Grupo Radio Centro Reports First Quarter Results For the Period Ended March 31, 2001

Apr 25, 2001, 01:00 ET from Grupo Radio Centro, S.A. de C.V.

    MEXICO CITY, April 25 /PRNewswire/ --
 Grupo Radio Centro, S.A. de C.V. (NYSE:   RC, BMV: RCENTRO-CPO), one of Mexico's
 leading radio broadcasting companies, today announced its results of
 operations for the three months ended March 31, 2001.  All figures were
 prepared in accordance with generally accepted accounting principles in Mexico
 and have been restated in constant pesos as of March 31, 2001.
     For the first quarter of 2001, broadcasting revenue was Ps. 142,916,000,
 which represents a decrease of 31.8% as compared to Ps. 209,427,000 reported
 for the same period of 2000.  This decrease in broadcasting revenue is mainly
 attributable to a reduction in advertising by political campaigns.
     The Company's broadcasting expenses (excluding depreciation, amortization
 and corporate, general and administrative expenses) for the first quarter of
 2001 were Ps. 104,375,000, a decrease of 8.1% as compared to Ps. 113,538,000
 reported for the same period of 2000.  This decrease mainly resulted from a
 decrease in the Company's advertising and promotional expenses.
     Broadcasting income (i.e., broadcasting revenue minus broadcasting
 expenses, excluding depreciation, amortization and corporate, general and
 administrative expenses) for the first quarter of 2001 was Ps. 38,541,000, a
 decrease of 59.8% as compared with Ps. 95,889,000 reported for the same period
 in 2000.  This decrease is attributable to the decrease in broadcasting
 revenue for the quarter.
     Depreciation and amortization for the first quarter of 2001 amounted to
 Ps. 22,077,000, as compared with Ps. 22,027,000 reported for the same period
 of 2000.
     The Company's corporate, general and administrative expenses for the first
 quarter of 2001 were Ps. 10,512,000, a decrease of 35.8% as compared to
 Ps. 16,379,000 reported for the same period of 2000.  This decrease is mainly
 due to a decrease in fees paid to Infored for the production of the radio talk
 show, Monitor, which fees are based in part on the revenue derived from
 Monitor.
     As a result of the decrease in broadcasting revenue, the Company's
 operating income decreased 89.6% to Ps. 5,952,000 for the first quarter of
 2001 from Ps. 57,483,000 reported for the same period in 2000.
     The Company's EBITDA (operating income before deducting depreciation and
 amortization) for the quarter ended March 31, 2001 was Ps. 28,029,000,
 representing a decrease of 64.7% as compared with EBITDA of Ps. 79,510,000
 reported for the same period of 2000.  This decrease reflects the decrease in
 operating income during 2001 as compared to 2000.
     The Company's comprehensive financing cost for the first quarter of 2001
 was Ps. 3,339,000, compared to Ps. 5,448,000 reported for the same period in
 2000, representing a 38.7% decrease.  This decrease is primarily attributable
 to an increase in the foreign exchange gain, net, which resulted from a
 strengthening of the peso in the first quarter of 2001 as compared to the
 first quarter of 2000, and a gain on monetary position, net, as opposed to a
 loss on monetary position net for same period in 2000, as a result of the
 Company having net monetary liabilities in the first quarter of 2001.  These
 favorable results were only partially offset by an increase in interest
 expense due to the $35 million loan the Company obtained from Banco Inverlat,
 S.A. (now Scotiabank Inverlat, S.A.) in October 2000.
     Other expenses, net, for the first quarter of 2001 were Ps. 14,843,000, as
 compared to Ps. 9,644,000 reported for the same period in 2000.  This 53.9%
 increase is primarily attributable to expenses in connection with the
 Company's acquisition of two Internet-related companies, To2 and Palco
 Deportivo.
     For the first quarter of 2001, the Company's loss before provisions for
 income tax and employees' profit sharing was Ps. 12,230,000, as compared to
 income before provisions for income tax and employees' profit sharing of
 Ps. 42,391,000 reported for the same period in 2000.  As a result of the
 Company's loss for the first quarter of 2001, the Company recorded no
 provisions for income tax and employees' profit sharing for that quarter, as
 compared to a provisions for income tax and employees' profit sharing of
 Ps. 19,630,000 for the first quarter of 2000.
     As a result of the foregoing, the Company recorded a net loss of
 Ps. 12,230,000 for the first quarter of 2001, as compared to net income of
 Ps. 22,761,000 reported for the first quarter of 2000.
 
