8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 2, 2007

ENTRAVISION COMMUNICATIONS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware	1-15997	95-4783236
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2425 Olympic Boulevard, Suite 6000 West, Santa Monica, California 90404

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (310) 447-3870

Not Applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On August 2, 2007, Entravision Communications Corporation (the “Company”) issued a press release announcing its results of operations for the three-month period ended June 30, 2007. A copy of that press release is furnished herewith as Exhibit 99.1.

The information in this Current Report on Form 8-K, including the exhibit hereto, is being furnished under Item 2.02 and shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall such information be deemed to be incorporated by reference into any future registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, regardless of the general incorporation language of such filing, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits

(c) Exhibits

99.1    Press  release issued by Entravision Communications Corporation on August 2, 2007.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	ENTRAVISION COMMUNICATIONS CORPORATION
Date: August 2, 2007	By:	/s/ Walter F. Ulloa
		Walter F. Ulloa
		Chairman and Chief Executive Officer

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EXHIBIT INDEX

Exhibit Number	Description of Exhibit
99.1	Press release issued by Entravision Communications Corporation on August 2, 2007.

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EX-99.1

Exhibit 99.1

ENTRAVISION COMMUNICATIONS CORPORATION REPORTS

SECOND QUARTER 2007 RESULTS

-Second Quarter 2007 Pro Forma Net Revenue Decreases 1%-

SANTA MONICA, CALIFORNIA, August 2, 2007 – Entravision Communications Corporation (NYSE: EVC) today reported financial results for the three- and six-month periods ended June 30, 2007.

Historical results, which are attached, are in thousands of U.S. dollars (except share and per share data). This press release contains certain non-GAAP financial measures as defined by SEC Regulation G. The GAAP financial measure most directly comparable to each of these non-GAAP financial measures, and a table reconciling each of these non-GAAP financial measures to its most directly comparable GAAP financial measure, is included beginning on page 9. Unaudited financial highlights are as follows:

	Three-Month Period Ended June 30,							Six-Month Period Ended June 30,
	2007		2006			% Change		2007		2006			% Change
Net revenue	$	76,044	$	79,289		(4	)%	$	139,972	$	139,208		1	%
Operating expenses (1)		44,826		44,049		2	%		87,588		85,544		2	%
Corporate expenses (2)		4,720		4,387		8	%		9,718		9,294		5	%
Consolidated adjusted EBITDA (3)		27,040		31,018		(13	)%		44,272		46,010		(4	)%
Free cash flow (4)	$	15,333	$	15,010		2	%	$	21,659	$	16,785		29	%
Free cash flow per share, basic and diluted (4)	$	0.15	$	0.14		7	%	$	0.21	$	0.16		31	%
Net income (loss)	$	8,598	$	(167,998	)	NM		$	5,311	$	(155,879	)	NM
Net income (loss) per share applicable to common stockholders, basic and diluted	$	0.08	$	(1.60	)	NM		$	0.05	$	(1.45	)	NM
Weighted average common shares outstanding, basic		104,174,725		105,080,809					104,018,118		107,279,346
Weighted average common shares outstanding, diluted		105,124,162		105,080,809					104,705,891		107,279,346

(1) Operating expenses include direct operating, selling, general and administrative expenses. Included in operating expenses are $0.2 million and ($0.1) million of non-cash stock-based compensation for the three-month periods ended June 30, 2007 and 2006, respectively and $0.7 million and $0.8 million of non-cash stock-based compensation for the six-month periods ended June 30, 2007 and 2006, respectively. Operating expenses do not include corporate expenses, depreciation and amortization, impairment loss and (gain) loss on sale of assets.

(2) Corporate expenses include $0.4 million and $0.2 million of non-cash stock-based compensation for the three-month periods ended June 30, 2007 and 2006, respectively and $1.0 million and $0.9 million of non-cash stock-based compensation for the six-month periods ended June 30, 2007 and 2006, respectively.

