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Grupo Radio Centro Reports First Quarter 2011 Results


News provided by

Grupo Radio Centro, S.A.B. de C.V.

Apr 15, 2011, 07:05 ET

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MEXICO CITY, April 15, 2011 /PRNewswire/ -- Grupo Radio Centro, S.A.B. de C.V. (NYSE: RC, BMV: RCENTRO-A) (the "Company"), one of Mexico's leading radio broadcasting companies, announced today its results of operations for the quarter ended March 31, 2011. All figures were prepared in accordance with the International Financial Reporting Standards (IFRS).

First Quarter Results

Broadcasting revenue in the first quarter of 2011 was Ps. 188,766,000, 13.5% higher than Ps. 166,281,000 in the first quarter of 2010. This increase was mainly attributable to higher advertising expenditures by the Company's clients in Mexico during the first quarter 2011 compared to the same period 2010.    

The Company's broadcasting expenses (excluding depreciation, amortization and corporate, general and administrative expenses) in the first quarter of 2011 totaled Ps. 170,656,000, a 6.1% increase compared to Ps. 160,783,000 in the first quarter of 2010.  This increase was primarily due to (i) higher commissions paid to the Company's sales force and to advertising agencies due to higher broadcasting revenue in the first quarter 2011 compared to the same period in 2010, (ii) higher costs and expenses related to sales, and (iii) increased production costs of talk shows.

The Company's broadcasting income (i.e., broadcasting revenue minus broadcasting expenses, excluding depreciation, amortization and corporate, general and administrative expenses) in the first quarter of 2011 was Ps. 18,110,000, a 229.4% increase compared to Ps. 5,498,000 in the first quarter of 2010.  This increase was attributable to the increase in broadcasting revenue described above.

Depreciation and amortization expenses in the first quarter of 2011 were Ps. 5,611,000, an 8.7% decrease compared to Ps. 6,144,000 in the first quarter of 2010.  This decrease was attributable to a reduction in the amount of depreciable assets.

The Company's corporate, general and administrative expenses in the first quarter of 2011 totaled Ps. 3,778,000, compared to Ps. 3,778,000 in the first quarter 2010.

For the first quarter of 2011 the Company reported an operating income of Ps. 8,721,000, compared to an operating loss of Ps. 4,424,000 in the first quarter of 2010, mainly due to the increase in broadcasting income described above.

For the first quarter of 2011, other expenses, net, were of Ps. 15,020,000, an 11.6% increase compared to Ps. 13,455,000 in the first quarter 2010. This increase was mainly attributable to expenses incurred during the first quarter of 2011 in connection with the Los Angeles radio station.

The Company's comprehensive financing cost in the first quarter of 2011 was Ps. 4,760,000 from Ps. 7,360,000 in the first quarter of 2010.  This 35.3% decrease was mainly attributable to a reduction in the interest expense paid in the first quarter of 2011 due to a reduction in the annual interest rate from 13% through March 18, 2010 to 9.5% thereafter combined with a reduction in the principal amount of the Company's loan with Inbursa.

The Company reported a loss before income taxes in the first quarter of 2011 of Ps. 11,059,000, compared to loss before income taxes of Ps. 25,239,000 reported in the first quarter of 2010.  

The Company recorded income taxes of Ps. 6,237,000 in the first quarter 2011, compared to Ps. 2,358,000 in the first quarter 2010 due to an increase in taxable income.

As a result of the foregoing, the Company's net loss in the first quarter of 2011 was Ps. 17,296,000, compared to net loss of Ps. 27,597,000 in the first quarter of 2010.

Recent Events

The Company announced that its Audit Committee and Board of Directors have resolved that its new auditors for the fiscal year beginning January 1, 2011 will be Galaz, Yamazaki, Ruiz Urquiza, S.C., a  member firm of Deloitte Touche Tohmatsu, Limited.

The Company's Board of Directors and Audit Committee have adopted in advance International Financial Reporting Standards (IFRS) applicable to financial information as of January 1, 2011. Financial results included in this press release from both first quarter 2011 and first quarter 2010 were prepared based on such standards and are fully comparable.

Company Description

Grupo Radio Centro owns and/or operates 15 radio stations. Of these 15 radio stations, 12 are located in Mexico City, two AM stations in Guadalajara and Monterrey, and one FM station in Los Angeles. The Company's principal activities are the production and broadcasting of musical and entertainment programs, talk shows, news and special events programs.  Revenue is primarily derived from the sale of commercial airtime. In addition to the Organizacion Radio Centro radio stations, the Company also operates Grupo RED radio stations and Organizacion Impulsora de Radio (OIR), a radio network that acts as the national sales representative for, and provides programming to 110 Grupo Radio Centro-affiliated radio stations throughout Mexico.

Note on Forward Looking Statements

This release may contain projections or other forward-looking statements related to Grupo Radio Centro that involve risks and uncertainties. Readers are cautioned that these statements are only predictions and may differ materially from actual future results or events. Readers are referred to the documents filed by Grupo Radio Centro with the United States Securities and Exchange Commission, specifically the most recent filing on Form 20-F, which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to Grupo Radio Centro on the date hereof, and Grupo Radio Centro assumes no obligation to update such statements.

