Entravision Communications Corporation Reports Third Quarter 2008 Results

Entravision
Communications Corporation (NYSE: EVC) today reported financial results for
the three- and nine-month periods ended September 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 September 30,
2008  2007   % Change
Net revenue$60,988   $64,101  (5)%
Operating expenses (1)  36,97735,938   3%
Corporate expenses (2)   3,772 3,682   2%

Consolidated adjusted EBITDA (3)21,12225,280 (16)%

Free cash flow (4)  $8,756   $14,176 (38)%
Free cash flow per share, basic and
diluted (4) $0.10 $0.14 (29)%

Net income (loss) from continuing
operations  $(354,491)   $1,246  NM
Net income (loss) applicable to common
stockholders$(354,491)  $(1,377) NM

Net income (loss) per share from
continuing operations applicable to
common stockholders, basic and diluted $(3.98)$0.01  NM
Net income (loss) per share applicable
to common stockholders, basic and
diluted$(3.98)   $(0.01) NM

Weighted average common shares
outstanding, basic 89,130,413   102,516,344
Weighted average common shares
outstanding, diluted   89,130,413   103,224,022

Nine-Month Period
Ended September 30,
2008  2007   % Change
Net revenue   $179,573  $187,532  (4)%
Operating expenses (1) 109,284   107,756   1%
Corporate expenses (2)  12,70312,684   0%

Consolidated adjusted EBITDA (3)60,15669,497 (13)%

Free cash flow (4) $23,042   $37,321 (38)%
Free cash flow per share, basic and
diluted (4) $0.25 $0.36 (31)%

Net income (loss) from continuing
operations  $(349,881)  $13,926  NM
Net income (loss) applicable to common
stockholders$(351,454)   $3,934  NM

Net income (loss) per share from
continuing operations applicable to
common stockholders, basic and diluted $(3.80)$0.13  NM
Net income (loss) per share applicable
to common stockholders, basic and
diluted$(3.82)$0.04  NM

Weighted average common shares
outstanding, basic 92,029,671   103,512,026
Weighted average common shares
outstanding, diluted   92,029,671   104,206,434

(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 September 30, 2008 and 2007, respectively
and $1.0 million and $0.9 million of non-cash stock-based compensation
for the nine-month periods ended September 30, 2008 and 2007,
respectively.  Operating expenses do not include corporate expenses,
depreciation and amortization, impairment loss 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 September
30, 2008 and 2007, respectively and $1.4 million and $1.4 million of
non-cash stock-based compensation for the nine-month periods ended
September 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
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, 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, 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 impairment loss, 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 F. Ulloa, Chairman
and Chief Executive Officer, said, “Our third quarter financial results were
impacted by the economic environment and related advertising slowdown across
the majority of our markets.  We have taken steps to reduce our costs and
operate as efficiently as possible in an effort to maximize our cash flows,
without sacrificing the quality of our content or marketing efforts.  We have
also maintained a strong balance sheet and ample financial flexibility.  Our
audience shares remain strong and we remain focused on further growing our
presence in the nation’s fastest growing and most densely populated markets.
We believe we are in a solid position to capitalize on our market leadership
when the economy recovers.”

The Company also announced that it repurchased 3.1 million shares of Class
A common stock for approximately $10.1 million in the third quarter of 2008.
The Company announced that it repurchased an additional 0.9 million shares of
Class A common stock for approximately $1.9 million as of October 31, 2008.
The Company also announced that it has taken steps to reduce operating and
corporate expense throughout the company.

Impairment of Television and Radio Segment Intangibles

The company recorded an impairment charge of $440 million related to
television and radio FCC broadcasting licenses and goodwill as a result of an
appraisal recently conducted on certain television and radio assets.

Financial Results

Three Months Ended September 30, 2008 Compared to
Three Months Ended September 30, 2007
(Unaudited)

Three-Month Period
Ended September 30,
20082007 % Change
Net revenue$60,988 $64,101   (5)%
Operating expenses (1)  36,977  35,9383%
Corporate expenses (1)   3,772   3,6822%
Depreciation and amortization5,998   5,6706%
Impairment charge  440,020 -  NM

Operating income (loss)   (425,779) 18,811NM
Interest expense, net   (7,550)(16,979) (56)%

Income (loss) before income taxes (433,329)  1,832NM

Income tax (expense) benefit78,847(831)   NM
Income (loss) before equity in net
income (loss) of nonconsolidated
affiliates and discontinued operations   (354,482)  1,001NM
Equity in net income (loss) of
nonconsolidated affiliates (9)245NM

Income (loss) from continuing
operations   (354,491)  1,246NM
Loss from discontinued operations,
net of tax-(2,623)   NM

Net loss $(354,491)$(1,377)   NM

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

Net revenue decreased to $61.0 million for the three-month period ended
September 30, 2008 from $64.1 million for the three-month period ended
September 30, 2007, a decrease of $3.1 million. Of the overall decrease, $2.4
million came from our television segment and was primarily attributable to a
decrease in national and local advertising sales and advertising rates, which
in turn was primarily due to the weak economy. Additionally, $0.7 million of
the decrease came from our radio segment and was primarily attributable to a
decrease in local advertising sales and local advertising rates, which in turn
was primarily due to the weak economy.

