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|PRESS RELEASE UNIVISION COMMUNICATIONS INC.||Page 1 of 13|
Andrew W. Hobson
|Stephanie Pillersdorf / Brooke Gordon|
Univision Communications Inc.
|Sard Verbinnen & Co|
UNIVISION ANNOUNCES 2008 FOURTH QUARTER AND FULL YEAR RESULTS
NEW YORK, NY, March 30, 2009 Univision Communications Inc., the leading Spanish-language media company in the United States, today announced financial results for the fourth quarter and full year ended December 31, 2008. For the fourth quarter of 2008, net revenue declined 7.8% to $502.1 million from $544.3 million in 2007 and adjusted operating income before depreciation and amortization1 decreased 13.9% to $213.5 million in the fourth quarter of 2008 from $248.0 million in 2007. For the year ended December 31, 2008, net revenue decreased 2.5% to $2,020.3 million in 2008 from $2,072.8 million in 2007 and OIBDA decreased 7.5% to $798.2 million in 2008 from $863.3 million in 2007.
Joe Uva, chief executive officer, said, Our fourth quarter results reflect an operating environment that was among the most difficult we have seen across most industries. Nevertheless, we continued to meet our key near-term goals of maintaining ample liquidity to operate our business, successfully negotiating favorable retransmission agreements and aggressively managing costs. In the fourth quarter 2008, Univision was the only major broadcast network to grow its audience in primetime among Adults 18-49, while the major English-language networks, ABC, CBS, FOX, NBC, and CW, saw their own audiences decline; and Univisions Los Angeles television station beat all other stations in the country to rank as the # 1 station among Adults 18-49 during primetime, total day, early local news and late local news for the entire year.
Uva continued: With our resolute focus on our goal of becoming the most valued and valuable partner among all of our viewers, listeners, online users, mobile customers, advertisers and distributors, we remain confident that we are taking the right steps and we believe we are well-positioned to rebound quickly when the climate improves.
The Company uses the key indicator of operating income before depreciation and amortization (OIBDA) to evaluate the Company's operating performance, for planning and forecasting future business operations, and except as described below, for reporting under its bank credit agreement. This indicator is presented on an adjusted basis consistent with the definition in the Company's bank credit agreement governing its senior secured credit facilities to exclude certain expenses. However, the Company's key indicator of OIBDA excludes the benefit for certain income taxes which are included in calculating adjusted OIBDA under the Company's bank credit agreement. The bank credit agreement also allows the Company to make certain pro forma adjustments for purposes of calculating certain financial covenants, some of which would be applied to OIBDA. None of these pro forma adjustments are made to OIBDA for purposes other than reporting under the bank credit agreement. See Pages 6 through 9 for a reconciliation of non-GAAP (Generally Accepted Accounting Principles) terms and adjusted measures to the most directly comparable GAAP financial measure.
The following information was filed by Univision Communications Inc on Monday, March 30, 2009 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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