local and national advertising sales and advertising rates, which in turn was primarily due to the continuing weak economy. Additionally, $3.7 million of the decrease came from our radio segment and was primarily attributable to a decrease in local advertising sales and advertising rates as a result of the continuing weak economy, partially offset by revenue associated with the expansion of our radio division in Orlando.
Operating expenses decreased to $35.2 million for the three-month period ended December 31, 2008 from $36.1 million for the three-month period ended December 31, 2007, a decrease of $0.9 million. The decrease was primarily attributable to a decrease in expenses associated with the decrease in net revenue.
Corporate expenses decreased to $4.4 million for the three-month period ended December 31, 2008 from $4.7 million for the three-month period ended December 31, 2007, a decrease of $0.3 million. The decrease was attributable to the elimination of bonuses paid to executive officers.
The Company recorded an impairment charge of $170 million, primarily related to television and radio FCC broadcasting licenses and goodwill as a result of an appraisal recently conducted on certain television and radio assets for the three-month period ended December 31, 2008.
Twelve Months Ended December 31, 2008 Compared to
Twelve Months Ended December 31, 2007
(Unaudited)
Twelve Months Ended
December 31,
2008 2007 % Change
Net revenue $232,335 $250,046 (7)%
Operating expenses (1) 144,510 143,875 0%
Corporate expenses (1) 17,117 17,353 (1)%
Depreciation and amortization 23,412 22,565 4%
Impairment charge 610,456 - NM
Operating income (loss) (563,160) 66,253 NM
Interest expense, net (41,199) (44,596) (8)%
Gain on debt extinguishment 9,813 - NM
Income (loss) before income taxes (594,546) 21,657 NM
Income tax benefit 110,705 18,047 NM
Net income (loss) before equity in
net income (loss) of
nonconsolidated affiliates and
discontinued operations (483,841) 39,704 NM
Equity in net income (loss) of
nonconsolidated affiliates (166) 336 NM
Net income (loss) before
discontinued operations (484,007) 40,040 NM
Loss from discontinued operations,
net of tax (3,930) (83,157) (95)%
Net loss $(487,937) $(43,117) NM
(1) Operating expenses and corporate expenses are defined on page 1.
Net revenue decreased to $232.3 million for the twelve-month period ended December 31, 2008 from $250.0 million for the twelve-month period ended December 31, 2007, a decrease of $17.7 million. Of the overall decrease, $10.4 million came from our television segment and was primarily attributable to a decrease in local and national advertising sales and advertising rates, which in turn was primarily due to the continuing weak economy. Additionally, $7.3 million of the decrease came from our radio segment and was primarily attributable to a decrease in local advertising sales and advertising rates as a result of the continuing weak economy, partially offset by revenue associated with the expansion of our radio division in Orlando.
Operating expenses increased to $144.5 million for the twelve-month period ended December 31, 2008 from $143.9 million for the twelve-month period ended December 31, 2007, an increase of $0.6 million. The increase was primarily attributable to expenses associated with the expansion of our radio division in Orlando, an increase in rating services and an increase in rent and utility expense, partially offset by a decrease in expenses associated with the decrease in net revenue.
Corporate expenses decreased to $17.1 million for the twelve-month period ended December 31, 2008 from $17.4 million for the twelve-month period ended December 31, 2007, a decrease of $0.3 million. The decrease was attributable to the elimination of bonuses paid to executive officers.
The Company recorded an impairment charge of $610 million, primarily related to television and radio FCC broadcasting licenses and goodwill for the twelve-month period ended December 31, 2008.
Segment Results
The following represents selected unaudited segment information:
Three Months Ended
December 31,
2008 2007 % Change
Net Revenue
Television $33,410 $39,380 (15)%
Radio 19,352 23,134 (16)%
Total $52,762 $62,514 (16)%
Operating Expenses (1)
Television $21,082 $22,112 (5)%
Radio 14,144 14,007 1%
Total $35,226 $36,119 (2)%
Corporate Expenses (1) $4,414 $4,669 (5)%
Consolidated adjusted
EBITDA (1) $13,948 $22,283 (37)%
(1) Operating expenses, Corporate expenses, and Consolidated adjusted
EBITDA are defined on page 1.
Entravision Communications Corporation will hold a conference call to discuss its 2008 fourth quarter results on February 26, 2009 at 5 p.m. Eastern Time. To access the conference call, please dial 412-858-4600 ten minutes prior to the start time. The call will be webcast live and archived for replay at www.entravision.com.
Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision is the largest affiliate group of both the top-ranked Univision television network and Univision's TeleFutura network, with television stations in 20 of the nation's top 50 Hispanic markets. The Company also operates one of the nation's largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company's filings with the Securities and Exchange Commission.
(Financial Table Follows)
Entravision Communications Corporation
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
Three-Month Period Twelve-Month Period
Ended December 31, Ended December 31,
2008 2007 2008 2007
Net revenue (including
related parties of $0, $165,
$182 and $615) $52,762 $62,514 $232,335 $250,046
Expenses:
Direct operating expenses
(including related
parties of $2,873, $3,048,
$11,455 and $12,180)
(including non-cash
stock-based compensation
of $171, $75, $633
and $431) 24,543 25,179 100,801 99,608
Selling, general and
administrative expenses
(including non-cash
stock-based compensation
of $215, $143, $794
and $678) 10,683 10,940 43,709 44,267
Corporate expenses
(including non-cash
stock-based compensation
of $517, $470, $1,926
and $1,884) 4,414 4,669 17,117 17,353
Depreciation and
amortization (includes
direct operating of $4,912,
$4,362, $18,344 and $17,700;
selling, general and
administrative of $1,000,
$1,003, $3,991 and $4,007;
and corporate of $315,
$207, $1,077 and $858)
(including related
parties of $580, $580,
$2,320 and $2,320) 6,227 5,572 23,412 22,565
Impairment charge 170,436 - 610,456 -
216,303 46,360 795,495 183,793
Operating income (loss) (163,541) 16,154 (563,160) 66,253
Interest expense (including
related parties of $43, $58,
$199 and $257) (15,498) (18,184) (43,093) (49,405)
Interest income 555 918 1,894 4,809
Gain on debt extinguishment 9,813 - 9,813 -
Income (loss) before
income taxes (168,671) (1,112) (594,546) 21,657
Income tax benefit 34,538 27,295 110,705 18,047
Income (loss) before
equity in net income
(loss) of
nonconsolidated
affiliate and
discontinued
operations (134,133) 26,183 (483,841) 39,704
Equity in net income
(loss) of
nonconsolidated affiliate 7 (69) (166) 336
Income (loss) from
continuing operations (134,126) 26,114 (484,007) 40,040
Loss from discontinued
operations, net of tax (2,357) (73,165) (3,930) (83,157)
Net loss applicable to
common stockholders $(136,483) $(47,051) $(487,937) $(43,117)
Basic and diluted earnings
per share:
Net income (loss) per share
from continuing operations
applicable to common
stockholders, basic
and diluted $(1.56) $0.26 $(5.34) $0.39
Net loss per share from
discontinued operations,
basic and diluted $(0.03) $(0.74) $(0.04) $(0.81)
Net loss per share applicable
to common stockholders,
basic and diluted $(1.58) $(0.48) $(5.39) $(0.42)
Weighted average common
shares outstanding,
basic 86,185,661 98,806,107 90,560,685 102,382,307
Weighted average common
shares outstanding,
