Entravision Communications Corporation Reports Second Quarter 2008 Results

Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and six-month periods ended June 30, 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-Month Period
Ended June 30,
2008  2007  % Change

Net revenue$62,932   $66,536 (5)%
Operating expenses (1)  36,89836,773  0%
Corporate expenses (2)   4,477 4,373  2%

Consolidated adjusted EBITDA (3)22,37125,932(14)%

Free cash flow (4)  $9,871   $15,086(35)%
Free cash flow per share, basic and
diluted (4) $0.11 $0.14(21)%

Net income from continuing operations  $11,661   $11,771 (1)%
Net income applicable to common
stockholders  $10,742$8,598 25%

Net income per share from continuing
operations applicable to common
stockholders, basic and diluted $0.13 $0.11 18%
Net income per share applicable
to common stockholders, basic and
diluted $0.12 $0.08 50%

Weighted average common shares
outstanding, basic 91,573,187   104,174,725
Weighted average common shares
outstanding, diluted   91,835,027   105,124,162

Six-Month Period
Ended June 30,
2008  2007% Change

Net revenue   $118,585  $123,431 (4)%
Operating expenses (1)  72,30771,818  1%
Corporate expenses (2)   8,931 9,002 (1)%

Consolidated adjusted EBITDA (3)39,03444,217(12)%

Free cash flow (4) $14,289   $23,145(38)%
Free cash flow per share, basic and
diluted (4) $0.15 $0.22(32)%

Net income from continuing operations   $4,611   $12,680(64)%
Net income applicable to common
stockholders   $3,038$5,311(43)%

Net income per share from continuing
operations applicable to common
stockholders, basic and diluted $0.05 $0.12(58)%
Net income per share applicable
to common stockholders, basic and
diluted $0.03 $0.05(40)%

Weighted average common shares
outstanding, basic 93,495,230   104,018,118
Weighted average common shares
outstanding, diluted   93,811,980   104,705,891

(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 June 30, 2008 and 2007, respectively and $0.7 million and $0.7 million
of non-cash stock-based compensation for the six-month periods ended June 30,
2008 and 2007, respectively. Operating expenses do not include corporate
expenses, depreciation and amortization and gain (loss) on sale of assets.

(2) Corporate expenses include $0.5 million and $0.4 million of non-cash
stock-based compensation for the three-month periods ended June 30, 2008 and
2007, respectively and $0.9 million and $1.0 million of non-cash stock-based
compensation for the six-month periods ended June 30, 2008 and 2007,
respectively.

(3) Consolidated adjusted EBITDA means operating income (loss) plus (gain)
loss on sale of assets, depreciation and amortization, 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 stock-based compensation, net
interest expense, 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 stock-based compensation, net interest expense, income tax expense
(benefit), equity in net income (loss) of nonconsolidated affiliate, loss from
discontinued operations and syndication programming amortization. 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 stock-based compensation, net interest expense, 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 Ulloa, Chairman and
Chief Executive Officer, said, “During the second quarter we continued to
drive audience growth and strengthen the position of our TV and radio stations
in an advertising market that remains weak due to general economic conditions.
We are taking additional steps to control our costs while continuing to make
prudent investments in our content, marketing and sales capabilities. In
addition, our balance sheet remains strong and we have ample financial
flexibility. The nation’s Hispanic population continues to grow and we remain
optimally positioned to capitalize on this opportunity over the long-term.”

The Company also announced that it repurchased 2.3 million shares of Class
A common stock for approximately $13.7 million in the second quarter of 2008.
The Company announced that it repurchased an additional 1.0 million shares of
Class A common stock for approximately $3.4 million so far in the third
quarter of 2008.

Financial Results

Three Months Ended June 30, 2008 Compared to Three Months Ended June 30, 2007

 (Unaudited)

Three-Month Period
Ended June 30,
2008 2007 % Change

Net revenue   $62,932  $66,536(5)%
Operating expenses (1) 36,898   36,773 0%
Corporate expenses (1)  4,4774,373 2%
Depreciation and amortization   5,6425,603 1%

Operating income   15,915   19,787   (20)%
Interest expense, net   3,458 (505)   NM

Income before income taxes 19,373   19,282 0%

Income tax expense (7,674)  (7,671)0%
Income before equity in net income
(loss) of nonconsolidated
affiliates and discontinued operations11,699   11,611 1%
Equity in net income (loss) of
nonconsolidated affiliates   (38) 160NM

Income from continuing operations  11,661   11,771(1)%
Loss from discontinued operations,
net of tax  (919)  (3,173)  (71)%

Net income$10,742   $8,59825%

(1) Operating expenses and corporate expenses are defined on page 1.