Operating expenses increased to $37.0 million for the three-month period
ended September 30, 2008 from $35.9 million for the three-month period ended
September 30, 2007, an increase of $1.1 million. The increase was primarily
attributable to an increase in third quarter expenses associated with moving
our annual Los Angeles promotional event from the second quarter to the third
quarter in 2008, as well as an increase in wages, rating services and rent
expense, partially offset by a decrease in expenses associated with the
decrease in net revenue.

Corporate expenses increased to $3.8 million for the three-month period
ended September 30, 2008 from $3.7 million for the three-month period ended
September 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.

The Company recorded an impairment charge of $440 million related to
television and radio FCC broadcasting licenses and goodwill as a result of an
appraisal recently conducted on certain television and radio assets.

Nine Months Ended September 30, 2008 Compared to
Nine Months Ended September 30, 2007
(Unaudited)

Nine-Month Period
Ended September 30,
2008 2007% Change
Net revenue   $179,573 $187,532   (4)%
Operating expenses (1) 109,284  107,7561%
Corporate expenses (1)  12,703   12,6840%
Depreciation and amortization   17,185   16,9931%
Impairment charge  440,020  -  NM

Operating income (loss)   (399,619)  50,099NM
Interest expense, net  (26,256) (27,330)  (4)%

Income (loss) before income taxes (425,875)  22,769NM

Income tax (expense) benefit76,167   (9,248)   NM
Income (loss) before equity in net
income (loss) of nonconsolidated
affiliates and discontinued operations   (349,708)  13,521NM
Equity in net income (loss) of
nonconsolidated affiliates   (173) 405NM

Income (loss) from continuing
operations   (349,881)  13,926NM
Loss from discontinued operations,
net of tax (1,573)  (9,992) (84)%

Net income (loss)$(351,454)  $3,934NM

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

Net revenue decreased to $179.5 million for the nine-month period ended
September 30, 2008 from $187.5 million for the nine-month period ended
September 30, 2007, a decrease of $8.0 million. Of the overall decrease, $4.5
million 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. Additionally, $3.5 million of the decrease came from our radio
segment and was primarily attributable to a decrease in local advertising
sales and local advertising rates, which in turn was primarily due to the weak
economy.

Operating expenses increased to $109.3 million for the nine-month period
ended September 30, 2008 from $107.8 million for the nine-month period ended
September 30, 2007, an increase of $1.5 million. The increase was primarily
attributable to an increase in wages, rating services and syndication expense,
partially offset by a decrease in expenses associated with the decrease in net
revenue.

Corporate expenses were $12.7 million for each the nine-month periods
ended September 30, 2008 and 2007.

The Company recorded an impairment charge of $440 million related to
television and radio FCC broadcasting licenses and goodwill as a result of an
appraisal recently conducted on certain television and radio assets.

Segment Results
The following represents selected unaudited segment information:

Three-Month Period
Ended September 30,
2008 2007  % Change
Net Revenue
Television$37,479  $39,917(6)%
Radio  23,509   24,184(3)%
Total $60,988  $64,101(5)%

Operating Expenses (1)
Television$21,908  $22,103(1)%
Radio  15,069   13,835 9%
Total $36,977  $35,938 3%

Corporate Expenses (1) $3,772   $3,682 2%

Consolidated adjusted EBITDA (1)  $21,122  $25,280   (16)%

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

Commencing with the fourth quarter of 2008, the company will no longer be
providing forward-looking guidance.

Entravision Communications Corporation will hold a conference call to
discuss its 2008 third quarter results on November 5, 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 PeriodNine-Month Period
Ended September 30,  Ended September 30,
2008200720082007

Net revenue (including
related parties of $0,
$150, $182 and $450)  $60,988 $64,101   $179,573$187,532