(3) Consolidated adjusted EBITDA means operating income (loss) plus (gain) loss on sale of assets, depreciation and amortization, non-cash impairment loss, non-cash stock-based compensation included in operating and corporate expenses, non-cash corporate expense, and syndication programming amortization less syndication programming payments. We use the term consolidated adjusted EBITDA because that measure is defined in our syndicated bank credit facility and does not include non-cash stock-based compensation, non-cash corporate expense, non-cash impairment loss, (gain) loss on sale of assets and syndication programming amortization and does include syndication programming payments. The definition of operating income (loss), and thus consolidated adjusted EBITDA, excludes equity in net earnings (loss) of nonconsolidated affiliates. While many in the financial community and we consider consolidated adjusted EBITDA to be important, it should be considered in addition to, but not as a substitute for or superior to, other measures of liquidity and financial performance prepared in accordance with accounting principles generally accepted in the United States of America, such as cash flows from operating activities, operating income and net income. As consolidated adjusted EBITDA excludes non-cash (gain) loss of sales of assets, non-cash depreciation and amortization, non-cash impairment loss, non-cash stock-based compensation awards, non-cash corporate expense and syndication programming amortization and includes syndication programming payments, consolidated adjusted EBITDA has certain limitations because it excludes and includes several important non-cash financial line items. Therefore, we consider both non-GAAP and GAAP measures when evaluating our business.

(4) Free cash flow is defined as consolidated adjusted EBITDA less cash paid for income taxes, net interest expense and capital expenditures. Net interest expense is defined as interest expense, less non-cash interest expense relating to amortization of debt finance costs, less interest income less the change in the fair value of our interest rate swaps. Free cash flow per share is defined as free cash flow divided by the diluted weighted average common shares outstanding.

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Commenting on the Company’s earnings results, Walter Ulloa, Chairman and Chief Executive Officer, said, “We continue to execute on our business plan and capitalize on the growth of the Hispanic media market. In the second quarter of 2007 we faced difficult World Cup and political comparisons from the prior year period, but we continued to drive both audience and advertising shares. With diversified media assets located in the fastest growing Hispanic markets we are well positioned to serve the growth in consumer and advertiser demand for Spanish-language media. We are making investments in programming and promotion to drive ratings, and in our sales teams to ensure we are effectively monetizing our audience performance. In addition, we continue to explore opportunities to maximize our assets and expand our presence in selected markets with strong growth potential.”

Financial Results

Three Months Ended June 30, 2007 Compared to Three Months Ended June 30, 2006

(Unaudited)

	Three-Month Period Ended June 30,
	2007			2006			% Change
Net revenue	$	76,044		$	79,289		(4	)%
Operating expenses (1)		44,826			44,049		2	%
Corporate expenses (1)		4,720			4,387		8	%
Loss on sale of assets		—			1,656		NM
Depreciation and amortization		11,398			11,195		2	%
Impairment charge		—			189,661		NM
Operating income (loss)		15,100			(171,659	)	NM
Interest expense, net		(505	)		(4,251	)	(88	)%
Income (loss) before income taxes		14,595			(175,910	)	NM
Income tax (expense) benefit		(6,157	)		7,832		NM
Net income (loss) before equity in net income of nonconsolidated affiliates		8,438			(168,078	)	NM
Equity in net income of nonconsolidated affiliates		160			80		100	%
Net income (loss)	$	8,598		$	(167,998	)	NM

(1) Operating expenses and corporate expenses are defined on page 1.

Net revenue decreased to $76.0 million for the three-month period ended June 30, 2007 from $79.3 million for the three-month period ended June 30, 2006, a decrease of $3.3 million. Excluding the 2006 net revenue contributed by our radio stations in the Tucson and Dallas markets that we sold in 2006, net revenue would have decreased by $1.1 million. Of the overall decrease, $3.1 million came from our television segment. The decrease from this segment was primarily attributable to a decrease in national advertising sales, primarily due to strong 2006 sales comparables from major non-recurring events, such as World Cup and political activity. Additionally, $0.2 million of the overall decrease was from our outdoor segment and was primarily attributable to a decrease in national advertising sales, partially offset by an increase in local advertising sales. Net revenue in our radio segment remained the same as we had an increase in net revenue primarily attributable to revenue generated from our annual Los Angeles promotional event, which event we moved from the third quarter to the second quarter in 2007 and an increase in local advertising sales despite difficult World Cup comparisons, offset by a decrease in net revenue of $2.2 million from our Tucson and Dallas radio stations that we sold.

