LOS ANGELES (AFX) - Univision Communications Inc., the nation's largest Spanish-language broadcaster, on Thursday reported higher second-quarter profits on strong revenues from advertising sales.
The company, which last month agreed to be acquired for $12.3 billion by a private investor group, said it earned $107.4 million, or 32 cents per share, on revenue of $634 million, for the quarter ending June 30.
In the same period of 2005, Univision's net income was $36.1 million, or 10 cents per share, with revenue of $508.5 million, but those results included a charge of $48.3 million related to a decline in the fair market value of its Entravision Communications investment.
Excluding net after-tax charges of $9.2 million during the quarter and the Entravision charge from the year-ago period, net income rose to $116.6 million, or 34 cents per share, compared to $84.4 million, or 24 cents per share, in the same quarter last year.
Wall Street's consensus estimates were for earnings of 32 cents a share and revenue of $647.1 million, according to Thomson Financial.
'As Univision prepares to embark on the next chapter in its development, the company achieved excellent operational and financial results in the second quarter,' A. Jerrold Perenchio, Univision's chairman and chief executive, said in a statement.
Revenue from Univision's three television networks -- Univision, Galavision and Telefutura -- was $489 million, up from $354.7 million in the same quarter in 2005.
Univision said its radio division posted revenues during the quarter of $104.4 million, compared to $99.3 million in the year-ago quarter.
The company's recorded music arm generate sales of $30.3 million, down from the $48.9 million last year.
Revenues from Univision's Internet portal nearly doubled on an annual basis to $10.4 million compared to $5.6 million in the second quarter of 2005.
The company did not schedule a conference call or Webcast with Wall Street analysts and said it would not provide any further earnings guidance while its proposed acquisition, projected to close next year, is pending.
Univision shares fell 3 cents to close at $33.47 Thursday on the New York Stock Exchange. The stock rose 1 cent in aftermarket trading.
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