     Other Matters
     During the first quarter of 2001 the Company acquired two Internet-related
 companies.  On February 16, 2001, the Company acquired To2, a company owning
 an Internet portal.  On March 14, 2001, the Company acquired Palco Deportivo,
 a company providing sports-related content for radio, television, various
 print media and its own Internet portal.
     Additionally, on March 1, 2001, the Company entered into two agreements
 with respect to the Mexico City radio station, XEN-AM.  Under an operating
 agreement, the Company operates XEN-AM in return for the revenue derived from
 that station.  Under a stock purchase agreement, the Company has committed to
 purchase XEN-AM on March 1, 2002, subject to certain governmental approvals.
 
     Grupo Radio Centro owns and/or operates 14 radio stations, 12 of which are
 located in Mexico City.  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.  The Company also operates the stations of Organizacion
 Radio Centro and Grupo RED and a radio network, Organizacion Impulsora de
 Radio, which acts as the national sales representative for, and provides
 programming to, Grupo Radio Centro-affiliated radio stations.
 
 
                        GRUPO RADIO CENTRO, S.A. DE C.V.
                     CONSOLIDATED UNAUDITED BALANCE SHEETS
                    as of March 31, 2001 and 2000 expressed
      in Mexican pesos ("Ps.") with purchasing power as of  March 31, 2001
        (figures in thousands of  Ps. and U.S. dollars ("U.S. $" ) (1))
 
                                  March 31
                            2001            2000
                    U.S. $        Ps.        Ps.
       ASSETS
     Current
      assets:
       Cash and
        temporary
        investments $4,949     47,202     40,231     64,810
 
       Accounts
        receivable:
         Broadcas
          ting      14,222    135,653    165,471     17,188
         Other         595      5,673      5,099      6,909
         Value
          added
          tax
          recover
          able       2,925     27,901          0
                    17,742    169,227    170,570     36,998
         Guarantee
          deposit      975      9,295      8,239
         Prepaid
          expenses   1,553     14,817     18,566      1,118
       Total
        current
        assets      25,219    240,541    237,606  N$105,844
 
     Prepaid
      expenses      12,632    120,484    138,759
     Property and
      equipment     49,669    473,742    513,779    127,157
     Deferred
      charges        1,687     16,089     16,799
     Guarantee
      deposit        2,579     24,594          0      5,007
     Excess cost
      over net
      book value
      of assets
      of
      subsidiaries,
      net           85,599    816,439    819,266      4,022
     Other assets      410      3,911      3,365        360
        Total
       assets     $177,795  1,695,800  1,729,574  N$242,390
 
 
     LIABILITIES
     Short-Term:
       Notes
        payable     14,939    142,492     59,325      4,726
       Advances
        from
        customers    8,617     82,192    100,730      2,551
       Other
        accounts
        payable
        and
        accrued
        expenses     5,765     54,983     60,037     12,285
       Income tax
        and other
        taxes
        payable      1,214     11,578     44,918     17,721       15,350 6,895
          Total
           short-
           term
           liabi
           lities   30,535    291,245    265,010   N$58,205
     Long-Term:
       Deferred
        taxes        9,338     89,068     91,639
       Notes
        payable     28,000    267,064          0
       Reserve
        for labor
        obligations  1,714     16,345     12,748     20,010
        Total
     liabilities   $69,587    663,722    369,397  N$121,595
 