Company operating expenses increased to $44.8 million for the three-month period ended June 30, 2007 from $44.0 million for the three-month period ended June 30, 2006, an increase of $0.8 million. Excluding the 2006 operating expenses incurred by our radio stations in the Tucson and Dallas markets that we sold in 2006,

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operating expenses would have increased by $2.0 million. Of the overall increase, $0.6 million came from our television segment. The increase from this segment was primarily attributable to an increase in non-cash stock-based compensation of $0.2 million, an increase in utility and rent expense related to digital television broadcasting and an increase in wages, partially offset by lower sales expenses associated with the decrease in net revenue and a decrease in rating service expense. Additionally, $0.3 million of the overall increase came from our outdoor segment and was primarily attributable to higher lease rents for our billboard locations. The overall increase was partially offset by a $0.1 million decrease in our radio operating expenses. The decrease was primarily attributable to a decrease in operating expenses of $1.2 million from our Tucson and Dallas radio stations that we sold, partially offset by an increase in expenses associated with our annual Los Angeles promotional event, which event we moved from the third quarter to the second quarter in 2007 and an increase in wages.

Corporate expenses increased to $4.7 million for the three-month period ended June 30, 2007 from $4.4 million for the three-month period ended June 30, 2006, an increase of $0.3 million. The increase was primarily attributable to increased non-cash stock-based compensation of $0.2 million. The remaining increase of $0.1 million was primarily attributable to increased professional fees.

Six Months Ended June 30, 2007 Compared to Six Months Ended June 30, 2006

(Unaudited)

	Six-Month Period Ended June 30,
	2007			2006			% Change
Net revenue	$	139,972		$	139,208		1	%
Operating expenses (1)		87,588			85,544		2	%
Corporate expenses (1)		9,718			9,294		5	%
Gain on sale of assets		—			(17,652	)	NM
Depreciation and amortization		22,907			22,218		3	%
Impairment charge		—			189,661		NM
Operating income (loss)		19,759			(149,857	)	NM
Interest expense, net		(10,351	)		(6,080	)	70	%
Income (loss) before income taxes		9,408			(155,937	)	NM
Income tax (expense) benefit		(4,257	)		171		NM
Net income (loss) before equity in net income (loss) of nonconsolidated affiliates		5,151			(155,766	)	NM
Equity in net income (loss) of nonconsolidated affiliates		160			(113	)	NM
Net income (loss)	$	5,311		$	(155,879	)	NM

(1) Operating expenses and corporate expenses are defined on page 1.

Net revenue increased to $140.0 million for the six-month period ended June 30, 2007 from $139.2 million for the six-month period ended June 30, 2006, an increase of $0.8 million. Excluding the 2006 net revenue contributed by our radio stations in the Tucson and Dallas markets that we sold in 2006, net revenue would have increased by $4.4 million. Of the overall increase, $1.0 million came from our radio segment. The increase was primarily attributable to revenue generated from our annual Los Angeles promotional event that we moved from the third quarter to the second quarter in 2007 and an increase in local advertising sales despite difficult World Cup comparisons, partially offset by a decrease in net revenue of $3.6 million from our Tucson and Dallas radio stations that we sold. Additionally, $0.1 million of the overall increase was from our outdoor segment and was primarily attributable to an increase in local advertising sales, partially offset by a decrease in national advertising sales. The overall increase was partially offset by a decrease of $0.3 million from our television segment. The decrease from this segment was primarily attributable to a decrease in national advertising sales, primarily due to strong 2006 sales comparables from major non-recurring events, such as World Cup and political activity.

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Company operating expenses increased to $87.6 million for the six-month period ended June 30, 2007 from $85.5 million for the six-month period ended June 30, 2006, an increase of $2.1 million. Excluding the 2006 operating expenses incurred by our radio stations in the Tucson and Dallas markets that we sold in 2006, operating expenses would have increased by $4.5 million. Of the overall increase, $1.4 million came from our television segment. The increase from this segment was primarily attributable to an increase in utility and rent expense related to digital television broadcasting, an increase in news expenses and an increase in wages, partially offset by a decrease in rating service expense and a decrease in non-cash stock-based compensation expense. Additionally, $0.9 million of the overall increase came from our outdoor segment and was primarily attributable to higher lease rents for our billboard locations and expenses associated with the expansion of our outdoor division in Tampa. The overall increase was partially offset by a $0.2 million decrease in our radio operating expenses. The decrease was primarily attributable to a decrease in operating expenses of $2.4 million from our Tucson and Dallas radio stations that we sold, partially offset by an increase in expenses associated with our annual Los Angeles promotional event, which event we moved from the third quarter to the second quarter in 2007, an increase in commissions and other sales-related expenses associated with the increase in net revenue and an increase in wages.

