SAN FRANCISCO (Thomson Financial) - Entravision Communications Corp. late
Thursday swung to a fourth-quarter net loss of $48 million, or 49 cents a share,
from net earnings in the prior-year period of $21.4 million, or 20 cents a
share.
The mean estimate of analysts polled by Thomson Financial was for a
per-share profit of 2 cents.
Revenue for the quarter ended Dec. 31 fell to $62.5 million from $64.1
million.
The Santa Monica, Calif.-based Spanish-language media company said it has
agreed to sell its outdoor advertising division to Lamar Advertising Co. for
$100 million in a deal expected to close in the second quarter of 2008.
Entravision's fourth-quarter results include an $80.5 million impairment
charge for discontinued operations in connection with the deal.
The company expects revenue in the first quarter to decrease by low- to
mid-single digit percentages.
Separately, Entravision named Christopher Young as chief financial officer
effective around April 15.
The stock closed the regular session down 19 cents, or 3%, at $5.93.
Brigid Gaffikin
bg/gm
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