diluted 86,185,661 99,276,283 90,560,685 103,020,657
Entravision Communications Corporation
Consolidated Statements of Cash Flows
(Unaudited; in thousands)
Three-Month Period Twelve-Month Period
Ended December 31, Ended December 31,
2008 2007 2008 2007
Cash flows from operating
activities:
Net loss $(136,483) $(47,051) $(487,937) $(43,117)
Adjustments to reconcile net
loss to net cash provided
by operating activities:
Depreciation and
amortization 6,227 5,572 23,412 22,565
Impairment charge 170,436 - 610,456 -
Deferred income taxes (34,653) (26,152) (112,190) (18,589)
Amortization of debt issue
costs 157 101 459 404
Amortization of
syndication contracts 628 720 2,883 1,798
Payments on syndication
contracts (705) (851) (2,840) (1,830)
Equity in net (income)
loss of nonconsolidated
affiliate (7) 69 166 (336)
Non-cash stock-based
compensation 903 688 3,353 2,993
Gain on debt extinguishment (9,813) - (9,813) -
Change in fair value of
interest rate swap
agreements 8,001 10,200 11,648 17,667
Changes in assets and
liabilities, net of effect
of acquisitions and
dispositions:
(Increase) decrease in
accounts receivable 7,508 3,098 11,156 (4,015)
Decrease in prepaid
expenses and other
assets 903 1,327 803 84
Increase (decrease) in
accounts payable,
accrued expenses and
other liabilities (2,860) 120 (6,065) (938)
Effect of discontinued
operations 957 75,039 (1,273) 86,579
Net cash provided by
operating activities 11,199 22,880 44,218 63,265
Cash flows from investing
activities:
Proceeds from sale of
property and equipment and
intangibles - 17 101,498 37
Purchases of property and
equipment and intangibles (3,458) (12,687) (16,873) (26,177)
Purchase of a business - - (22,885) -
Deposits on acquisitions - - (200) -
Distribution from
nonconsolidated affiliate - 250 - 250
Effect of discontinued
operations - (347) (194) (1,610)
Net cash provided by
(used in) investing
activities (3,458) (12,767) 61,346 (27,500)
Cash flows from financing activities:
Proceeds from issuance of
common stock - 561 785 7,353
Payments on long-term debt (56,666) (11,272) (67,702) (13,692)
Repurchase of Class U common
stock - - (10,380) -
Repurchase of Class A common
stock (4,299) (15,561) (50,837) (61,006)
Excess tax benefits from
exercise of stock options (56) (573) (81) -
Net cash used in
financing activities (61,021) (26,845) (128,215) (67,345)
Net decrease in cash
and cash equivalents (53,280) (16,732) (22,651) (31,580)
Cash and cash equivalents:
Beginning 117,574 103,677 86,945 118,525
Ending $64,294 $86,945 $64,294 $86,945
Entravision Communications Corporation
Reconciliation of Consolidated Adjusted EBITDA to Cash Flows
From Operating Activities
(Unaudited; in thousands)
The most directly comparable GAAP financial measure is operating
cash flow. A reconciliation of this non-GAAP measure to cash flows
from operating activities for each of the periods presented is
as follows:
Three-Month Period Twelve-Month Period
Ended December 31, Ended December 31,
2008 2007 2008 2007
Consolidated
adjusted EBITDA (1) $13,948 $22,283 $74,104 $91,779
Interest expense (15,498) (18,184) (43,093) (49,405)
Interest income 555 918 1,894 4,809
Gain on debt
extinguishment 9,813 - 9,813 -
Income tax benefit 34,538 27,295 110,705 18,047
Amortization of
syndication contracts (628) (720) (2,883) (1,798)
Payments on
syndication
contracts 705 851 2,840 1,830
Non-cash stock-based
compensation included
in direct operating
expenses (171) (75) (633) (431)
Non-cash stock-based
compensation included
in selling, general
and administrative
expenses (215) (143) (794) (678)
Non-cash stock-based
compensation
included in
corporate expenses (517) (470) (1,926) (1,884)
Depreciation and
amortization (6,227) (5,572) (23,412) (22,565)
Impairment charge (170,436) - (610,456) -
Equity in net income
(loss) of
nonconsolidated
affiliates 7 (69) (166) 336
Loss from discontinued
operations (2,357) (73,165) (3,930) (83,157)
Net loss (136,483) (47,051) (487,937) (43,117)
Depreciation and
amortization 6,227 5,572 23,412 22,565
Impairment charge 170,436 - 610,456 -
Deferred income taxes (34,653) (26,152) (112,190) (18,589)
Amortization of debt
issue costs 157 101 459 404
Amortization of
syndication contracts 628 720 2,883 1,798
Payments on syndication
contracts (705) (851) (2,840) (1,830)
Equity in net
(income) loss of
nonconsolidated
affiliate (7) 69 166 (336)
Non-cash stock-based
compensation 903 688 3,353 2,993
Gain on debt
extinguishment (9,813) - (9,813) -
Change in fair value
of interest rate
swap agreements 8,001 10,200 11,648 17,667
Changes in assets and
liabilities, net of
effect of acquisitions
and dispositions:
(Increase) decrease in
accounts receivable 7,508 3,098 11,156 (4,015)
Decrease in prepaid
expenses and other
assets 903 1,327 803 84
Increase (decrease) in
accounts payable,
accrued expenses
and other liabilities (2,860) 120 (6,065) (938)
Effect of discontinued
operations 957 75,039 (1,273) 86,579
Cash flows from
operating activities $11,199 $22,880 $44,218 $63,265
(1) Consolidated adjusted EBITDA is defined on page 1.
Entravision Communications Corporation
Reconciliation of Free Cash Flow to Net Loss
(Unaudited; in thousands)
The most directly comparable GAAP financial measure is net income.
A reconciliation of this non-GAAP measure to net income for each of the
periods presented is as follows:
Three-Month Period Twelve-Month Period
Ended December 31, Ended December 31,
2008 2007 2008 2007
Consolidated adjusted EBITDA (1) $13,948 $22,283 $74,104 $91,779
Net interest expense (1) 6,787 6,965 29,093 26,526
Cash paid for income taxes 171 (569) 1,566 542
Capital expenditures (2) 3,458 2,823 16,873 14,328
Free cash flow (1) 3,532 13,064 26,572 50,383
Capital expenditures (2) 3,458 2,823 16,873 14,328
Non-cash interest (expense)
income relating to amortization
of debt finance costs and
interest rate swap agreements (8,156) (10,301) (12,106) (18,070)
Non-cash income tax benefit 34,709 26,726 112,271 18,589
Gain on debt extinguishment 9,813 - 9,813 -
Amortization of syndication
contracts (628) (720) (2,883) (1,798)
Payments on syndication contracts 705 851 2,840 1,830
Non-cash stock-based compensation
included in direct operating
expenses (171) (75) (633) (431)
Non-cash stock-based compensation
included in selling, general
and administrative expenses (215) (143) (794) (678)
Non-cash stock-based compensation
included in corporate expenses (517) (470) (1,926) (1,884)
Depreciation and amortization (6,227) (5,572) (23,412) (22,565)
Impairment charge (170,436) - (610,456) -
Equity in net income (loss) of
nonconsolidated affiliates 7 (69) (166) 336
Loss from discontinued
operations (2,357) (73,165) (3,930) (83,157)
Net loss $(136,483) $(47,051) $(487,937) $(43,117)
(1) Consolidated adjusted EBITDA, net interest expense and free cash
flow are defined on page 1.
(2) Capital expenditures is not part of the consolidated statement of
operations.
DISTINGUISHED HONOREES AND PRESENTERS WILL INCLUDE...TOM HANKS, JULIANNE MOORE, BRIAN WILLIAMS, CAMPBELL BROWN, LINDA WELLS, LESLEE DART, JEFF ZUCKER, DONNY DEUTSCH AND MORE
NEW YORK, Feb. 26 /PRNewswire/ -- New York Women in Communications will present the 2009 Matrix Awards, sponsored by Seventeen, during a luncheon held at the Waldorf-Astoria in New York City to honor eight distinguished women on Monday, April 27, 2009. The prestigious annual award recognizes exceptional women who have established themselves in communications fields such as advertising, arts & entertainment, broadcasting, digital media, magazines, marketing, newspapers and public relations. Announced today, the award presenters, comprised of an extraordinary slate of men and women, personally selected by each honoree, will join the award ceremony to usher them into the elite group of Matrix Award honorees.