Expenses:
Direct operating expenses
(including related parties
of $3,010, $3,203, $8,582
and $9,132) (including
non-cash stock-based
compensation of $173, $105,
$462 and $356)   25,583  25,204 76,258  74,429
Selling, general and
administrative expenses
(including non-cash stock-
based compensation of $217,
$135, $579 and $535) 11,394  10,734 33,026  33,327
Corporate expenses
(including non-cash stock-
based compensation of $506,
$397, $1,409 and $1,415)  3,772   3,682 12,703  12,684
Depreciation and amortization
(includes direct operating
of $4,706, $4,448, $13,432
and $13,338; selling,
general and administrative
of $1,006, $1,003, $2,991
and $3,005; and corporate of
$286, $219, $762 and $650)
(including related parties
of $580, $580, $1,740 and
$1,740)   5,998   5,670 17,185  16,993
Impairment charge440,020 -  440,020 -
486,767  45,290579,192 137,433
Operating income (loss)   (425,779) 18,811   (399,619) 50,099
Interest expense (including
related parties of $44,
$58, $156 and $199)(8,172)(18,304)   (27,595)(31,221)
Interest income622   1,325  1,339   3,891
Income (loss) before income
taxes   (433,329)  1,832   (425,875) 22,769
Income tax (expense) benefit78,847(831)76,167  (9,248)
Income (loss) before equity
in net income (loss) of
nonconsolidated affiliate
and discontinued
operations (354,482)  1,001   (349,708) 13,521
Equity in net income
(loss) of nonconsolidated
affiliate  (9)245   (173)405
Income (loss) from continuing
operations   (354,491)  1,246   (349,881) 13,926
Loss from discontinued
operations, net of tax
benefit of $0, $1,666,
$604 and $5,826   -(2,623)(1,573) (9,992)
Net income (loss) applicable
to common stockholders  $(354,491)$(1,377) $(351,454) $3,934

Basic and diluted earnings
per share:
Net income (loss) per share
from continuing operations
applicable to common
stockholders, basic and
diluted$(3.98)  $0.01 $(3.80)  $0.13
Net loss per share from
discontinued operations,
basic and diluted$-$(0.02)$(0.02) $(0.09)
Net income (loss) per share
applicable to common
stockholders, basic and
diluted$(3.98) $(0.01)$(3.82)  $0.04

Weighted average common
shares outstanding, basic  89,130,413 102,516,344 92,029,671 103,512,026
Weighted average common
shares outstanding,
diluted89,130,413 103,224,022 92,029,671 104,206,434

Entravision Communications Corporation
Consolidated Statements of Cash Flows
(Unaudited; in thousands)

Three-Month Period Nine-Month Period
Ended September 30,   Ended September 30,
2008   2007  2008   2007

Cash flows from operating
activities:
Net income (loss)$(354,491)  $(1,377)$(351,454)   $3,934
Adjustments to reconcile net
income to net cash provided
by operating activities:
Depreciation and amortization  5,998 5,67017,18516,993
Impairment charge440,020   – 440,020   -
Deferred income taxes(79,198)  330   (77,537)7,563
Amortization of debt issue
costs   100   101   302   303
Amortization of syndication
contracts   700   663 2,255 1,078
Payments on syndication
contracts  (713) (501)   (2,135) (979)
Equity in net (income) loss
of nonconsolidated affiliate  9  (245)  173  (405)
Non-cash stock-based
compensation896   637 2,450 2,306
Change in fair value of interest
rate swap agreements43610,263 3,647 7,467
Changes in assets and
liabilities, net of effect of
acquisitions and dispositions:
(Increase) decrease in
accounts receivable3,490(1,130)3,648(7,113)
Increase in prepaid
expenses and other assets   (178)   (1,112) (100)   (1,243)
Increase (decrease) in
accounts payable, accrued
expenses and other
liabilities   (1,445)  398(3,205)   (1,058)
Effect of discontinued
operations-2,722(2,230)   11,540
Net cash provided by
operating activities15,62416,41933,01940,386
Cash flows from investing
activities:
Proceeds from sale of property
and equipment and intangibles- – 101,49820
Purchases of property and
equipment and intangibles (5,007)   (4,087)  (13,415)  (13,490)
Purchase of a business- – (22,885)  -
Deposits on acquisitions (200)  -(200)  -
Effect of discontinued
operations   – (81) (194)   (1,263)
Net cash provided by
(used in) investing
activities  (5,207)   (4,168)   64,804   (14,733)
Cash flows from financing
activities:
Proceeds from issuance of
common stock 299 1,315   785 6,792
Payments on long-term debt (2)   (1,276)  (11,036)   (2,420)
Repurchase of Class U common
stock- – (10,380)  -
Repurchase of Class A common
stock(10,245)  (42,605)  (46,538)  (45,445)
Change in excess tax benefits
from exercise of stock options   -  97   (25)  573
Net cash used in
financing activities(9,948)  (42,469)  (67,194)  (40,500)
Net increase (decrease)
in cash and cash
equivalents469   (30,218)   30,629   (14,847)
Cash and cash equivalents:
Beginning 117,105   133,89686,945   118,525
Ending   $117,574  $103,678  $117,574  $103,678

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   Nine-Month Period
Ended September 30,  Ended September 30,
2008 2007   2008 2007
Consolidated adjusted EBITDA (1)   $21,122  $25,280$60,156  $69,497