Net revenue decreased to $62.9 million for the three-month period ended
June 30, 2008 from $66.5 million for the three-month period ended June 30,
2007, a decrease of $3.6 million. Of the overall decrease, $2.3 million came
from our radio segment and was primarily attributable to a decrease in second
quarter revenue of $1.2 million associated with moving our annual Los Angeles
promotional event from the second quarter to the third quarter in 2008, as
well as a decrease in local advertising sales and local advertising rates,
which in turn was primarily due to the weak economy. Additionally, $1.3
million of the decrease came from our television segment and was primarily
attributable to a decrease in national advertising sales and national
advertising rates, which in turn was primarily due to the weak economy.

Operating expenses increased to $36.9 million for the three-month period
ended June 30, 2008 from $36.8 million for the three-month period ended June
30, 2007, an increase of $0.1 million. The increase was primarily attributable
to an increase in wages, utility and rent expense, partially offset by a
decrease in second quarter expenses associated with moving our annual Los
Angeles promotional event from the second quarter to the third quarter in 2008
and a decrease in expenses associated with the decrease in net revenue.

Corporate expenses increased to $4.5 million for three-month period ended
June 30, 2008 from $4.4 million for the three-month period ended June 30,
2007, an increase of $0.1 million. The increase was attributable to an
increase in non-cash stock-based compensation of $0.1 million.

Six Months Ended June 30, 2008 Compared to Six Months Ended June 30, 2007
(Unaudited)

Six-Month Period
Ended June 30,
2008 2007  % Change

Net revenue  $118,585 $123,431   (4)%
Operating expenses (1) 72,307   71,8181%
Corporate expenses (1)  8,9319,002   (1)%
Depreciation and amortization  11,187   11,323   (1)%

Operating income   26,160   31,288  (16)%
Interest expense, net (18,706) (10,351)  81%

Income before income taxes  7,454   20,937  (64)%

Income tax expense (2,679)  (8,417) (68)%
Income before equity in net income
(loss) of nonconsolidated affiliates
and discontinued operations4,775   12,520  (62)%
Equity in net income (loss) of
nonconsolidated affiliates  (164) 160   NM

Income from continuing operations   4,611   12,680  (64)%
Loss from discontinued operations,
net of tax(1,573)  (7,369) (79)%

Net income $3,038   $5,311  (43)%

Net revenue decreased to $118.6 million for the six-month period ended
June 30, 2008 from $123.4 million for the six-month period ended June 30,
2007, a decrease of $4.8 million. Of the overall decrease, $2.8 million came
from our radio segment and was primarily attributable to a decrease in revenue
of $1.2 million associated with moving our annual Los Angeles promotional
event from the second quarter to the third quarter in 2008, as well as a
decrease in local advertising sales and local advertising rates, which in turn
was primarily due to the weak economy. Additionally, $2.0 million of the
decrease came from our television segment and was primarily attributable to a
decrease in national advertising rates, which in turn was primarily due to the
weak economy.

Operating expenses increased to $72.3 million for the six-month period
ended June 30, 2008 from $71.8 million for the six-month period ended June 30,
2007, an increase of $0.5 million. The increase was primarily attributable to
an increase in wages, utility and rent expense, partially offset by a decrease
in second quarter expenses associated with moving our annual Los Angeles
promotional event from the second quarter to the third quarter in 2008 and a
decrease in expenses associated with the decrease in net revenue.

Corporate expenses decreased to $8.9 million for six-month period ended
June 30, 2008 from $9.0 million for the six-month period ended June 30, 2007,
a decrease of $0.1 million. The decrease was attributable to a decrease in
non-cash stock-based compensation of $0.1 million.

Segment Results
The following represents selected unaudited segment information:

Three-Month Period
Ended June 30,
2008 2007  % Change
Net Revenue
Television   $38,944  $40,287   (3)%
Radio 23,988   26,249   (9)%
Total$62,932  $66,536   (5)%

Operating Expenses (1)
Television   $21,712  $21,6050%
Radio 15,186   15,1680%
Total$36,898  $36,7730%

Corporate Expenses (1)$4,477   $4,3732%

Consolidated adjusted EBITDA (1) $22,371  $25,932  (14)%

(1) Operating expenses, Corporate expenses, and Consolidated adjusted
EBITDA are defined on page 1.

Guidance

The following is the Company’s guidance for the third quarter of 2008.
Guidance constitutes a “forward-looking statement.” Please see below regarding
statements that are forward-looking.

Operating expenses and corporate expenses include non-cash stock-based
compensation to comply with Statement of Financial Accounting Standards
(”SFAS”) No. 123 (Revised 2004), “Share-Based Payment” (”SFAS 123R”). The
Company expects approximately $0.4 million in operating expenses and $0.5
million in corporate expenses related to equity compensation in the third
quarter of 2008.