The Matrix Awards luncheon is recognized by New York's communications and entertainment community as one of the most outstanding events of the year, with more than fifteen hundred people expected to gather in salute of exceptional women in the communications fields. Portions of the proceeds from the Matrix Awards Luncheon go to their Foundation, which offers a full range of scholarships to women whether just beginning their careers or embarking on a professional transition.
The 2009 award honorees and their presenters are as follows:
Advertising: Linda Sawyer, chief executive officer, Deutsch, Inc.; Presented by Donny Deutsch, chairman, Deutsch, Inc.
Arts & Entertainment: S. Epatha Merkerson, award-winning actress, Law & Order; Presented by Jeff Zucker, president and chief executive officer, NBC Universal
Broadcasting: Campbell Brown, CNN anchor, "No Bias, No Bull"; Presented by Brian Williams, anchor and managing editor, NBC Nightly News
Digital Media: Dany Levy, founder and editorial director, DailyCandy.com; Presented by Kurt Andersen, writer
Magazines: Linda Wells, editor-in-chief, Allure Magazine; Presented by Julianne Moore, actress
Marketing: Sherrie Rollins Westin, executive vice president and chief marketing officer, Sesame Workshop; Presented by Joan Ganz Cooney, creator, Sesame Street and co-founder, Sesame Workshop
Newspapers: Monica Langley, deputy bureau chief, The Wall Street Journal; Presented by Paul Steiger, editor-in-chief, ProPublica
Public Relations: Leslee Dart, founder and chief executive officer, 42West; Presented by Tom Hanks, actor/producer
"Each year, it is a tremendous pleasure to celebrate the achievements of our distinguished honorees and to welcome their esteemed presenters to the Matrix Awards. We are thrilled to showcase 'Women Who Change the World,' and honor them with this award," said Nancy Rabstejnek Nichols, senior vice president, external affairs at Weber Shandwick Worldwide and president of New York Women in Communications.
TICKETS: Individual tickets for members and non-members, as well as information on sponsorships and program advertising opportunities are available at www.nywici.org.
The Matrix Awards
Since 1970, New York Women in Communications' Matrix Awards Luncheon has been recognized by New York's communications and entertainment communities as one of the most outstanding events of the year. Past recipients include Arianna Huffington, Katie Couric, Meryl Streep, Nora Ephron, Ann Moore, Toni Morrison, Barbara Waltersand Anna Quindlen.
Proceeds from the Matrix Awards Luncheon are used by New York Women in Communications to develop and maintain a full calendar of affordable programs and special events, networking and support systems for the organization's members and the community at large. Additionally, the New York Women in Communications Foundation awards scholarships and provides educational programs for women, whether just beginning their careers or embarking on a transition in their careers. It is the largest foundation for communications scholarships for women in the tri-state area. Recipients are introduced at the luncheon.
New York Women in Communications
New York Women in Communications, founded in 1929, is a not-for-profit organization of almost 2,000 communications professionals dedicated to promoting the highest standards throughout the industry and to providing education and leadership for the next generation. The membership encompasses senior executives and other experienced communicators from a wide range of enterprises as well as young professionals and students. The organization empowers women in all communications disciplines to reach their full potential by promoting their professional growth and inspiring them to achieve and share their successes in the rapidly changing world of communications.
Seventeen
Seventeen (www.seventeen.com) is the best-selling monthly teen magazine, reaching more than 13 million readers every month. In each issue, Seventeen reports on the latest in fashion, beauty, health and entertainment, as well as information and advice on the complex real-life issues that young women face every day. Readers can also interact with the brand on the digital front, with Seventeen mobile (m.seventeen.com). In addition to its U.S. flagship, Seventeen publishes 13 editions around the world. Seventeen is published by Hearst Magazines, a unit of Hearst Corporation (www.hearst.com) and one of the world's largest publishers of monthly magazines, with nearly 200 editions around the world, including 16 U.S. titles and 19 magazines in the United Kingdom, published through its wholly owned subsidiary, The National Magazine Company Limited. Hearst reaches more adults than any other publisher of monthly magazines (70.6 million total adults, according to MRI, Fall 2008).
Contact:
Kristen Kurtz: 212.297.2135
kkurtz@kellencompany.com
U.S. Local Media Annual Forecast indicates current economic conditions may accelerate the shift from traditional to digital platforms.
CHANTILLY, Va., Feb. 26 /PRNewswire/ -- Current and foreseeable economic conditions will reduce overall local advertising spending through 2013, according to the U.S. Local Media Annual Forecast (2008-2013) by BIA Advisory Services, LLC (www.bia.com) and its Kelsey Group (www.kelseygroup.com) division. BIA/Kelsey forecasts U.S. local advertising revenues to decline from $155.3 billion in 2008 to $144.4 billion in 2013, representing a negative 1.4 percent compound annual growth rate (CAGR).
Only the local interactive segment will show growth throughout the forecast period. All other local media will experience marginal to rapid declines in the next 18 to 36 months. A small number of traditional media will rebound with a revived economy beginning in 2011, though most traditional media will continue to decline, albeit at a slower pace.
"By the end of the forecast period, the overall size of the local advertising market will be considerably smaller than it was at the end of 2008," said Tom Buono, president and CEO, BIA Advisory Services. "As the shift to online accelerates, and the demand for accountability metrics grows, there is an increased urgency for traditional media companies to develop and embrace new business models that incorporate digital strategies in order to drive business over the next decade."
BIA and The Kelsey Group project the interactive share of local ad spending will more than double from 9 percent in 2008 to 22.2 percent in 2013. According to the forecast, the interactive segment (encompassing mobile, Internet Yellow Pages, local search, online verticals and classifieds, voice search, e-mail marketing and other interactive revenues generated by traditional media players) will grow from $14 billion in 2008 to $32.1 billion in 2013 (at a CAGR of 18%), while the traditional segment (encompassing newspapers, direct mail, television, radio, print Yellow Pages, out of home (non-digital), cable television and magazines) will decrease from $141.3 billion in 2008 to $112.4 billion in 2013 (CAGR of -4.5%).
"Within the local advertising sector, there will be a real share shift, and the players most ready to leverage and adopt interactive models will achieve greater success going forward," said Neal Polachek, CEO, The Kelsey Group. "The share shift we expect could actually be more pronounced if the major traditional media are not able to integrate new interactive products into their bundle. Successful integration will require considerable attention to business models, product innovation and sales channel evolution."
BIA/Kelsey U.S. Local Media Annual Forecast - The Big Picture on 'Local'
This year's forecast is the first to combine the deep and complementary resources and expertise of BIA and The Kelsey Group. It presents one comprehensive and authoritative view of the local media landscape, consisting of nine key segments: newspapers, direct mail, television, radio, print Yellow Pages, out of home (non-digital), cable television, magazines, and all digital and online interactive (which comprises mobile, Internet Yellow Pages, local search, online verticals and classifieds, voice search, e-mail marketing, and other interactive revenues generated by traditional media players).
BIA/Kelsey defines local advertising as spending by small and medium-sized businesses (SMBs), national advertisers and regional advertisers making local buys. The BIA/Kelsey U.S. Local Media Annual Forecast (2008-2013) draws from proprietary data; company, industry and country information in the public domain; and discussions with clients and non-clients about the direction and pace of development in the local media marketplace. Building off the forecast research, BIA/Kelsey will begin offering BIA Media Ad Views, market-specific custom reports that provide a comprehensive picture of the state of local media advertising and a five-year projection for nine different media segments.
About The Kelsey Group
The Kelsey Group, a division of BIA Advisory Services, LLC, is the leading provider of research, data and strategic analysis on directories, small-business advertising, online local media, vertical market advertising and mobile advertising. For more information about The Kelsey Group, visit www.kelseygroup.com. The Kelsey Group's Local Media Blog is located at http://blog.kelseygroup.com and the company can be found on Twitter through http://twitter.com/TheKelseyGroup.