     STOCKHOLDER
     S' EQUITY:
     Capital
      stock         99,643    950,392  1,345,841    114,313
     Retained
      earnings      13,072    124,679     69,523
     Reserve for
      repurchase
      of shares      3,339     31,845     23,551     14,349
     Accumulated
      effect of
      deferred
      income tax    (8,276)   (78,933)   (78,933)
     Deficit on
      restatement
      of capital       385      3,668          0     (2,228)
     Minority
      interest          45        427        195       (817)
          Total
           stockholders'
           equity $108,208  1,032,078  1,360,177    125,617
        Total
     liabilities
         and
     stockholders'
      equity      $177,795  1,695,800  1,729,574  N$247,212
                                                             6.996318949
                                                             1.070865553
 
     (1) Peso amounts have been translated into U.S. dollars, solely for the
         convenience of the reader, at the rate of Ps. 9.538 per U.S. dollar,
         the noon buying rate for pesos on March 31, 2001.
 
 
                        GRUPO RADIO CENTRO, S.A. DE C.V
                  CONSOLIDATED UNAUDITED STATEMENTS OF INCOME
      for the three month periods ended March 31, 2001 and 2000 expressed
      in Mexican pesos ("Ps.") with purchasing power as of March 31, 2001
          (figures in thousands of Ps. and U.S. dollars ("U.S. $")(1),
                     except per Share and per ADS amounts)
 
                                                               March 31
                                                           2001         2000
                                               U.S.$         Ps.          Ps.
 
     Broadcasting revenue (2)                 14,984     142,916     209,427
     Broadcasting expenses, excluding
      depreciation
       and amortization and corporate
        expenses                              10,943     104,375     113,538
     Broadcasting income                       4,041      38,541      95,889
 
     Depreciation and amortization             2,315      22,077      22,027
     Corporate, general and administrative
      expenses                                 1,102      10,512      16,379
     Operating income                            624       5,952      57,483
 
     EBITDA                                    2,939      28,029      79,510
 
     Comprehensive financing cost:
       Interest expense                       (1,072)    (10,220)     (2,973)
       Interest income (2)                       195       1,861         857
       Foreign exchange gain, net                281       2,676       1,478
       Gain (loss) on monetary position,
        net                                      246       2,344      (4,810)
                                                (350)     (3,339)     (5,448)
     Other expenses, net                      (1,556)    (14,843)     (9,644)
     Income (loss) before the following
      provisions                              (1,282)    (12,230)     42,391
 
     Provisions for income tax &
      employees'
      profit sharing                               0           0      19,630
     Net income (loss)                        (1,282)    (12,230)     22,761
 
     Net income (loss) applicable to:
       Majority interest                      (1,286)    (12,265)     22,762
       Minority interest                           4          35          (1)
                                              (1,282)    (12,230)     22,761
 
     Net income for the LTM per Series A
      Share (3)                                0.119       1.137       0.654
     Net income for the LTM  per ADS (3)       1.073      10.233       5.886
     Weighted average common shares
      outstanding for the LTM (000's) (3)                167,386     188,219
 
 
     (1) Peso amounts have been translated into U.S. dollars, solely for the
         convenience of the reader, at the rate of Ps. 9.538 per U.S. dollar,
         the noon buying rate for pesos on March 31, 2001.
 
     (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 air time
         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 quarters of 2001 and
 2000
         was Ps. 1,130,000 and Ps. 217,000, 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.
 
 
                        GRUPO RADIO CENTRO, S.A. DE C.V
                  CONSOLIDATED UNAUDITED STATEMENTS OF INCOME
      for the three month periods ended March 31, 2001 and 2000 expressed
      in Mexican pesos ("Ps.") with purchasing power as of March 31, 2001
          (figures in thousands of Ps. and U.S. dollars ("U.S. $")(1),
                     except per Share and per ADS amounts)
 
                                                         Mar. 31,
                                                       2001 VS 2000
                                                 Ps.          Margen%  Margen%
                                                      (Consolidated)
 
     Broadcasting revenue (2)                (66,511)   -31.8%  100.0%  100.0%
     Broadcasting expenses, excluding
      depreciation
       and amortization and corporate
        expenses                              (9,163)    -8.1%   73.0%   54.2%
     Broadcasting income                     (57,348)   -59.8%   27.0%   45.8%
 