For the third quarter of 2008, the Company expects net revenues to
decrease by low- to mid-single digit percentages and operating expenses to
increase by low-single digit percentages as compared to the third quarter of
2007. Excluding the non-cash stock-based compensation, corporate expenses are
expected to be approximately the same as compared to the third quarter of
2007.

Entravision Communications Corporation will hold a conference call to
discuss its 2008 second quarter results on August 6, 2008 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 PeriodSix-Month Period
Ended June 30,   Ended June 30,
20082007 20082007

Net revenue (including
related parties of $32,
$150, $182 and $300)   $62,932  $66,536$118,585 $123,431

Expenses:
Direct operating
expenses (including
related parties of
$3,079, $3,202, $5,572
and $5,929)(including
non-cash stock-based
compensation of $165,
$97, $289 and $251)   25,942   25,009  50,676   49,225
Selling, general and
administrative
expenses (including
non-cash stock-based
compensation of $207,
$135, $362 and $400)  10,956   11,764  21,631   22,593
Corporate expenses
(including non-cash
stock-based
compensation of $468,
$370, $903 and $1,018) 4,4774,373   8,9319,002
Depreciation and
amortization
(includes direct
operating of $4,382,
$4,412, $8,726 and
$8,891; selling,
general and
administrative of
$983, $975, $1,985
and $2,001; and corporate
of $277, $216, $476
and $431)(including
related parties of $580,
$580, $1,160 and $1,160)   5,6425,603  11,187   11,323
47,017   46,749  92,425   92,143
Operating income 15,915   19,787  26,160   31,288
Interest expense
(including related
parties of $54, $68,
$112 and $141)   3,172   (1,807)(19,423) (12,917)
Interest income 2861,302 7172,566
Income before income
taxes   19,373   19,282   7,454   20,937
Income tax expense   (7,674)  (7,671) (2,679)  (8,417)
Income before equity
in net income
(loss) of
nonconsolidated
affiliate and
discontinued
operations  11,699   11,611   4,775   12,520
Equity in net income
(loss) of
nonconsolidated
affiliate  (38) 160(164) 160
Income from continuing
operations  11,661   11,771   4,611   12,680
Loss from discontinued
operations, net of tax
(expense) benefit of
($369), $1,514, $604 and
$4,160(919)  (3,173) (1,573)  (7,369)
Net income applicable to
common stockholders$10,742   $8,598  $3,038   $5,311

Basic and diluted
earnings per share:
Net income per share
from continuing
operations applicable
to common stockholders,
basic and diluted$0.13$0.11   $0.05$0.12
Net loss per share from
discontinued
operations, basic and
diluted $(0.01)  $(0.03) $(0.02)  $(0.07)
Net income per share
applicable to common
stockholders,
basic and diluted$0.12$0.08   $0.03$0.05

Weighted average common
shares outstanding,
basic   91,573,187  104,174,725  93,495,230  104,018,118
Weighted average common
shares outstanding,
diluted 91,835,027  105,124,162  93,811,980  104,705,891

Entravision Communications Corporation
Consolidated Statements of Cash Flows
(In thousands, except share and per share data)
(Unaudited)

Three-Month Period   Six-Month Period
Ended June 30,  Ended June 30,
2008 2007   2008 2007

Cash flows from operating activities:
Net income $10,742$8,598$3,038$5,311
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation and amortization  5,642 5,60311,18711,323
Deferred income taxes  6,877 9,598 1,660 7,233
Amortization of debt issue costs 101   101   202   202
Amortization of syndication
contracts   689   399 1,555  415
Payments on syndication contracts   (715) (459)   (1,422)(478)
Equity in net (income) loss of
nonconsolidated affiliate38  (160)  164 (160)
Non-cash stock-based compensation840   602 1,5541,669
Change in fair value of
interest rate swap agreements   (10,832)   (6,082)3,211   (2,796)
Changes in assets and
liabilities, net of effect of
acquisitions and dispositions:
(Increase) decrease in
accounts receivable(6,317)   (8,699)  158   (5,983)
(Increase) decrease in
prepaid expenses and other
assets733   32278 (131)
Increase (decrease) in
accounts payable, accrued
expenses and other
liabilities  (659)1,806(1,760)  (1,456)
Effect of discontinued
operations   (1,569)  712(2,230)   8,818
Net cash provided by
operating activities  5,57012,34117,395   23,967
Cash flows from investing activities:
Proceeds from sale of property
and equipment and intangibles 101,40720   101,498   20
Purchases of property and
equipment and intangibles  (4,404)   (5,978)   (8,408)  (9,403)
Purchase of a business - - (22,885)  -
Effect of discontinued operations  (64) (823) (194)  (1,182)
Net cash provided by (used
in) investing activities 96,939(6,781)   70,011  (10,565)
Cash flows from financing activities:
Proceeds from issuance of common
stock -   2,925   4865,477
Payments on long-term debt  (1,007)   (1,068)  (11,034)  (1,144)
Repurchase of Class U common
stock - - (10,380)  -
Repurchase of Class A common
stock (13,793)  - (36,293)  (2,840)
Change in excess tax benefits
from exercise of stock options(25)  353   (25) 476
Net cash provided by (used
in) financing activities(14,825)2,210   (57,246)   1,969
Net increase in cash and
cash equivalents 87,684 7,77030,160   15,371
Cash and cash equivalents:
Beginning   29,421   126,12686,945  118,525
Ending$117,105  $133,896  $117,105 $133,896