About BIA Advisory Services, LLC
BIA Advisory Services, LLC, a subsidiary of BIA Financial Network, provides research, data, analysis, and financial and strategic consulting to media, telecommunications, technology, directory publishing, and local search companies. Additional information is available at www.bia.com. BIA's blog is located at http://blog.bia.com/bia/ and the company can be found on Twitter through http://twitter.com/BIAfn.
NASHVILLE, Tenn., Feb. 26 /PRNewswire/ -- Lon Cherry, recent Chief Financial Officer of popular radio and television personality Dave Ramsey's The Lampo Group, Inc., has been tapped to run Nashville-based U.S. Housing Renewal (http://www.ushousingrenewal.com), a public/private partnership seeking to provide home ownership to qualified families affected by the ongoing housing and financial crisis. "We all know that the American housing market is troubled, and I believe that U.S. Housing Renewal offers a 'win-win' solution for the banking system, the federal government, and, most importantly, the American people. I'm excited to have the opportunity to lead this partnership," said Mr. Cherry.
Mr. Cherry has spent the last four and a half years working with Mr. Ramsey, whose nationally syndicated "The Dave Ramsey Show" radio/television show and best-selling books have helped millions of individuals and groups to live debt-free. Prior to his tenure with The Lampo Group, Mr. Cherry was the Chief Operating Officer and Controller of other corporations, both for-profit and non-profit, and his many years of financial management leadership have given him a deep understanding of the importance of families and individuals living debt-free and avoiding the common financial pitfalls. He combines this experience with a heart for community advocacy.
U.S. Housing Renewal will be structured with a combination of public and private funds for the purpose of purchasing currently non-performing U.S. housing assets from financial institutions and transforming these houses into two-year lease-to-own situations for families who have either lost their homes or have been unable to purchase in the current financial environment. This structure will allow families to rebuild their credit, save for a cash down payment for their home, and complete a targeted educational course in personal finance to understand how to minimize spending and debt, all achieved while living in the home that they will eventually own. At the end of the two-year lease period, the families will purchase their home from the partnership at a discount to current market value using both their cash down payment and a safe, conventional 30-year fixed mortgage loan.
U.S. Housing Renewal is currently in discussions with several federal government agencies to acquire funding made available under both the American Recovery and Reinvestment Act of 2009 and the Troubled Assets Relief Program ("TARP"). All funds employed towards this solution will be held in trust until qualified properties are purchased, and then the deeds for these purchased properties will also remain in trust. At the end of the partnership's anticipated three-year lifecycle, it will repay all invested capital, plus an investment-grade return, back to the sourcing government agency.
Finally, and most importantly, the solution offered by U.S. Housing Renewal addresses a specific part of the housing crisis that is simply being ignored by most politicians and policymakers. President Obama's recently announced foreclosure assistance package is intended to stop future foreclosures via mortgage modification and other tourniquet-like measures necessary to stop the financial bleeding; however, this plan ignores the millions of hard-working Americans who have already lost their homes or who cannot purchase a home in the current financial environment. The solution offered by U.S. Housing Renewal encompasses the best that public/private partnerships have to offer. It combines the resources of the federal government with a market-based mechanism to provide home ownership to those Americans who need and deserve it most.
http://www.ushousingrenewal.com
CONTACT:
Matthew C. Stearns
615.368.3354
U.S. Housing Renewal
Communications Director
matthew_stearns@ushousingrenewal.com
This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com.
TBILISI, Georgia, February 25 /PRNewswire/ -- Media freedom in Georgia
suffered another blow today when it was announced that Imedi, formerly the
country's only independent TV station, is to be sold to RAK Georgia Holdings,
an affiliate of the United Arab Emirates' owned property development company,
Rakeen.
Imedi TV was the subject of a long running dispute between the Georgian
government and the late businessman, Badri Patarkatsishvili, until his death
in February last year. In November 2007, Imedi was forcibly shut down and has
since been expropriated on behalf of the Georgian government.
Patarkatsishvili's family commenced an international arbitration against the
State of Georgia and named Josef Kay, a former Patarkatsishvili associate, as
co-conspirator with the government in arranging the expropriation.
A spokesperson for Patarkatsishvili's family today said, "This Rakeen
deal shows President Saakashvili is prepared to put Georgia's media freedom
up for sale. Imedi was once the most important outlet for free speech in
Georgia. Saakashvili and his government took Imedi and now plan to transfer
it to a subsidiary of an Arab emirate with no experience in free
broadcasting. This is how much the Georgian government cares for personal
property and free speech."
Rakeen has only been in existence since 2007, when it was set up as a
property development company by the Crown Prince and Deputy Ruler of Ras Al
Khaimah, in the UAE. As Rakeen's own website shows, the company has no
experience of running a media organization. Rakeen now appears to have been
rewarded by the President of Georgia for its billion dollar investments in
the country with a the Imedi TV company.
Actual ownership of RAK Georgia Holding is not clear. Patarkatsishvili's
family asks the questions on many Georgian's minds: "We want to know and the
Georgian people need to know exactly who is behind this company? Who are the
so-called 'Georgian partners' in RAK Georgia Holdings? Do they include any
Georgian government ministers?"
The timing of the Rakeen sale is illuminating. Last week, the Georgian
court awarded Josef Kay authority to execute the contested will of the late
Badri Patarkatsishvili, despite compelling evidence that Kay's case was based
on forged documents and fraud. The judgment was widely viewed in Georgia as
further evidence of political influence over the judicial system. Now, just
five days after this decision, Kay has announced the sale of Imedi to the UAE
based property development firm.
The family's spokesperson said. We intend to pursue all available legal
recourse to halt this sale and return Imedi to its rightful owners."
"We will continue our fight to restore Imedi to its rightful owners and
as an independent media voice for Georgia."
Hollywood-based sound design team creates eleven variations of the media conglomerate's signature audio sign-off, each customized to a different audience.
Listen to the new customized audio sign-offs: www.astralmedia.com/audioslogos
MONTREAL, Feb. 25 /PRNewswire/ -- Astral Media Inc. will release a new audio branding platform today that reflects the various audience segments in the media conglomerate's diverse broadcast network. Inspired by the company's commitment to serve highly targeted audiences in television, radio, outdoor and interactive media; Astral commissioned Musikvergnuegen, an award-winning and innovative sound design studio, to create 11 variations of the company's core 4-note audio sign-off. This venture in branding, through engineered sound, is a significant achievement, not only for Astral Media, but for all media enterprises looking for a way to balance effective corporate branding while still managing to reach individual markets with customized messages.
"We are taking the art and science of audio branding to a new level by achieving a true intimacy with our audiences, which we expect will deliver a greater return on marketing investment for the master brand," explains Alain Bergeron, Astral Media Inc. Vice President of Brand Management & Corporate Communications. "The more our message and brand identity can be customized within our community of unique consumers, the more effective we should be in captivating and building a loyalty within our diverse audiences."
Astral Media launched its first audio branding message in 2007 to provide its corporate identity with a friendly, engaging human expression of the company's brand character. The goal of this extension of the audio branding initiative is to continue creating value for the brand by building a multi-layered platform that is easily identifiable by a vast consumer base, and delivering this experience in less than five seconds. With Astral Media's landscape of properties continuing to expand and diversify, including the recent re-branding of four radio stations in association with Virgin Media, the company has decided the most efficient way to communicate with and engage its multi-faceted audience is to speak to each segment in a manner that shows appreciation for the individual personalities, while still managing to deliver the same overall brand identity and message.
"Astral Media is moving boldly to expand the discipline of audio branding to personalize its brand character with the most diversified audience possible," says Walter Werzowa, composer/sound designer and owner of Musikvergnuegen. "As far as we are aware, no media company has allowed for such specific, targeted audio branding across their diverse outlets; a mnemonic is the best vehicle to achieve this task."
