Exhibit 99.1

 

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ENTRAVISION COMMUNICATIONS CORPORATION REPORTS

FOURTH QUARTER AND FULL YEAR 2013 RESULTS

- Announces quarterly cash dividend of $0.025 per share -

SANTA MONICA, CALIFORNIA, February 27, 2014 – Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and twelve-month periods ended December 31, 2013.

Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). 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 9. Unaudited financial highlights are as follows:

 

     Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
   2013      2012      % Change     2013     2012      % Change  
               

Net revenue

   $ 60,093       $ 63,752         (6 )%    $ 223,916      $ 223,253         0

Operating expenses (1)

     35,931         33,671         7     135,242        130,074         4

Corporate expenses (2)

     5,527         5,449         1     19,771        17,976         10

Consolidated adjusted EBITDA (3)

     19,762         25,342         (22 )%      73,003        76,863         (5 )% 

Free cash flow (4)

   $ 13,499       $ 15,626         (14 )%    $ 39,051      $ 34,835         12

Free cash flow per share, basic (4)

   $ 0.15       $ 0.18         (17 )%    $ 0.45      $ 0.41         10

Free cash flow per share, diluted (4)

   $ 0.15       $ 0.18         (17 )%    $ 0.45      $ 0.40         13

Net income (loss) applicable to common stockholders

   $ 9,521       $ 7,697         24   $ (7,747   $ 13,601         NM   

Net income (loss) per share applicable to common stockholders, basic and diluted

   $ 0.11       $ 0.09         22   $ (0.09   $ 0.16         NM   

Weighted average common shares outstanding, basic

     88,086,641         85,945,116           87,401,123        85,882,646      

Weighted average common shares outstanding, diluted

     90,626,583         86,593,768           87,401,123        86,314,206      

 

(1) Operating expenses include direct operating, selling, general and administrative expenses. Included in operating expenses are $0.3 million of non-cash stock-based compensation for each of the three-month periods ended December 31, 2013 and 2012, and $1.1 million and $0.9 million of non-cash stock-based compensation for the twelve-month periods ended December 31, 2013 and 2012, respectively. Operating expenses do not include corporate expenses, depreciation and amortization, impairment charge, gain (loss) on sale of assets, gain (loss) on debt extinguishment and other income (loss).
(2) Corporate expenses include $1.0 million and $0.6 million of non-cash stock-based compensation for the three-month periods ended December 31, 2013 and 2012, respectively, and $3.7 million and $1.7 million of non-cash stock-based compensation for the twelve-month periods ended December 31, 2013 and 2012, respectively.
(3) Consolidated adjusted EBITDA means net income (loss) plus gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation included in operating and corporate expenses, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization less syndication programming payments. We use the term consolidated adjusted EBITDA because that measure is defined in our credit facility and does not include gain (loss) on sale of assets, depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses and syndication programming amortization and does include 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) on sale of assets, non-cash depreciation and amortization, non-cash impairment charge, non-cash stock-based compensation expense, net interest expense, other income (loss), gain (loss) on debt extinguishment, income tax (expense) benefit, equity in net income (loss) of nonconsolidated affiliate, non-cash losses 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 non-cash interest expense relating to discount amortization on our $324 million aggregate principal amount of 8.750% senior secured first lien notes (the “Notes”), which were fully redeemed on August 2, 2013, and less interest income. Free cash flow per share is defined as free cash flow divided by the basic or diluted weighted average common shares outstanding.


The following information was filed by Entravision Communications Corp (EVC) on Thursday, February 27, 2014 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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