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Univision's 1Q Profits Fall Due to Sale-Related Costs
May 13, 2007
LOS ANGELES Univision Communications Inc. reported lower first-quarter profit Thursday due to higher operating expenses, including costs related to the Spanish-language broadcaster's sale to a group of private investors.
For the period ended March 31, the company reported a loss of $67 million, compared with a profit of $53.9 million, or 16 cents per share, a year ago.
Univision said operating expenses totaled $494 million, compared with $299.5 million in the year-ago period.
Adjusted for expenses related to its sale, a settlement with the Federal Communications Commission, litigation expenses and other costs, the company said it earned $66.1 million, compared with an adjusted $57.4 million in the year-ago quarter.
Revenue rose 9 percent to $437.3 million from $402.6 million in the same quarter last year, the company said.
The latest results represent the last quarterly period that the Los Angeles-based media conglomerate remained a public company. Its sale to a consortium of investors that includes Saban Capital Group, Madison Dearborn Partners, Providence Equity Partners, Texas Pacific Group and Thomas H. Lee Partners closed March 29.
In a statement, Joe Uva, who took over as chief executive last month, said the company is "well-positioned for continued growth."
The company said that, as of March 31, it owes about $10 billion, including capital lease obligations and $1.5 billion in senior notes.
Univision operates two broadcast networks, Univision and TeleFutura, as well as the cable channel Galavisión. The company also owns and operates 62 television stations and 69 radio stations.
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