Astral Media worked closely with composers and audio designers that specialize in corporate branding from the California based studio, Musikvergnuegen. This team of sound and marketing experts is lead by Werzowa, whose pioneering work on the famous Intel "bong" can be heard somewhere in the world every 5 minutes. Musikvergnuegen was contracted to compose personalized audio logos for 11 specific broadcast/radio stations and genres. Seven mnemonics have been created for radio, each one corresponding to Adult Contemporary, Radio News, Oldies, Rock, Soft Rock, Country and Pop Rock; Musikvergnugen also composed four additional Television mnemonics to compliment Movie, Kids, Pop, and Television News. Astral Media's core audio sign-off is the 4 note melody a1-b1-c#2-b1, which threads through the newly created sign-offs. This melody can be interpreted as a motif and/or as a riff. This creates the highest flexibility, allowing the mnemonic to blend with any musical style. The new customized audio sign-offs can be accessed at www.astralmedia.com/audioslogos.
About Astral Media
Astral Media is a leading Canadian media company, active in specialty and pay television, radio, outdoor advertising and interactive media. Astral Media's solid and dynamic presence in the country's major markets rests on its commitment to offer a unique combination of high-quality, targeted media for all its audiences. For more information, please visit www.astralmedia.com.
About Musikvergnuegen
Musikvergnuegen is a music and sound design production company located in Los Angeles, CA and founded by Austrian-born composer and sole owner, Walter Werzowa. Musikvergnuegen, which means "the pleasure of music" in German, specializes in audio branding. Most notably, they are responsible for having created the famous Intel audio logo along with mnemonics for LG, Comedy Central, Samsung, Delta Airlines, GM Goodwrench, and more. For more information and access to their reel, please visit www.musikvergnuegen.com.
Press contacts:
Matthew R. Bautista Annick Major
Director, Media Relations Director, Brand Deployment
Paine PR Astral Media Inc.
212-613-4924 514-939-5000, extension 3139
mbautista@painepr.com amajor@corp.astral.com
NEW YORK, Feb. 25 /PRNewswire/ -- The 60th annual Christopher Awards in April will celebrate feature films, books for children and adults, broadcast and cable television programs, adding to the list of 1,336 authors, illustrators, screenwriters, producers and directors honored to date.
"The Christophers recognize media that remind audiences and readers of all ages and faiths, and of no particular faith, of their power to make a difference in their communities and the world-at-large," said Judith Trojan, director of the Awards, which will be presented at a gala on April 16th at the McGraw-Hill Building in New York City.
"There has been a lot of fine work to choose from this past year," added Trojan. "In the Books for Young People category alone, more than 500 books were submitted for consideration, an increase of 15 percent over last year." The Christophers also recognize special accomplishments in work with or for young people, and outstanding examples of leadership and life achievement.
The 2008 Christopher Life Achievement Award-winner, author/historian David McCullough, was immensely proud of his Award, which he now displays proudly in his library. "It gives me the chance to talk about the bedrock values The Christophers stand for and why having my work so honored means worlds to me," he noted.
Along with McCullough, other special Christopher Award-winning literary and media icons have included Dave Brubeck, Eli Wiesel, Mary Higgins Clark, Carroll O'Connor, Dr. Robert Coles, master puppeteer Caroll "Big Bird" Spinney, dance educator Jacques d'Amboise, and Children's Television Workshop creator Joan Ganz Cooney, as well as such landmark programming as "Masterpiece Theatre," "Mister Rogers' Neighborhood," "American Masters," "Face the Nation," and NBC's "The More You Know" public service spots.
The Christophers, a nonprofit organization founded in 1945 by Maryknoll priest Father James Keller, is rooted in the Judeo-Christian tradition of service to God and humanity. The ancient Chinese proverb -- "It's better to light one candle than to curse the darkness" -- guides its publishing, radio and awards programs. Visit www.christophers.org to learn more about The Christophers.
WASHINGTON, Feb. 25 /PRNewswire/ -- ZGS Communications announced that Mike Gillespie will lead national sales for the ZGS station group. Gillespie currently serves as the Senior Vice President of Telemundo New England managing the Telemundo stations in Boston, Hartford/Springfield and Providence. His new responsibilities include strengthening the overall ZGS national sales efforts, increasing new business development initiatives and directing efforts with the Telemundo National Sales Offices (NSOs).
Gillespie will be drawing from his extensive sales experience. Prior to joining ZGS he was the Vice President of Network Sales for Telemundo in Dallas. "We have a great national sales team in Sandra Vera, Martin Arnaud and Lizette Vargas. I am excited to work more closely with them and the Telemundo NSOs," Mike Gillespie said.
"We are excited to have Mike lead this effort. He is an outstanding broadcast professional and his leadership and extensive experience will enhance our national sales effort," Ronald Gordon, President of ZGS Communications commented.
ZGS Communications is a Hispanic-owned broadcasting company, headquartered in Arlington, VA, that owns and operates eleven Spanish-language television stations, representing the largest group of independent stations affiliated with the Telemundo television network. The television stations are located in Boston, El Paso, Ft. Myers-Naples, Hartford, Orlando, Philadelphia, Providence, Raleigh, Springfield, MA, Tampa, and Washington, DC. In addition, ZGS owns three Spanish-language radio stations serving Washington, DC and Tampa. For over two decades ZGS has been a proud community broadcaster with a profound commitment to service, local programming, and the celebration of Hispanic heritage.
Contact:
Dana Carr
The Castle Group, Inc.
617-337-9515
dcarr@thecastlegrp.com
LON HELTON WINS NATIONAL ON-AIR PERSONALITY OF THE YEAR, WIVK-FM & WYCT-FM EACH WIN TWO CATEGORIES
ENCINO, Calif., Feb. 24 /PRNewswire/ -- Today the Academy of Country Music is announcing the full list of radio award winners that will not be televised due to time constraints during the live telecast of the 44th ANNUAL ACADEMY OF COUNTRY MUSIC AWARDS. The ceremony, which honors country music's top talent as well as the industry's hottest emerging talent, is produced for television by dick clark productions and will be broadcast LIVE from MGM GRAND in Las Vegas on Sunday, April 5th, 2009 at 8:00 PM ET/PT on the CBS Television Network.
Lon Helton, the host of Westwood One's "Country Countdown USA" since its inception in 1992, has been named national On-Air Personality of the Year. He has been honored as the CMA's National Broadcast Personality of the Year four times and was inducted into the Country Music DJ Hall of Fame in 2006, the same year he launched the successful trade publication, Country Aircheck.
Double-nominees WIVK-FM and WYCT-FM both swept their categories, winning On-Air Personality of the Year and Radio Station of the Year for their respective markets.
Artist Kimberly Schlapman of Little Big Town, a member of the Academy of Country Music's Board of Directors, called all the winners this morning to surprise them with the news.
This year, individual On-Air Personality of the Year winners (or one individual from the teams who win Personality of the Year categories) will be invited to participate in the telecast as the voices for bumpers leading into commercials for the 44th Annual Academy of Country Music Awards.
ON-AIR PERSONALITY OF THE YEAR WINNERS:
NATIONAL Lon Helton, Country Countdown USA
MAJOR MARKET Dorsey Gang - KSCS-FM, Dallas, TX
LARGE MARKET JD Cannon - WFMS-FM, Indianapolis, IN
MEDIUM MARKET Andy Ritchie, Alison West and Jimmy Holt
- WIVK-FM, Knoxville, TN
SMALL MARKET Brent Lane and Dana Cervantes - WYCT-FM,
Pensacola, FL
RADIO STATION OF THE YEAR WINNERS:
MAJOR MARKET WSOC-FM, Charlotte, NC
LARGE MARKET WSIX-FM, Nashville, TN
MEDIUM MARKET WIVK-FM, Knoxville, TN
SMALL MARKET WYCT-FM, Pensacola, FL
About the Academy of Country Music Awards
The 44th Academy of Country Music Awards is dedicated to honoring and showcasing the biggest names and emerging talent in the country music industry. The show is produced for television by dick clark productions and will be broadcast LIVE from the MGM Grand Garden Arena in Las VegasSunday, April 5, 2009 at 8:00 PM live ET/delayed PT on the CBS Television Network. Orly Adelson and R.A. Clark are executive producers, Barry Adelman is producer and Bob Bardo is executive in charge of production.