Corporate expenses increased to $9.7 million for the six-month period ended June 30, 2007 from $9.3 million for the six-month period ended June 30, 2006, an increase of $0.4 million. The increase was primarily attributable to increased non-cash stock-based compensation of $0.2 million. The remaining increase of $0.2 million was primarily attributable to higher wages and professional fees.

Pro Forma Segment Results

With the sale of the Company’s radio assets in the Tucson and Dallas markets in the third and fourth quarters of 2006, respectively, the Company no longer has any remaining broadcasting operations in those two markets. As a result, in accordance with Company policy, the Company has elected to present its segment information on a pro forma basis by eliminating its radio broadcasting results from those two markets for the prior period so that the comparison between the periods will be meaningful. The Company believes that pro forma presentation is appropriate and useful to investors when the Company exits an entire market or enters a new market. This pro forma presentation consists of non-GAAP measures. A table reconciling each pro forma measure to its most directly comparable GAAP financial measure is included beginning on page 11.

The following is the Company’s selected unaudited pro forma segment information for the second quarter of 2007 and 2006:

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	Three-Month Period Ended June 30,
	2007		2006		% Change
Net Revenue
Television	$	40,287	$	43,336	(7	)%
Radio		26,249		24,093	9	%
Outdoor		9,508		9,742	(2	)%
Total	$	76,044	$	77,171	(1	)%
Operating Expenses (1)
Television	$	21,605	$	20,969	3	%
Radio		15,168		14,072	8	%
Outdoor		8,053		7,786	3	%
Total	$	44,826	$	42,827	5	%
Corporate Expenses (1)	$	4,720	$	4,387	8	%
Consolidated adjusted EBITDA (1)	$	27,040	$	30,122	(10	)%

(1) Operating expenses, Corporate expenses and Consolidated adjusted EBITDA are defined on page 1.

Segment Results

The following represents selected unaudited segment information:

	Three-Month Period Ended June 30,
	2007		2006		% Change
Net Revenue
Television	$	40,287	$	43,336	(7	)%
Radio		26,249		26,211	0	%
Outdoor		9,508		9,742	(2	)%
Total	$	76,044	$	79,289	(4	)%
Operating Expenses (1)
Television	$	21,605	$	20,969	3	%
Radio		15,168		15,294	(1	)%
Outdoor		8,053		7,786	3	%
Total	$	44,826	$	44,049	2	%
Corporate Expenses (1)	$	4,720	$	4,387	8	%
Consolidated adjusted EBITDA (1)	$	27,040	$	31,018	(13	)%

(1) Operating expenses, Corporate expenses, and Consolidated adjusted EBITDA are defined on page 1.

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Guidance

The following is the Company’s guidance for the third quarter of 2007. Guidance constitutes a “forward-looking statement.” Please see below regarding statements that are forward-looking.

With the sale of the Company’s radio assets in the Tucson and Dallas markets in the third and fourth quarter of 2006, respectively, the Company no longer has any remaining broadcasting operations in those two markets. As a result, in accordance with Company policy, the Company has elected to present its guidance on a pro forma basis by eliminating its radio broadcasting results from those markets for the prior period so that the comparison between the periods will be meaningful. The amounts excluded from net revenue and operating expenses for the third quarter of 2006 were $1,741,000 and $1,195,000, respectively.

Operating expenses and corporate expenses include non-cash stock-based compensation to comply with Statement of Financial Accounting Standards (“SFAS”) No. 123 (Revised 2004), “Share-Based Payment” (“SFAS 123R”). The Company expects approximately $0.2 million in operating expenses and $0.4 million in corporate expenses related to equity compensation in the third quarter of 2007.

For the third quarter of 2007, the Company expects net revenues to be approximately flat and operating expenses to increase by low single digit percentages as compared to the third quarter of 2006. Excluding the non-cash stock-based compensation, corporate expenses are expected to increase by low single digit percentages as compared to the third quarter of 2006. It should be noted that while the majority of World Cup revenues were recorded in the second quarter of 2006, the Company had significant World Cup revenue and revenue from our Los Angeles promotional event in the third quarter of 2006. Both of these events are non-recurring in the third quarter of 2007.