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   Six-Month Period
Ended June 30,  Ended June 30,
2008  2007  2008  2007

Consolidated adjusted EBITDA (1)$22,371   $25,932   $39,034   $44,217

Interest expense  3,172(1,807)  (19,423)  (12,917)
Interest income 286 1,302   717 2,566
Income tax expense   (7,674)   (7,671)   (2,679)   (8,417)
Amortization of syndication
contracts (689) (399)   (1,555) (415)
Payments on syndication contracts   715   459 1,422   478
Non-cash stock-based compensation
included in direct operating
expenses   (165)  (97) (289) (251)
Non-cash stock-based compensation
included in selling, general
and administrative expenses (207) (135) (362) (400)
Non-cash stock-based compensation
included in corporate expenses(468) (370) (903)   (1,018)
Depreciation and amortization(5,642)   (5,603)  (11,187)  (11,323)
Equity in net income (loss) of
nonconsolidated affiliates (38)  160  (164)  160
Loss from discontinued operations  (919)   (3,173)   (1,573)   (7,369)
Net income   10,742 8,598 3,038 5,311

Depreciation and amortization 5,642 5,60311,18711,323
Deferred income taxes 6,877 9,598 1,660 7,233
Amortization of debt issue costs101   101   202   202
Amortization of syndication
contracts  689   399 1,555   415
Payments on syndication contracts  (715) (459)   (1,422) (478)
Equity in net (income) loss of
nonconsolidated affiliate   38  (160)  164  (160)
Non-cash stock-based compensation   840   602 1,554 1,669
Change in fair value of interest
rate swap agreements   (10,832)   (6,082)3,211(2,796)
Changes in assets and liabilities,
net of effect of acquisitions and
dispositions:
(Increase) decrease in accounts
receivable   (6,317)   (8,699)  158(5,983)
(Increase) decrease in prepaid
expenses and other assets   733   32278  (131)
Increase (decrease) in accounts
payable, accrued expenses and
other liabilities  (659)1,806(1,760)   (1,456)
Effect of discontinued operations(1,569)  712(2,230)8,818
Cash flows from operating
activities  $5,570   $12,341   $17,395   $23,967

(1)  Consolidated adjusted EBITDA is defined on page 1.

Entravision Communications Corporation
Reconciliation of Free Cash Flow to Net Income
(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 Six-Month Period
Ended June 30,Ended June 30,
2008 2007 2008 2007

Consolidated adjusted EBITDA (1)  $22,371  $25,932  $39,034  $44,217

Net interest expense (1)7,2746,486   15,293   12,945
Cash paid for income taxes822  3661,044  708
Capital expenditures (2)4,4043,9948,4087,419
Free cash flow (1)  9,871   15,086   14,289   23,145

Capital expenditures (2)4,4043,9948,4087,419
Non-cash interest (expense) income
relating to amortization of debt
finance costs and interest rate
swap agreements   10,7325,981   (3,413)   2,594
Non-cash income tax expense(6,852)  (7,305)  (1,635)  (7,709)
Amortization of syndication contracts(689)(399)  (1,555)(415)
Payments on syndication contracts 715  4591,422  478
Non-cash stock-based compensation
included in direct operating
expenses (165) (97)(289)(251)
Non-cash stock-based compensation
included in selling, general
and administrative expenses   (207)(135)(362)(400)
Non-cash stock-based compensation
included in corporate expenses  (468)(370)(903)  (1,018)
Depreciation and amortization  (5,642)  (5,603) (11,187) (11,323)
Equity in net income (loss) of
nonconsolidated affiliates   (38) 160 (164) 160
Loss from discontinued operations(919)  (3,173)  (1,573)  (7,369)
Net income$10,742   $8,598   $3,038   $5,311

(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.
“

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