DULUTH, Ga., Feb. 24 /PRNewswire-FirstCall/ -- Wegener Corporation
(Nasdaq: WGNR), a leading provider of equipment for television, audio and data
distribution networks worldwide, today announced that it will provide a
technology preview of the WEGENER iPump(R) 525 IP Media Player and WEGENER
Compel Connect(TM) at Digital Signage Expo 2009 (Booth #2156), which runs Feb.
24-26 at the Las Vegas Convention Center in Las Vegas, Nevada.
Optimized for retail and other applications that require timely and
visually compelling presentation of information, the combination of the new
iPump 525 and Compel Connect provides an easy-to-use, integrated system for
control of regional advertising, retail video displays, corporate
communications, and news and information services.
Compel Connect is a new software-as-a-service (SaaS) that provides
management tools for content distribution, scheduling, playout control, and
continuous monitoring of WEGENER iPump media receivers/players. Using
partitioned web access, clients have access to a full-featured remote Compel
network control system via the Internet, as well as support for multiple users
per network. Additional benefits include control of text and graphic overlays,
real-time network health and status monitoring including report files, WEGENER
support, file backup of data archives, and free automatic software updates.
The iPump 525 IP media player is the ideal product for projecting
multimedia messaging to target audiences. With it, you can present your
corporate message -- be it product advertising, critical information, training
or entertainment -- right to the point where it will be most useful. Its
output can be tailored on a site-by-site or regional basis, so advertisement-
based signage systems can showcase specific products and services based on
sales targets or availability. All video playout can be augmented with
graphics and text, so it's easy to add local merchant contact information.
Plus the iPump 525's text overlay feature can immediately update hundreds of
displays with time sensitive information -- such as stock prices, flight
schedules, and horse racing odds -- with a choice of static, scroll, or crawl
formats. Output can be standard definition video, or attention getting 1080i
high definition.
"Digital Signage Expo is the ideal venue for us to introduce the iPump 525
and Compel Connect, which let you easily control one, two or hundreds of
digital signage installations," said Ned L. Mountain, President and COO of
WEGENER. "You don't have to be limited to a common presentation across your
entire network; WEGENER's retail solutions can provide custom messages to any
number of locations simultaneously."
The iPump 525 IP media player supports standard definition (SD) and high
definition (HD) video, including playlists with mixed formats. MPEG-1, MPEG-2,
and MPEG-4 (H.264) video compression are supported, and outputs include
composite (NTSC or PAL), S-Video, component, and HDMI. The five-pound unit is
just over two inches high and about the size of a sheet of notebook paper and
includes 80 GB of internal storage.
ABOUT WEGENER
WEGENER(R) (Wegener Communications, Inc.), a wholly-owned subsidiary of
Wegener Corporation (Nasdaq: WGNR), is an international provider of digital
video and audio solutions for broadcast television, radio, telco, private and
cable networks. With over 30 years experience in optimizing
point-to-multipoint multimedia distribution over satellite, fiber, and IP
networks, WEGENER offers a comprehensive product line that handles the
scheduling, management and delivery of media rich content to multiple devices,
including video screens, computers and audio devices. WEGENER focuses on long-
and short-term strategies for bandwidth savings, dynamic advertising, live
events and affiliate management.
WEGENER's product line includes: iPump(R) media servers for file-based and
live broadcasts; Compel(R) Network Control and Compel(R) Conditional Access
for dynamic command, monitoring and addressing of multi-site video, audio, and
data networks; and the Unity(R) satellite media receivers for live radio and
video broadcasts. Applications served include: digital signage, linear and
file-based TV distribution, linear and file-based radio distribution, Nielsen
rating information, broadcast news distribution, business music distribution,
corporate communications, video and audio simulcasts.
WEGENER(R) can be reached at (770) 814-4000 or at www.wegener.com.
WEGENER, COMPEL, COMPEL CONTROL, iPUMP, MEDIAPLAN, UNITY, ASSURED FILE
DELIVERY, PANDA, PROSWITCH, VIDATA, the stylized W-design logo (for
WEGENER(R)), the stylized C-design logo (for Compel(R)) and the stylized PANDA
design logo are all registered trademarks of WEGENER(R). All Rights Reserved.
This news release may contain forward-looking statements within the
meaning of applicable securities laws, including the Private Securities
Litigation Reform Act of 1995, and the Company intends that such forward-
looking statements are subject to the safe harbors created thereby. Forward-
looking statements may be identified by words such as "believes," "expects,"
"projects," "plans," "anticipates," and similar expressions, and include, for
example, statements relating to expectations regarding future sales, income
and cash flows. Forward-looking statements are based upon the Company's
current expectations and assumptions, which are subject to a number of risks
and uncertainties including, but not limited to: customer acceptance and
effectiveness of recently introduced products, development of additional
business for the Company's digital video and audio transmission product lines,
effectiveness of the sales organization, the successful development and
introduction of new products in the future, delays in the conversion by
private and broadcast networks to next generation digital broadcast equipment,
acceptance by various networks of standards for digital broadcasting, the
Company's liquidity position and capital resources, general market conditions
which may not improve during fiscal year 2009 and beyond, and success of the
Company's research and development efforts aimed at developing new products.
Discussion of these and other risks and uncertainties are provided in detail
in the Company's periodic filings with the SEC, including the Company's most
recent Annual Report on Form 10-K. Since these statements involve risks and
uncertainties and are subject to change at any time, the Company's actual
results could differ materially from expected results. Forward-looking
statements speak only as of the date the statement was made. The Company does
not undertake any obligation to update any forward-looking statements.
John Schenkel of Schenkel Productions, son of legendary broadcaster Chris Schenkel, continues his father's excellence in broadcasting; Schenkel Productions, providing video programs nationwide, enters its 20th year in business with a new cutting-edge website
NORTH WEBSTER, Ind., Feb. 24 /PRNewswire/ -- Even though the two were on different sides of the camera, John Schenkel was privileged to work with his legendary broadcasting father, Chris Schenkel. Taught by the best, John carries on his father's values and traditions in television broadcasting with his company, Schenkel Productions.
As Schenkel Productions enters its third decade, the initial success is attributed to John following advice from his father to start his own company. "I was so fortunate to have not only great parents, but the best advisor in terms of my career. He was always there for me, making sure I made the right choices in business and life," John says.
The career of John Schenkel in video production began as a sixteen-year-old at the 1980 Lake Placid Winter Olympics. There he worked alongside his father as a production assistant. John took full advantage afforded and absorbed the behind-the-scenes production of an event where the eyes of the world would be tuned in. Schenkel Productions has been associated with past and current Presidents, numerous television networks, The Oprah Winfrey Show, Fortune 100 companies and live multi-camera events across the country.
This 20th year at Schenkel Productions sees an implementation of a new cutting-edge website. This is a tribute to his father's guidance in the business and how proud John is to be running a business with the Schenkel name. "The site is easy to navigate and visitors can easily find out about my company and take a look at my portfolio of past work. I even switch sides of the camera for a change by introducing the site on camera. Dad really would have gotten a kick out of that," John says.
Setting your company apart from the competition is a major goal in the business world. John believes in a hands-on approach in every aspect of the production process. "I believe this gives an edge over the competition," John says. Mobility is another feature Schenkel is proud of. "I rarely edit in the comfort of an edit suite. I offer totally mobile full HD editing. Technology has made it possible for me to edit anywhere. Clients like the fact that I can come to them to edit. Anywhere! I have even edited on a plane," John says.