Entravision Communications Corporation will hold a conference call to discuss its 2007 second quarter results on August 2, 2007 at 5 p.m. Eastern Time. To access the conference call, please dial 212-231-2935 ten minutes prior to the start time. The call will be webcast live and archived for replay at www.entravision.com.

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television, radio and outdoor operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 47 owned and operated radio stations. The company’s outdoor operations consist of approximately 10,400 advertising faces concentrated primarily in Los Angeles and New York. Entravision shares of Class A Common Stock are traded on The New York Stock Exchange under the symbol: EVC.

This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.

# # #

(Financial Table Follows)

For more information, please contact:
John DeLorenzo	Mike Smargiassi/Dan Harris
Chief Financial Officer	Brainerd Communicators, Inc.
Entravision Communications Corporation	212-986-6667
310-447-3870

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Entravision Communications Corporation

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

	Three-Month Period Ended June 30,						Six-Month Period Ended June 30,
	2007			2006			2007			2006
Net revenue (including related parties of $150, $150, $300 and $300)	$	76,044		$	79,289		$	139,972		$	139,208
Expenses:
Direct operating expenses (including related parties of $3,202, $3,584, $5,929 and $6,037) (including non-cash stock-based compensation of $97, $60, $251 and $119)		31,447			31,386			61,844			60,043
Selling, general and administrative expenses (including non-cash stock-based compensation of $135, $(116), $400 and $659)		13,379			12,663			25,744			25,501
Corporate expenses (including non-cash stock-based compensation of $370, $181, $1,018 and $856)		4,720			4,387			9,718			9,294
(Gain) loss on sale of assets		—			1,656			—			(17,652	)
Depreciation and amortization (includes direct operating of $10,171, $9,943, $20,408 and $19,709; selling, general and administrative of $1,012, $1,050, $2,070 and $2,102; and corporate of $215, $200, $429 and $408) (including related parties of $580, $580, $1,160 and $1,160)		11,398			11,195			22,907			22,218
Impairment charge		—			189,661			—			189,661
		60,944			250,948			120,213			289,065
Operating income (loss)		15,100			(171,659	)		19,759			(149,857	)
Interest expense (including related parties of $68, $83, $141 and $170)		(1,807	)		(4,344	)		(12,917	)		(6,837	)
Interest income		1,302			93			2,566			757
Income (loss) before income taxes		14,595			(175,910	)		9,408			(155,937	)
Income tax (expense) benefit		(6,157	)		7,832			(4,257	)		171
Income (loss) before equity in net income (loss) of nonconsolidated affiliate		8,438			(168,078	)		5,151			(155,766	)
Equity in net income (loss) of nonconsolidated affiliate (including non-cash stock-based compensation of $1, $(27), $3 and $89)		160			80			160			(113	)
Net income (loss) applicable to common stockholders	$	8,598		$	(167,998	)	$	5,311		$	(155,879	)
Basic and diluted earnings per share:
Net income (loss) per share applicable to common stockholders, basic and diluted	$	0.08		$	(1.60	)	$	0.05		$	(1.45	)
Weighted average common shares outstanding, basic		104,174,725			105,080,809			104,018,118			107,279,346
Weighted average common shares outstanding, diluted		105,124,162			105,080,809			104,705,891			107,279,346

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Entravision Communications Corporation

Consolidated Statements of Cash Flows

(In thousands, except share and per share data)

(Unaudited)

