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Univision Posts Weaker Profit

November 07, 2001|Reuters

Univision Communications Inc. on Tuesday posted weaker third-quarter earnings than a year earlier, hurt by additional costs related to the Sept. 11 terrorist attacks. The No. 1 Spanish-language broadcaster did manage to boost revenue by 5%.

The company reduced its full-year projections, citing the effect of world events on the economic climate, and said the overall television advertising market will fall sharply in the fourth quarter.

Univision posted, on an as-reported basis, third-quarter profit of $6.9 million, or 3 cents a share, compared with $27.5 million, or 12 cents, in the same period a year earlier.

Analysts polled by Thomson Financial/First Call were looking for earnings of 3 cents to 8 cents a share, with a consensus of 6 cents.

As-reported earnings before interest, tax, depreciation and amortization (EBITDA), a key measure of performance, totaled $81.6 million, up 4% from $78.7 million a year earlier.

Univision cut its 2001 core broadcast group revenue forecast to between $854 million and $859 million.

Full-year EBITDA for the core broadcast group was revised to $354 million to $358 million, excluding a $11.9-million charge taken in the first quarter.

Univision stock, down about 32% year to date, rose 68 cents to close at $28.11 on the New York Stock Exchange. It has lost twice as much as the Standard & Poor's broadcasting index this year.

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