     Depreciation and amortization                50      0.2%   15.4%   10.5%
     Corporate, general and administrative
      expenses                                (5,867)   -35.8%    7.4%    7.8%
     Operating income                        (51,531)   -89.6%    4.2%   27.4%
 
     EBITDA                                  (51,481)   -64.7%   19.6%   38.0%
 
     Comprehensive financing cost:
       Interest expense                       (7,247)   243.8%   -7.2%   -1.4%
       Interest income (2)                      1004    117.2%    1.3%    0.4%
       Foreign exchange gain, net               1198     81.1%    1.9%    0.7%
       Gain (loss) on monetary position, net   7,154   -148.7%    1.6%   -2.3%
                                                2109    -38.7%   -2.3%   -2.6%
     Other expenses, net                      (5,199)    53.9%  -10.4%   -4.6%
     Income (loss) before the following
      provisions                             (54,621)  -128.9%   -8.6%   20.2%
 
     Provisions for income tax & employees'
      profit sharing                         (19,630)  -100.0%    0.0%    9.4%
     Net income (loss)                       (34,991)  -153.7%   -8.6%   10.9%
 
     Net income (loss) applicable to:
       Majority interest                     (35,027)  -153.9%   -8.6%   10.9%
       Minority interest                          36  -3600.0%    0.0%    0.0%
                                             (34,991)  -153.7%   -8.6%   10.9%
 
     Net income for the LTM per Series A
      Share (3)                                $0.48     73.9%
     Net income for the LTM  per ADS (3)       $4.35     73.9%
     Weighted average common shares
      outstanding for the LTM (000's) (3)    (20,833)   -11.1%
 
 
     (1)   Peso amounts have been translated into U.S. dollars, solely for the
           convenience of the reader, at the rate of Ps. 9.538 per U.S. dollar,
           the noon buying rate for pesos on March 31, 2001.
 