	Three-Month Period Ended June 30,						Six-Month Period Ended June 30,
	2007			2006			2007			2006
Cash flows from operating activities:
Net income (loss)	$	8,598		$	(167,998	)	$	5,311		$	(155,879	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization		11,398			11,195			22,907			22,218
Impairment charge		—			189,661			—			189,661
Deferred income taxes		5,438			(9,768	)		3,073			(2,431	)
Amortization of debt issue costs		101			100			202			200
Amortization of syndication contracts		399			56			415			56
Payments on syndication contracts		(459	)		(16	)		(478	)		(50	)
Equity in net (income) loss of nonconsolidated affiliate		(160	)		(80	)		(160	)		113
Non-cash stock-based compensation		602			125			1,669			1,635
(Gain) loss on sale of media properties and other assets		—			1,656			—			(17,661	)
Change in fair value of interest rate swap agreements		(6,082	)		(3,586	)		(2,796	)		(8,960	)
Changes in assets and liabilities, net of effect of acquisitions and dispositions:
Increase in accounts receivable		(10,057	)		(15,496	)		(5,416	)		(3,820	)
(Increase) decrease in prepaid expenses and other assets		298			(14	)		(139	)		(856	)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		2,265			1,740			(621	)		(4,679	)
Net cash provided by operating activities		12,341			7,575			23,967			19,547
Cash flows from investing activities:
Proceeds from sale of property and equipment and intangibles		59			10			59			13
Purchases of property and equipment and intangibles		(6,840	)		(6,345	)		(10,624	)		(12,811	)
Deposits on acquisitions		—			(58	)		—			(4,573	)
Proceeds from collection of note receivable		—			—			—			1,288
Net cash used in investing activities		(6,781	)		(6,393	)		(10,565	)		(16,083	)
Cash flows from financing activities:
Proceeds from issuance of common stock		2,925			2,085			5,477			2,821
Payments on long-term debt		(1,068	)		(5,323	)		(1,144	)		(11,644	)
Repurchase of Class U common stock		—			—			—			(51,100	)
Proceeds from borrowings on long-term debt		—			3,000			—			11,000
Excess tax benefits from exercise of stock options		353			95			476			107
Repurchase of Class A common stock		—			—			(2,840	)		—
Net cash provided by (used in) financing activities		2,210			(143	)		1,969			(48,816	)
Net increase (decrease) in cash and cash equivalents		7,770			1,039			15,371			(45,352	)
Cash and cash equivalents:
Beginning		126,126			19,219			118,525			65,610
Ending	$	133,896		$	20,258		$	133,896		$	20,258

Entravision Communications

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Entravision Communications Corporation

Reconciliation of Consolidated Adjusted EBITDA to Cash Flows From Operating Activities

(Unaudited; in thousands)

The most directly comparable GAAP financial measure is operating cash flow. A reconciliation of this non-GAAP measure to cash flows from operating activities for each of the periods presented is as follows:

	Three-Month Period Ended June 30,						Six-Month Period Ended June 30,
	2007			2006			2007			2006
Consolidated adjusted EBITDA (1)	$	27,040		$	31,018		$	44,272		$	46,010
Interest expense		(1,807	)		(4,344	)		(12,917	)		(6,837	)
Interest income		1,302			93			2,566			757
Income tax (expense) benefit		(6,157	)		7,832			(4,257	)		171
Amortization of syndication contracts		(399	)		(56	)		(415	)		(56	)
Payments on syndication contracts		459			16			478			50
Gain (loss) on sale of assets		—			(1,656	)		—			17,652
Non-cash stock-based compensation included in direct operating expenses		(97	)		(60	)		(251	)		(119	)
Non-cash stock-based compensation included in selling, general and administrative expenses		(135	)		116			(400	)		(659	)
Non-cash stock-based compensation included in corporate expenses		(370	)		(181	)		(1,018	)		(856	)
Depreciation and amortization		(11,398	)		(11,195	)		(22,907	)		(22,218	)
Impairment charge		—			(189,661	)		—			(189,661	)
Net income (loss) before equity in net income (loss) of nonconsolidated affiliates		8,438			(168,078	)		5,151			(155,766	)
Equity in net income (loss) of nonconsolidated affiliates		160			80			160			(113	)
Net income (loss)		8,598			(167,998	)		5,311			(155,879	)
Depreciation and amortization		11,398			11,195			22,907			22,218
Impairment charge		—			189,661			—			189,661
Deferred income taxes		5,438			(9,768	)		3,073			(2,431	)
Amortization of debt issue costs		101			100			202			200
Amortization of syndication contracts		399			56			415			56
Payments on syndication contracts		(459	)		(16	)		(478	)		(50	)
Equity in net (income) loss of nonconsolidated affiliate		(160	)		(80	)		(160	)		113
Non-cash stock-based compensation		602			125			1,669			1,635
(Gain) loss on sale of media properties and other assets		—			1,656			—			(17,661	)
Change in fair value of interest rate swap agreements		(6,082	)		(3,586	)		(2,796	)		(8,960	)
Changes in assets and liabilities, net of effect of acquisitions and dispositions:
Increase in accounts receivable		(10,057	)		(15,496	)		(5,416	)		(3,820	)
(Increase) decrease in prepaid expenses and other assets		298			(14	)		(139	)		(856	)
Increase (decrease) in accounts payable, accrued expenses and other liabilities		2,265			1,740			(621	)		(4,679	)
Cash flows from operating activities	$	12,341		$	7,575		$	23,967		$	19,547

(1) Consolidated adjusted EBITDA is defined on page 1.