IR Contacts


In Mexico:

In NY:

Pedro Beltran / Alfredo Azpeitia

Maria Barona / Peter Majeski

Grupo Radio Centro, S.A.B. de C.V.

i-advize Corporate Communications, Inc.

Tel: (5255) 5728-4800 Ext. 4910

Tel: (212) 406-3690

[email protected]

[email protected]

GRUPO RADIO CENTRO, S.A.B. DE C.V.

CONSOLIDATED UNAUDITED BALANCE SHEET

as of March 31, 2011 and 2010

(figures in thousands of Mexican pesos ("Ps.") and U.S. dollars ("U.S. $")(1) )


March 31


2011

2010


U.S. $(1)

Ps.

Ps.

ASSETS




Current assets:




 Cash and temporary investments

12.105

144.868

35.071





Accounts receivable:




 Broadcasting, net

17.414

208.407

201.376

 Other

647

7.747

8.446






18.061

216.154

209.822





Prepaid expenses

2.348

28.106

110.754

 Total current assets

32.514

389.128

355.647





Property and equipment, net

36.041

431.327

453.203

Prepaid expenses

0

0

3.636

Deferred charges, net

394

4.721

2.704

Excess of cost over book value of net assets of subsidiaries, net

69.258

828.863

828.863

Other assets

288

3.416

3.353

Total assets

138.495

1.657.455

1.647.406





LIABILITIES




Current:




 Short-term debt

3.424

40.981

40.591

 Advances from customers

6.487

77.631

95.820

 Suppliers and other accounts payable

5.420

64.860

81.976

 Taxes payable

4.432

53.040

34.891

    Total current liabilities

19.763

236.512

253.278





Long-Term:




 Long-term debt

6.685

80.000

120.000

 Reserve for labor liabilities

4.345

51.997

47.838

 Deferred taxes

802

9.594

2.166

    Total liabilities

31.595

378.103

423.282





SHAREHOLDERS' EQUITY




Capital stock

88.568

1.059.962

1.059.962

Cumulative earnings

4.107

49.151

(18.428)

Reserve for repurchase of shares

2.506

29.989

29.989

Effect from Initial Adoption of IFRS

11.693

139.934

152.295

Majority shareholders' equity

106.874

1.279.036

1.223.818

Minority interest

26

316

306

    Total shareholders'  equity

106.900

1.279.352

1.224.124

    Total liabilities and shareholders' equity

138.495

1.657.455

1.647.406









(1)  Peso amounts have been translated into U.S. dollars, solely for the convenience of the reader, at the rate of    Ps. 11.9678 per U.S. dollar, the rate on March 31, 2011.










GRUPO RADIO CENTRO, S.A.B. DE C.V.

CONSOLIDATED UNAUDITED STATEMENT OF INCOME

for the three-month  periods ended March 31, 2011 and 2010

(figures in thousands of  Mexican pesos ("Ps.") and U.S. dollars ("U.S. $")(1), except per Share and per ADS amounts)


March 31


2011

2010


U.S.$ (1)

Ps.

Ps.





Broadcasting revenue (2)

15.773  

188.766  

166.281  

Broadcasting expenses, excluding depreciation,




 amortization and corporate, general and administrative expenses

14.260  

170.656  

160.783  

Broadcasting income

1.513  

18.110  

5.498  





Depreciation and amortization

469  

5.611  

6.144  

Corporate, general and administrative expenses

316  

3.778  

3.778  

Operating  (loss) income

728  

8.721  

-4.424  





Other expenses, net

-1.255  

-15.020  

-13.455  





Comprehensive financing income (cost):




 Interest expense

-392  

-4.691  

-7.620  

 Interest income (2)

-3  

-39  

9  

 Gain (loss) on foreign currency exchange, net

-3  

-30  

251  


-398  

-4.760  

-7.360  





(Loss) income before income taxes

-925  

-11.059  

-25.239  





Income taxes

521  

6.237  

2.358  

Net (loss) income

-1.446  

-17.296  

-27.597  





Net (loss) income applicable to:




 Majority interest

-1.446  

-17.298  

-27.600  

 Minority interest

0  

2  

3  


-1.446  

-17.296  

-27.597  





Net income (loss) per Series A Share (3)

0,036

0,4345

0,0992

Net income (loss) per ADS (3)

0,327

3,9105

0,8928

Weighted average common shares outstanding  (000's) (3)


162.724  

162.724  





(1)  Peso amounts have been translated into U.S. dollars, solely for the convenience of the reader, at the rate of Ps. 11.9678 per U.S. dollar, the rate on March 31, 2011.







(2)  Broadcasting revenue for a particular period includes (as a reclassification of interest income) interest earned on funds received by the Company pursuant to advance sales of commercial airtime to the extent that the underlying funds were earned by the Company during the period in question. Advances from advertisers are recognized as broadcasting revenue only when the corresponding commercial airtime has been transmitted. Interest earned and treated as broadcasting revenue for the first quarter of 2011 and 2010 was Ps. 461,000 and Ps. 920,000, respectively.
















(3) Earnings per share calculations are made for the last twelve months as of the date of the income statement, as required by the Mexican Stock Exchange.







SOURCE Grupo Radio Centro, S.A.B. de C.V.

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