     (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 air
           time 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 quarters of 2001 and
           2000 was Ps. 1,130,000 and Ps. 217,000, 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. de C.V.
    MEXICO CITY, April 25 /PRNewswire/ --
 Grupo Radio Centro, S.A. de C.V. (NYSE:   RC, BMV: RCENTRO-CPO), one of Mexico's
 leading radio broadcasting companies, today announced its results of
 operations for the three months ended March 31, 2001.  All figures were
 prepared in accordance with generally accepted accounting principles in Mexico
 and have been restated in constant pesos as of March 31, 2001.
     For the first quarter of 2001, broadcasting revenue was Ps. 142,916,000,
 which represents a decrease of 31.8% as compared to Ps. 209,427,000 reported
 for the same period of 2000.  This decrease in broadcasting revenue is mainly
 attributable to a reduction in advertising by political campaigns.
     The Company's broadcasting expenses (excluding depreciation, amortization
 and corporate, general and administrative expenses) for the first quarter of
 2001 were Ps. 104,375,000, a decrease of 8.1% as compared to Ps. 113,538,000
 reported for the same period of 2000.  This decrease mainly resulted from a
 decrease in the Company's advertising and promotional expenses.
     Broadcasting income (i.e., broadcasting revenue minus broadcasting
 expenses, excluding depreciation, amortization and corporate, general and
 administrative expenses) for the first quarter of 2001 was Ps. 38,541,000, a
 decrease of 59.8% as compared with Ps. 95,889,000 reported for the same period
 in 2000.  This decrease is attributable to the decrease in broadcasting
 revenue for the quarter.
     Depreciation and amortization for the first quarter of 2001 amounted to
 Ps. 22,077,000, as compared with Ps. 22,027,000 reported for the same period
 of 2000.
     The Company's corporate, general and administrative expenses for the first
 quarter of 2001 were Ps. 10,512,000, a decrease of 35.8% as compared to
 Ps. 16,379,000 reported for the same period of 2000.  This decrease is mainly
 due to a decrease in fees paid to Infored for the production of the radio talk
 show, Monitor, which fees are based in part on the revenue derived from
 Monitor.
     As a result of the decrease in broadcasting revenue, the Company's
 operating income decreased 89.6% to Ps. 5,952,000 for the first quarter of
 2001 from Ps. 57,483,000 reported for the same period in 2000.
     The Company's EBITDA (operating income before deducting depreciation and
 amortization) for the quarter ended March 31, 2001 was Ps. 28,029,000,
 representing a decrease of 64.7% as compared with EBITDA of Ps. 79,510,000
 reported for the same period of 2000.  This decrease reflects the decrease in
 operating income during 2001 as compared to 2000.
     The Company's comprehensive financing cost for the first quarter of 2001
 was Ps. 3,339,000, compared to Ps. 5,448,000 reported for the same period in
 2000, representing a 38.7% decrease.  This decrease is primarily attributable
 to an increase in the foreign exchange gain, net, which resulted from a
 strengthening of the peso in the first quarter of 2001 as compared to the
 first quarter of 2000, and a gain on monetary position, net, as opposed to a
 loss on monetary position net for same period in 2000, as a result of the
 Company having net monetary liabilities in the first quarter of 2001.  These
 favorable results were only partially offset by an increase in interest
 expense due to the $35 million loan the Company obtained from Banco Inverlat,
 S.A. (now Scotiabank Inverlat, S.A.) in October 2000.
     Other expenses, net, for the first quarter of 2001 were Ps. 14,843,000, as
 compared to Ps. 9,644,000 reported for the same period in 2000.  This 53.9%
 increase is primarily attributable to expenses in connection with the
 Company's acquisition of two Internet-related companies, To2 and Palco
 Deportivo.
     For the first quarter of 2001, the Company's loss before provisions for
 income tax and employees' profit sharing was Ps. 12,230,000, as compared to
 income before provisions for income tax and employees' profit sharing of
 Ps. 42,391,000 reported for the same period in 2000.  As a result of the
 Company's loss for the first quarter of 2001, the Company recorded no
 provisions for income tax and employees' profit sharing for that quarter, as
 compared to a provisions for income tax and employees' profit sharing of
 Ps. 19,630,000 for the first quarter of 2000.
     As a result of the foregoing, the Company recorded a net loss of
 Ps. 12,230,000 for the first quarter of 2001, as compared to net income of
 Ps. 22,761,000 reported for the first quarter of 2000.
 
     Other Matters
     During the first quarter of 2001 the Company acquired two Internet-related
 companies.  On February 16, 2001, the Company acquired To2, a company owning
 an Internet portal.  On March 14, 2001, the Company acquired Palco Deportivo,
 a company providing sports-related content for radio, television, various
 print media and its own Internet portal.
     Additionally, on March 1, 2001, the Company entered into two agreements
 with respect to the Mexico City radio station, XEN-AM.  Under an operating
 agreement, the Company operates XEN-AM in return for the revenue derived from
 that station.  Under a stock purchase agreement, the Company has committed to
 purchase XEN-AM on March 1, 2002, subject to certain governmental approvals.
 
     Grupo Radio Centro owns and/or operates 14 radio stations, 12 of which are
 located in Mexico City.  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.  The Company also operates the stations of Organizacion
 Radio Centro and Grupo RED and a radio network, Organizacion Impulsora de
 Radio, which acts as the national sales representative for, and provides
 programming to, Grupo Radio Centro-affiliated radio stations.
 