Entravision Communications

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Entravision Communications Corporation

Reconciliation of Free Cash Flow to Net Income (Loss)

(Unaudited; in thousands)

The most directly comparable GAAP financial measure is net income (loss). A reconciliation of this non-GAAP measure to net income (loss) for each periods presented is as follows:

	Three-Month Period Ended June 30,						Six-Month Period Ended June 30,
	2007			2006			2007			2006
Consolidated adjusted EBITDA (1)	$	27,040		$	31,018		$	44,272		$	46,010
Net interest expense (1)		6,486			7,736			12,945			14,839
Cash paid for income taxes		366			1,927			708			2,335
Capital expenditures (2)		4,855			6,345			8,960			12,051
Free cash flow (1)		15,333			15,010			21,659			16,785
Capital expenditures (2)		4,855			6,345			8,960			12,051
Non-cash interest expense relating to amortization of debt finance costs and interest rate swap agreements		5,981			3,485			2,594			8,759
Non-cash income tax (expense) benefit		(5,791	)		9,759			(3,549	)		2,506
Amortization of syndication contracts		(399	)		(56	)		(415	)		(56	)
Payments on syndication contracts		459			16			478			50
Gain (loss) on sale of assets		—			(1,656	)		—			17,652
Non-cash stock-based compensation included in direct operating expenses		(97	)		(60	)		(251	)		(119	)
Non-cash stock-based compensation included in selling, general and administrative expenses		(135	)		116			(400	)		(659	)
Non-cash stock-based compensation included in corporate expenses		(370	)		(181	)		(1,018	)		(856	)
Depreciation and amortization		(11,398	)		(11,195	)		(22,907	)		(22,218	)
Impairment charge		—			(189,661	)		—			(189,661	)
Net income (loss) before equity in net income (loss) of nonconsolidated affiliates		8,438			(168,078	)		5,151			(155,766	)
Equity in net income (loss) of nonconsolidated affiliates		160			80			160			(113	)
Net income (loss)	$	8,598		$	(167,998	)	$	5,311		$	(155,879	)

(1) Consolidated adjusted EBITDA, net interest expense and free cash flow are defined on page 1.

(2) Capital expenditures is not part of the consolidated statement of operations.

Entravision Communications

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Entravision Communications Corporation

Reconciliation of Pro Forma to GAAP

(Unaudited; in thousands)

The following table reconciles each of the pro forma measures used in this press release – radio net revenue, total net revenue, radio operating expenses, total operating expenses and consolidated adjusted EBITDA – to its respective GAAP financial measure. The reconciliation of consolidated adjusted EBITDA to net incomes is set forth above.

	Three-Month Period Ended June 30,					Six-Month Period Ended June 30,
	2007		2006			2007		2006
Radio net revenue	$	26,249	$	26,211		$	46,353	$	45,367
Less: Tucson and Dallas markets		—		(2,118	)		—		(3,588	)
Pro forma radio net revenue	$	26,249	$	24,093		$	46,353	$	41,779
Total net revenue	$	76,044	$	79,289		$	139,972	$	139,208
Less: Tucson and Dallas markets		—		(2,118	)		—		(3,588	)
Pro forma total net revenue	$	76,044	$	77,171		$	139,972	$	135,620
Radio operating expenses (1)	$	15,168	$	15,294		$	28,719	$	28,964
Less: Tucson and Dallas markets		—		(1,222	)		—		(2,454	)
Pro forma radio operating expenses (1)	$	15,168	$	14,072		$	28,719	$	26,510
Total operating expenses (1)	$	44,826	$	44,049		$	87,588	$	85,544
Less: Tucson and Dallas markets		—		(1,222	)		—		(2,454	)
Pro forma total operating expenses (1)	$	44,826	$	42,827		$	87,588	$	83,090
Consolidated adjusted EBITDA (1)	$	27,040	$	31,018		$	44,272	$	46,010
Less: Tucson and Dallas markets		—		(896	)		—		(1,134	)
Pro forma Consolidated adjusted EBITDA (1)	$	27,040	$	30,122		$	44,272	$	44,876

(1) Operating expenses and consolidated adjusted EBITDA are defined on page 1.