Whether he's a videographer, producer, editor or DVD author, John looks forward to a next new challenge in his business. He points toward providing excellent, cost-effective video programs for his clients while leaving them with a pleasant experience in the process.
Contact:
John Schenkel
Schenkel Productions
Phone: 574-834-7625
Fax: 574-834-7624
http://www.schenkelproductions.com
This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com.
MEXICO CITY, Feb. 23 /PRNewswire-FirstCall/ -- Grupo Radio Centro, S.A.B.
de C.V. (NYSE: RC, BMV: RCENTRO-A) (the "Company"), one of Mexico's leading
radio broadcasting companies, announced today its results of operation for the
fourth quarter and year ended December 31, 2008. All figures were prepared in
accordance with the Mexican Financial Reporting Standards ("MFRS") issued by
the Mexican Board for Research and Development of Financial Information
Standards.
Fourth Quarter Results
Broadcasting revenue for the fourth quarter of 2008 was Ps. 231,342,000,
representing an increase of 15.0% compared to the Ps. 201,177,000 reported in
the fourth quarter of 2007. This increase was mainly attributable to higher
advertising expenditures by the Company's clients, who purchased more airtime
in the fourth quarter of 2008 compared to the same period of 2007. This was a
result of a highly competitive environment, in which the Company sought to
gain market share by offering attractive sales packages, as well as increasing
the size of the Company's sales force.
The Company's broadcasting expenses (excluding depreciation, amortization
and corporate, general and administrative expenses) for the fourth quarter of
2008 were Ps. 124,842,000, representing an increase of 17.9% compared to the
Ps. 105,869,000 reported in the fourth quarter of 2007. This increase was
primarily due to increased expenses related to expanded advertising campaigns
undertaken by the Company during the fourth quarter of 2008 and higher sales
commissions paid to the Company's sales force as a result of the increase in
advertising sales. In addition, we had an increase in costs payable in U.S.
dollars due to the depreciation of the Mexican peso against the U.S. dollar in
the fourth quarter of 2008, specifically with regard to the five-year renewal
of our agreement to operate XHFO-FM and the rental payments related to such
operation.
For the fourth quarter of 2008, the Company reported broadcasting income
(i.e., broadcasting revenue minus broadcasting expenses, excluding
depreciation, amortization and corporate, general and administrative expenses)
of Ps. 106,500,000, an 11.7% increase compared to the Ps. 95,308,000 reported
in the fourth quarter of 2007. This increase in broadcasting income was mainly
attributable to the increase in broadcasting revenue described above.
Depreciation and amortization expenses for the fourth quarter of 2008 were
Ps. 7,944,000, a 2.9% increase compared to the Ps. 7,720,000 reported in the
fourth quarter of 2007.
The Company's corporate, general and administrative expenses were
Ps. 4,461,000 in the fourth quarter of 2008, a decrease of 6.8% compared to
the Ps. 4,789,000 reported in the fourth quarter of 2007.
The Company reported operating income of Ps. 94,095,000 in the fourth
quarter of 2008, a 13.6% increase compared to the Ps. 82,799,000 in operating
income reported in the fourth quarter of 2007. This increase was due to the
increased broadcasting revenue during the fourth quarter 2008 compared to the
fourth quarter of 2007, as described above.
During the fourth quarter of 2008, other expenses, net, were Ps.
17,539,000, a 27.6% increase compared to the Ps. 13,743,000 reported in the
fourth quarter of 2007. This increase was mainly attributable to higher legal
expenses during the fourth quarter of 2008 compared to the same period of
2007.
The Company's comprehensive financing cost in the fourth quarter of 2008
was Ps. 1,825,000 compared to the Ps. 679,000 reported in the fourth quarter
of 2007. This increase was mainly attributable to higher fees payable in U.S.
dollars under our undrawn credit facility in the fourth quarter of 2008
compared to the fourth quarter of 2007
For the fourth quarter of 2008, the Company reported income before taxes
of Ps. 74,731,000, an increase of 9.3% compared to the Ps. 68,377,000 reported
in the fourth quarter of 2007, primarily from the increase in broadcasting
income during the fourth quarter of 2008, as described above.
The Company recorded income taxes of Ps. 17,038,000 in the fourth quarter
of 2008, a decrease of 25.7% compared to the Ps. 22,923,000 recorded in the
fourth quarter of 2007 due to certain fiscal deductions taken for tax
purposes.
As a result of the foregoing, the Company's net income for the fourth
quarter of 2008 was Ps. 57,693,000, an increase of 26.9% compared to net
income of Ps. 45,454,000 reported in the fourth quarter of 2007.
Twelve-Month Results
For the year ended December 31, 2008, broadcasting revenue was
Ps. 735,105,000, representing a 12.3% increase compared to the Ps. 654,760,000
reported in the same period of 2007. The increase in broadcasting revenue was
mainly attributable to an increase in advertising expenditures by the
Company's clients, who purchased more airtime during 2008 than 2007. This was
the result of a highly competitive environment, in which the Company sought to
gain market share by offering attractive sales packages, as well as increasing
the size of its sales force.
The Company's broadcasting expenses (excluding depreciation, amortization
and corporate, general and administrative expenses) for the year ended
December 31, 2008 were Ps. 452,350,000, an increase of 7.2% compared to the
Ps. 421,970,000 reported in 2007. This increase was primarily due to
(i) expenses related to extensive advertising campaigns undertaken by the
Company; (ii) higher sales commissions to the Company's sales force, as a
result of the increase in broadcasting revenues; and (iii) higher expenses
related to the Company's market research in 2008 compared to 2007.
Broadcasting income (i.e., broadcasting revenue minus broadcasting
expenses, excluding depreciation, amortization and corporate, general and
administrative expenses) for the year ended December 31, 2008 was Ps.
282,755,000, an increase of 21.5% compared to the Ps. 232,790,000 reported
2007. This increase was mainly attributable to the increase in broadcasting
revenue, as described above.
Depreciation and amortization expenses for the year ended December 31,
2008 were Ps. 31,720,000, a decrease of 5.8% compared to the Ps. 33,687,000
reported in 2007. This decrease was due to the Company no longer recording
depreciation on certain Company assets whose useful lives have ended.
The Company's corporate, general and administrative expenses for the year
ended December 31, 2008 were Ps. 14,461,000, a 2.1% decrease compared to the
Ps. 14,774,000 reported in 2007.
As a result of the foregoing, the Company reported operating income of
Ps. 236,574,000 for the year ended December 31, 2008, a 28.3% increase
compared to the Ps. 184,329,000 reported in 2007.
Other expenses, net, for the year ended December 31, 2008 were
Ps. 56,880,000, a 24.2% increase compared to the Ps. 45,806,000 reported in
2007. This increase was mainly attributable to higher legal expenses during
2008 compared to 2007.
The Company's comprehensive financing cost for 2008 was Ps. 7,678,000, a
31.2% increase compared to the Ps. 5,850,000 reported in 2007. This increase
was mainly due to fees paid in connection with the amendment of the Company's
credit facility in 2008. The increase in comprehensive financing cost was
partially offset by the fact that the Company did not record a loss on its net
monetary position in 2008 (due to a change in MFRS regarding inflation
accounting), as compared to a loss on net monetary position of Ps. 3,477,000
recorded in 2007.
For the year ended December 31, 2008, the Company reported income before
taxes of Ps. 172,016,000, a 29.7% increase compared to the Ps. 132,673,000
reported in 2007, mainly due to an increase in broadcasting revenue, as
described above.
The Company recorded income taxes of Ps. 45,251,000 for the year ended
December 31, 2008, compared to Ps. 41,554,000 recorded in 2007, primarily due
to higher taxable income.
As a result of the foregoing, the Company reported net income of
Ps. 126,765,000 for the year ended December 31, 2008, an increase of 39.1%
compared to net income of Ps. 91,119,000 reported in 2007.