 
                        GRUPO RADIO CENTRO, S.A. DE C.V.
                     CONSOLIDATED UNAUDITED BALANCE SHEETS
                    as of March 31, 2001 and 2000 expressed
      in Mexican pesos ("Ps.") with purchasing power as of  March 31, 2001
        (figures in thousands of  Ps. and U.S. dollars ("U.S. $" ) (1))
 
                                  March 31
                            2001            2000
                    U.S. $        Ps.        Ps.
       ASSETS
     Current
      assets:
       Cash and
        temporary
        investments $4,949     47,202     40,231     64,810
 
       Accounts
        receivable:
         Broadcas
          ting      14,222    135,653    165,471     17,188
         Other         595      5,673      5,099      6,909
         Value
          added
          tax
          recover
          able       2,925     27,901          0
                    17,742    169,227    170,570     36,998
         Guarantee
          deposit      975      9,295      8,239
         Prepaid
          expenses   1,553     14,817     18,566      1,118
       Total
        current
        assets      25,219    240,541    237,606  N$105,844
 
     Prepaid
      expenses      12,632    120,484    138,759
     Property and
      equipment     49,669    473,742    513,779    127,157
     Deferred
      charges        1,687     16,089     16,799
     Guarantee
      deposit        2,579     24,594          0      5,007
     Excess cost
      over net
      book value
      of assets
      of
      subsidiaries,
      net           85,599    816,439    819,266      4,022
     Other assets      410      3,911      3,365        360
        Total
       assets     $177,795  1,695,800  1,729,574  N$242,390
 
 
     LIABILITIES
     Short-Term:
       Notes
        payable     14,939    142,492     59,325      4,726
       Advances
        from
        customers    8,617     82,192    100,730      2,551
       Other
        accounts
        payable
        and
        accrued
        expenses     5,765     54,983     60,037     12,285
       Income tax
        and other
        taxes
        payable      1,214     11,578     44,918     17,721       15,350 6,895
          Total
           short-
           term
           liabi
           lities   30,535    291,245    265,010   N$58,205
     Long-Term:
       Deferred
        taxes        9,338     89,068     91,639
       Notes
        payable     28,000    267,064          0
       Reserve
        for labor
        obligations  1,714     16,345     12,748     20,010
        Total
     liabilities   $69,587    663,722    369,397  N$121,595
 
     STOCKHOLDER
     S' EQUITY:
     Capital
      stock         99,643    950,392  1,345,841    114,313
     Retained
      earnings      13,072    124,679     69,523
     Reserve for
      repurchase
      of shares      3,339     31,845     23,551     14,349
     Accumulated
      effect of
      deferred
      income tax    (8,276)   (78,933)   (78,933)
     Deficit on
      restatement
      of capital       385      3,668          0     (2,228)
     Minority
      interest          45        427        195       (817)
          Total
           stockholders'
           equity $108,208  1,032,078  1,360,177    125,617
        Total
     liabilities
         and
     stockholders'
      equity      $177,795  1,695,800  1,729,574  N$247,212
                                                             6.996318949
                                                             1.070865553
 
     (1) Peso amounts have been translated into U.S. dollars, solely for the
         convenience of the reader, at the rate of Ps. 9.538 per U.S. dollar,
         the noon buying rate for pesos on March 31, 2001.
 
 
                        GRUPO RADIO CENTRO, S.A. DE C.V
                  CONSOLIDATED UNAUDITED STATEMENTS OF INCOME
      for the three month periods ended March 31, 2001 and 2000 expressed
      in Mexican pesos ("Ps.") with purchasing power as of March 31, 2001
          (figures in thousands of Ps. and U.S. dollars ("U.S. $")(1),
                     except per Share and per ADS amounts)
 
                                                               March 31
                                                           2001         2000
                                               U.S.$         Ps.          Ps.
 
     Broadcasting revenue (2)                 14,984     142,916     209,427
     Broadcasting expenses, excluding
      depreciation
       and amortization and corporate
        expenses                              10,943     104,375     113,538
     Broadcasting income                       4,041      38,541      95,889
 
     Depreciation and amortization             2,315      22,077      22,027
     Corporate, general and administrative
      expenses                                 1,102      10,512      16,379
     Operating income                            624       5,952      57,483
 
     EBITDA                                    2,939      28,029      79,510
 
     Comprehensive financing cost:
       Interest expense                       (1,072)    (10,220)     (2,973)
       Interest income (2)                       195       1,861         857
       Foreign exchange gain, net                281       2,676       1,478
       Gain (loss) on monetary position,
        net                                      246       2,344      (4,810)
                                                (350)     (3,339)     (5,448)
     Other expenses, net                      (1,556)    (14,843)     (9,644)
     Income (loss) before the following
      provisions                              (1,282)    (12,230)     42,391
 
