Entravision Communications Corporation (NYSE:EVC) Q3 2019 Earnings Conference Call - Final Transcript
Nov 07, 2019 • 05:00 pm ET
Christopher T. Young
to $14.8 million compared to $15.8 million in the same quarter of last year. The decrease in our radio segment was primarily due to a decrease in national advertising revenue related from World Cup slightly offset by an increase in local revenue. Digital revenue for the quarter was down 21% to $17.6 million compared to $22.4 million in the same quarter of last year. The decrease was primarily due to a growing trend of digital advertising moving over to programmatic platform in the recent months both domestically and more recently in international markets.
Operating expenses decreased 2% to $43.3 million from $44.1 million in the prior year period. The decrease was primarily due to a 4% decrease in our radio division and an 11% decrease at our digital division arising from certain expense control measures the company undertook in April of last year partially offset by a 3% increase in operating expenses at our TV division arising primarily from an increase in fees due to networks related to retransmission consent agreements at our English language TV stations. Corporate expenses for the quarter were down 2% to $6.8 million compared to $6.9 million in the same quarter of last year. The decrease was primarily due to a decrease in noncash stock-based compensation. Income tax expense was $5.9 million for the quarter while cash taxes actually paid was $440000. Earnings per share for the quarter were negative $0.14 compared to $0.02 per share in the same quarter of last year. This was primarily due to an impairment charge related to our digital goodwill. Excluding the impact of this onetime noncash charge EPS was $0.02 per share.
Net cash interest expense was $2.5 million for the quarter compared to $2.8 million in the same quarter of last year. Cash capital expenditures for the quarter were $7.2 million compared to $6.6 million in the prior year period. Excluding capital expenditures expected to be reimbursed by the FCC we anticipate that our capital expenditures will be approximately $17.5 million during the full year of 2019. Turning to our balance sheet, as of September 30 2019 our total debt was $244 million and our trailing 12-month consolidated adjusted EBITDA was $50.7 million. Cash and marketable securities on the books was $156.9 million as of September 30. Net of $75 million of unrestricted cash in the books our total leverage as defined in our 2017. Our credit agreement was 3.3x as of September 30. Net of cash and marketable securities our total net leverage was 1.72x. This concludes our formal remarks.
Walter Jeff and I will now take your questions. Jamie we'll turn it over to you for the queue.