Company Description
Grupo Radio Centro owns and/or operates 14 radio stations. Of these 14
radio stations, Grupo Radio Centro operates 11 in Mexico City. The Company's
principal activities are the production and broadcasting of musical and
entertainment programs, talk shows, news and special events programs. Revenue
is primarily derived from the sale of commercial airtime. In addition to the
Organizacion Radio Centro radio stations, the Company also operates Grupo RED
radio stations and Organizacion Impulsora de Radio (OIR), a radio network that
acts as the national sales representative for, and provides programming to,
Grupo Radio Centro-affiliated radio stations.
Note on Forward-Looking Statements
This release may contain projections or other forward-looking statements
related to Grupo Radio Centro that involve risks and uncertainties. Readers
are cautioned that these statements are only predictions and may differ
materially from actual or future results or events. Readers are referred to
the documents filed by Grupo Radio Centro with the United States Securities
and Exchange Commission, specifically the most recent filing on Form 20-F,
which identifies important risk factors that could cause actual results to
differ from those contained in the forward-looking statements. All forward-
looking statements are based on information available to Grupo Radio Centro on
the date hereof, and Grupo Radio Centro assumes no obligation to update such
statements.
IR Contacts
In Mexico:
Pedro Beltran/Alfredo Azpeitia
Grupo Radio Centro, S.A.B. de C.V.
Tel: (5255) 5728-4800 Ext. 7018
aazpeitia@grc.com.mx
In NY:
Maria Barona/Peter Majeski
i-advize Corporate Communications, Inc.
Tel: (212) 406-3690
grc@i-advize.com.mx.
GRUPO RADIO CENTRO, S.A.B. DE C.V.
CONSOLIDATED AUDITED BALANCE SHEETS
as of December 31, 2008 and 2007 (1)
(figures in thousands of Mexican pesos ("Ps.") and
U.S. dollars ("U.S. $") (2)
December 31,
2008 2007
U.S. $(2) Ps. Ps.
ASSETS
Current assets:
Cash and temporary
investments 6,727 93,054 167,011
Accounts receivable:
Broadcasting, net 21,768 301,101 195,707
Other 450 6,225 4,663
Prepaid taxes 217 3,007 0
22,435 310,333 200,370
Prepaid expenses 2,760 38,179 33,360
Total current assets 31,922 441,566 400,741
Property and equipment, net 33,620 465,034 461,555
Deferred charges, net 351 4,850 6,047
Excess of cost over book
value of net assets of
subsidiaries, net 59,924 828,863 828,863
Other assets 240 3,325 3,239
Total assets 126,057 1,743,638 1,700,445
LIABILITIES
Current:
Advances from customers 10,305 142,543 124,418
Suppliers and other
accounts payable 4,872 67,388 55,420
Taxes payable 1,363 18,859 50,847
Total current
liabilities 16,540 228,790 230,685
Long-Term:
Reserve for labor
liabilities 4,358 60,276 58,605
Deferred taxes 1,575 21,782 5,130
Total liabilities 22,473 310,848 294,420
SHAREHOLDERS' EQUITY
Capital stock 81,724 1,130,410 1,130,410
Cumulative earnings 18,639 257,818 231,098
Reserve for repurchase of
shares 3,169 43,837 43,837
Majority shareholders'
equity 103,532 1,432,065 1,405,345
Minority interest 52 725 680
Total shareholders'
equity 103,584 1,432,790 1,406,025
Total liabilities and
shareholders' equity 126,057 1,743,638 1,700,445
(1) Amounts for the fourth quarter 2007 are expressed in Mexican pesos
with purchasing power as of December 31, 2007. As a result of a change in MFRS
for periods beginning in 2008, we have not prepared 2008 amounts using
inflation accounting or re-expressed 2007 amounts as of December 31, 2008.
(2) Peso amounts have been translated into U.S. dollars, solely for the
convenience of the reader, at the rate of Ps. 13.832 per U.S. dollar, the noon
buying rate for Mexican pesos on December 31, 2008 as published by Federal
Reserve Bank of New York.
GRUPO RADIO CENTRO, S.A.B. DE C.V.
CONSOLIDATED AUDITED STATEMENTS OF INCOME
for the three-month and twelve-month periods ended
December 31, 2008 and 2007 (1)
(figures in thousands of Mexican pesos ("Ps.") and U.S. dollars
("U.S. $")(2), except per Share and per ADS amounts)
4th Quarter Accumulated 12 months
2008 2007 2008 2007
U.S.$ (2) Ps. Ps. U.S.$ (1) Ps. Ps.
Broadcasting revenue
(3) 16,725 231,342 201,177 53,145 735,105 654,760
Broadcasting expenses,
excluding
depreciation,
amortization and
corporate, general
and administrative
expenses 9,026 124,842 105,869 32,703 452,350 421,970
Broadcasting income 7,699 106,500 95,308 20,442 282,755 232,790
Depreciation and
amortization 574 7,944 7,720 2,293 31,720 33,687
Corporate, general and
administrative
expenses 323 4,461 4,789 1,045 14,461 14,774
Operating income 6,802 94,095 82,799 17,104 236,574 184,329
Other expenses, net (1,268) (17,539) (13,743) (4,112) (56,880) (45,806)
Comprehensive
financing cost:
Interest expense (165) (2,276) (755) (606) (8,376) (2,767)
Interest income (3) (2) (34) (85) 16 228 399
(Loss) Gain on
foreign currency
exchange, net 35 485 (12) 34 470 (5)
(Loss) Gain on net
monetary position (4) 0 0 173 0 0 (3,477)
(132) (1,825) (679) (556) (7,678) (5,850)
Income before
income taxes: 5,402 74,731 68,377 12,436 172,016 132,673
Income taxes 1,232 17,038 22,923 3,271 45,251 41,554
Net income 4,170 57,693 45,454 9,165 126,765 91,119
Net income applicable
to:
Majority interest 4,169 57,673 45,443 9,162 126,720 91,098
Minority interest 1 20 11 3 45 21
4,170 57,693 45,454 9,165 126,765 91,119
Net income per Series
A Share (5) 0.0563 0.7790 0.5598
Net income per ADS (5) 0.5067 7.0110 5.0382
Weighted average
common shares
outstanding (000's) (5) 162,725 162,725
(1) Amounts for the fourth quarter 2007 are expressed in Mexican pesos
with purchasing power as of December 31, 2007. As a result of a change in
MFRS for periods beginning in 2008, we have not prepared 2008 amounts
using inflation accounting or re-expressed 2007 amounts as of December 31,
2008.
(2) Peso amounts have been translated into U.S. dollars, solely for the
convenience of the reader, at the rate of Ps. 13.832 per U.S. dollar, the
noon buying rate for Mexican pesos on December 31, 2008, as published by
Federal Reserve Bank of New York.
(3) Broadcasting revenue for a particular period includes (as a
reclassification of interest income) interest earned on funds received by
the Company pursuant to advance sales of commercial air time to the extent
that the underlying funds were earned by the Company during the period in
question. Advances from advertisers are recognized as broadcasting revenue
only when the corresponding commercial air time has been transmitted.
Interest earned and treated as broadcasting revenue for the fourth quarter
of 2008 and 2007 was Ps. 2,130,000 and Ps. 1,848,000, respectively.
Interest earned and treated as broadcasting revenue for the twelve months
ended December 31, 2008 and 2007 was Ps. 6,510,000 and Ps. 3,333,000,
respectively.
(4) As a result of a change in MFRS for periods beginning in 2008, we will
no longer use inflation accounting unless the economic environment is
"inflationary", as defined by MFRS. Since the economic environment was not
inflationary in the fourth quarter 2008, we have not reported gain (loss)
on net monetary position for this period.
(5) Earnings per share calculations are made for the last twelve months as
of the date of the income statement, as required by the Mexican Stock
Exchange.