     Provisions for income tax &
      employees'
      profit sharing                               0           0      19,630
     Net income (loss)                        (1,282)    (12,230)     22,761
 
     Net income (loss) applicable to:
       Majority interest                      (1,286)    (12,265)     22,762
       Minority interest                           4          35          (1)
                                              (1,282)    (12,230)     22,761
 
     Net income for the LTM per Series A
      Share (3)                                0.119       1.137       0.654
     Net income for the LTM  per ADS (3)       1.073      10.233       5.886
     Weighted average common shares
      outstanding for the LTM (000's) (3)                167,386     188,219
 
 
     (1) Peso amounts have been translated into U.S. dollars, solely for the
         convenience of the reader, at the rate of Ps. 9.538 per U.S. dollar,
         the noon buying rate for pesos on March 31, 2001.
 
     (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 air time
         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 quarters of 2001 and
 2000
         was Ps. 1,130,000 and Ps. 217,000, 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.
 
 
                        GRUPO RADIO CENTRO, S.A. DE C.V
                  CONSOLIDATED UNAUDITED STATEMENTS OF INCOME
      for the three month periods ended March 31, 2001 and 2000 expressed
      in Mexican pesos ("Ps.") with purchasing power as of March 31, 2001
          (figures in thousands of Ps. and U.S. dollars ("U.S. $")(1),
                     except per Share and per ADS amounts)
 
                                                         Mar. 31,
                                                       2001 VS 2000
                                                 Ps.          Margen%  Margen%
                                                      (Consolidated)
 
     Broadcasting revenue (2)                (66,511)   -31.8%  100.0%  100.0%
     Broadcasting expenses, excluding
      depreciation
       and amortization and corporate
        expenses                              (9,163)    -8.1%   73.0%   54.2%
     Broadcasting income                     (57,348)   -59.8%   27.0%   45.8%
 
     Depreciation and amortization                50      0.2%   15.4%   10.5%
     Corporate, general and administrative
      expenses                                (5,867)   -35.8%    7.4%    7.8%
     Operating income                        (51,531)   -89.6%    4.2%   27.4%
 
     EBITDA                                  (51,481)   -64.7%   19.6%   38.0%
 
     Comprehensive financing cost:
       Interest expense                       (7,247)   243.8%   -7.2%   -1.4%
       Interest income (2)                      1004    117.2%    1.3%    0.4%
       Foreign exchange gain, net               1198     81.1%    1.9%    0.7%
       Gain (loss) on monetary position, net   7,154   -148.7%    1.6%   -2.3%
                                                2109    -38.7%   -2.3%   -2.6%
     Other expenses, net                      (5,199)    53.9%  -10.4%   -4.6%
     Income (loss) before the following
      provisions                             (54,621)  -128.9%   -8.6%   20.2%
 
     Provisions for income tax & employees'
      profit sharing                         (19,630)  -100.0%    0.0%    9.4%
     Net income (loss)                       (34,991)  -153.7%   -8.6%   10.9%
 
     Net income (loss) applicable to:
       Majority interest                     (35,027)  -153.9%   -8.6%   10.9%
       Minority interest                          36  -3600.0%    0.0%    0.0%
                                             (34,991)  -153.7%   -8.6%   10.9%
 
     Net income for the LTM per Series A
      Share (3)                                $0.48     73.9%
     Net income for the LTM  per ADS (3)       $4.35     73.9%
     Weighted average common shares
      outstanding for the LTM (000's) (3)    (20,833)   -11.1%
 
 
     (1)   Peso amounts have been translated into U.S. dollars, solely for the
           convenience of the reader, at the rate of Ps. 9.538 per U.S. dollar,
           the noon buying rate for pesos on March 31, 2001.
 
     (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 air
           time 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 quarters of 2001 and
           2000 was Ps. 1,130,000 and Ps. 217,000, 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. de C.V.