Interest expense(8,172) (18,304)   (27,595) (31,221)
Interest income6221,325  1,3393,891
Income tax (expense) benefit78,847 (831)76,167   (9,248)
Amortization of syndication
contracts(700)(663)(2,255)  (1,078)
Payments on syndication contracts  713  501  2,135  979
Non-cash stock-based compensation
included in direct operating
expenses (173)(105)  (462)(356)
Non-cash stock-based compensation
included in selling, general
and administrative expenses  (217)(135)  (579)(535)
Non-cash stock-based compensation
included in corporate expenses   (506)(397)(1,409)  (1,415)
Depreciation and amortization   (5,998)  (5,670)   (17,185) (16,993)
Impairment charge (440,020)   -   (440,020)   -
Equity in net income (loss) of
nonconsolidated affiliates (9) 245   (173) 405
Loss from discontinued operations-   (2,623)(1,573)  (9,992)
Net income (loss) (354,491)  (1,377)  (351,454)   3,934

Depreciation and amortization5,9985,670 17,185   16,993
Impairment charge  440,020-440,020-
Deferred income taxes  (79,198) 330(77,537)   7,563
Amortization of debt issue costs   100  101302  303
Amortization of syndication
contracts 700  663  2,2551,078
Payments on syndication contracts (713)(501)(2,135)(979)
Equity in net (income) loss of
nonconsolidated affiliate   9 (245)   173 (405)
Non-cash stock-based compensation  896  637  2,4502,306
Change in fair value of interest
rate swap agreements  436   10,263  3,6477,467
Changes in assets and liabilities,
net of effect of acquisitions and
dispositions:
(Increase) decrease in accounts
receivable   3,490   (1,130) 3,648   (7,113)
Increase in prepaid expenses
and other assets  (178)  (1,112)  (100)  (1,243)
Increase (decrease) in accounts
payable, accrued expenses and
other liabilities   (1,445) 398 (3,205)  (1,058)
Effect of discontinued operations-2,722 (2,230)  11,540
Cash flows from operating
activities$15,624  $16,419$33,019  $40,386

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

Entravision Communications Corporation
Reconciliation of Free Cash Flow to Net Income (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   Nine-Month Period
Ended September 30,  Ended September 30,
2008  2007  2008  2007
Consolidated adjusted EBITDA (1)$21,122  $25,280$60,156  $69,497

Net interest expense (1)  7,0136,615 22,306   19,560
Cash paid for income taxes  350  403  1,3941,111
Capital expenditures (2)  5,0034,086 13,414   11,505
Free cash flow (1)8,756   14,176 23,042   37,321

Capital expenditures (2)  5,0034,086 13,414   11,505
Non-cash interest (expense)
income relating to amortization
of debt finance costs and interest
rate swap agreements  (537) (10,364)(3,950)  (7,770)
Non-cash income tax (expense)
benefit 79,197 (428)77,561   (8,137)
Amortization of syndication
contracts (700)(663)(2,255)  (1,078)
Payments on syndication contracts   713  501  2,135  979
Non-cash stock-based compensation
included in direct operating
expenses  (173)(105)  (462)(356)
Non-cash stock-based compensation
included in selling, general
and administrative expenses   (217)(135)  (579)(535)
Non-cash stock-based compensation
included in corporate expenses(506)(397)(1,409)  (1,415)
Depreciation and amortization(5,998)  (5,670)   (17,185) (16,993)
Impairment charge  (440,020)   -   (440,020)   -
Equity in net income (loss) of
nonconsolidated affiliates  (9) 245   (173) 405
Loss from discontinued operations -   (2,623)(1,573)  (9,992)
Net income (loss) $(354,491) $(1,377) $(351,454)  $3,934

(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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• Ya Es Hora Campaign Launches Latest Phase of Historic Latino Voter Mobilization Efforts; Distributes Nearly 1 Million Voter Registration Cards – Multi-Phase Campaign Transitions This Week from Citizenship Drive to Engaging New Citizens to Register and Vote
• Just in time for the election, Spanish-language broadcaster Entravision Communications announced Friday (Sept. 19) the launch of a weekly public affairs program that will air both on the group’s TV and radio stations. Hosted by Daniel Garza, “Agenda Washington” will debut Sept. 21
• Entravision Communications has signed a deal to buy KREN in Reno for $4 million
• Spanish-language media is one of the hottest segments of the industry, right? So why were the stocks of Spanish Broadcasting System (SBS) and Entravision Communications languishing near their 52-week lows even before Monday’s horror show on Wall Street?
• Entravision Communications Corporation Reports Second Quarter 2008 Results
• Net revenue fell 5% to $62.9 million at Entravision Communications for the second quarter, compared with the same quarter a year ago.
• Comcast Expands Spanish-Language Coverage of the 2008 Democratic National Convention
• Latinos not ready for digital switch