Entravision Communications Corp (EVC) 2009 Q4 法說會逐字稿

Welcome to the Entravision Communications Corporation fourth quarter and full year 2009 earnings conference call. As a reminder, all participants will be in a listen-only mode. There will be an opportunity for you to ask questions at the end of today's presentation.

(Operator Instructions).

For your information, this conference is being recorded.

I would now like to turn the conference over to Walter Ulloa, Chairman and Chief Executive Officer. Mr Ulloa, the floor is yours, sir.

Thank you, Mike. Good afternoon, everyone, and welcome to Entravision's fourth quarter 2009 earnings conference call.

Joining me today is Chris Young, our Executive Vice President and Chief Financial Officer, Philip Wilkinson, our President and Chief Operating Officer.

Before we begin, we want to apologize for the delay in the distribution of the Company's press release announcing its fourth quarter and year end 2009 results. We understand from our public relations firm in New York that they are experiencing technical difficulties with the distribution of the press release. I understand -- we understand that the earnings have been filed on Form 8-K.

Anyway, proceeding. I must inform you that this conference call will contain forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ. Please refer to our SEC filings for a list of risks and uncertainties that could impact actual results. In addition, this call is the property of Entravision Communications Corporation. Any redistribution, retransmission or rebroadcast of this call in any form without any express written consent of Entravision Communications Corporation is strictly prohibited.

Also, this call will include certain non-GAAP financial measures. The Company has provided a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures in today's press release. The press release is available on the Company's website, and was filed with the SEC on Form 8-K.

In addition, with the announced sale of the Company's outdoor division in March 2008, outdoor was classified as a discontinued operation, and the results of operations are separately reported for all periods presented.

2009 was clearly a difficult year for television and radio broadcasters, as we faced a number of economic and industry headwinds; however, our revenue trend improved on a sequential quarterly basis throughout the year, and we have seen this trend continue into the first quarter. Although EBITDA declined for the full year 2009 compared to 2008, our focus on managing costs and maximizing cash flows was a significant factor in producing the highest single-digit EBITDA growth for the fourth quarter of 2009 when compared to the comparable quarter of 2008.

On the cost side, we delivered double-digit declines in our operating and corporate expenses in the quarter, as we continue to execute on our cost initiatives. We are clearly delivering on our strategy to drive efficiencies and maximize our cash flow generation, and as a result, we were able to record an 8% increase in adjusted EBITDA in the quarter. We are clearly seeing the signs of improved operating leverage as we execute across a more efficient base of operations. On the revenue front, we are encouraged by the operating trends we are seeing, and are posed to benefit from a number of events this year, including political and World Cup advertising. We continue to conservatively manage our business, and remain well positioned to benefit from an improving operating environment.

Turning to our financial results for the quarter. Our consolidated fourth quarter revenue was down 9% versus the same period in 2008 to $48.1 million. Operating expenses decreased $5.1 million or 14% in the quarter to $30.1 million. Consolidated adjusted EBITDA improved 8% to $15 million versus last year, while free cash flow per share increased 50%. It is important to note that in the fourth quarter of 2008, we benefited from $4.6 million of political revenue versus only $116,000 in the fourth quarter of 2009.

Turning to our television division, core segment revenue was down 10% in the fourth quarter. In the fourth quarter of 2008, our TV division produced $3.4 million of political revenue versus $113,000 in the fourth quarter of 2009. Including retransmission fees, total TV revenue was down 3% in the quarter. Excluding retransmission fees and political advertising, revenue was flat in the fourth quarter versus the prior year period. This is an improvement from the 19% decrease we recorded in the third quarter of 2009. We're very encouraged by our fourth quarter 2009 television performance, especially when you consider that these improvements came from a broad spectrum of advertising categories. In fact, our television division delivered improvements in nine of our top ten advertising categories compared to the prior year.

The automotive advertising category continued weak across all major brands and tiers in the fourth quarter. However, the good news for auto was the fourth quarter was our strongest year-over-year performance in 2009. While the auto category was down 58% for the full year, we did see increased investment levels overall for the TV division in each and every quarter for 2009. Automotive advertising for our television group was negative 64% in Q1, negative 67% in the second quarter, negative 59% in the third quarter, and improved to negative 31% in the fourth quarter. This improvement in the quarter was fueled by steady investment increases from General Motors, Ford and Nissan. We fully expect the improving auto trends to continue into the first quarter of 2010.

We are also encouraged by improvements in other key advertising categories for our television group in the fourth quarter. The retail category is a good example. After three quarters of double-digit decline in 2009, the fourth quarter rebounded in this important category, with a 2% decline. Similarly, our telecommunications category improved after two consecutive quarters of double-digit declines to post a modest negative 3% when compared to the fourth quarter of 2008. And finally, the fast food category produced positive growth for our television division after three consecutive negative quarters. We successfully added 48 new advertisers who invested $10,000 or more in the fourth quarter with our television group.

We are increasingly optimistic about the potential for our television division in 2010, as we continue to see broad-based improvements in our key advertising categories, as well as early results from the US Census, political, and the unique sales opportunities available through our Summer 2010 World Cup telecast.

Turning to our recent ratings performance, our Univision in the November 2009 sweeps, in our Entravision markets combined, our Univision and Telefutura affiliates extended their ratings leadership positions in the November 2009 sweeps. In our Entravision television markets combined, among adults 18 to 34 and 18 to 49, our Univision and Telefutura affiliates aired 49 of the top 50 Spanish-language programs. The prime-time novela block in our Univision affiliates enjoyed double or triple-digit growth year-over-year in several of our markets. Orlando grew 260%, Yuma-El Centro was up 167%, Corpus Christi gained 120%, Denver is up 31%, McAllen/Rio Grande Valley increased 30%, Monterey/Salinas grew 23%, Palm Springs was up 19%, and Laredo gained 12% in the prime-time novela block.

Univision's major entertainment special, the Latin Grammy Awards, and its accompanying red carpet interview special, Noche de Estrellas, exceeded expectations in numbers of viewers. In the combined Entravision markets, the Latin Grammy Awards was up 41% among adults 18 to 34, and up 65% in adults 18 to 49 over the prior year. Noche de Estrellas averaged 36% more adults 18 to 34, and 52% more adults 18 to 49 over the prior year -- prior period. In both demos, the Latin Grammy Awards was the highest-rated Spanish-language program in Entravision markets during the November Nielsen survey.

Our local news programming continues to perform extremely well, enhancing our value to the community, and creating attractive opportunities for advertisers, especially the political sector. Ten of our affiliates are number one or two in their markets for early local news among adults 18 to 34, regardless of language. Eight are number one, including Albuquerque, Denver, El Paso, Laredo McAllen, Monterey/Salinas, Palm Springs and Washington, D.C. Our two stations in Orlando and in Yuma-El Centro are number two in early local news, regardless of language. In late local news, six of our stations are ranked number one or two in their markets among adults 18 to 34, regardless of language.

Turning to radio, our radio division revenues decreased 19% in the fourth quarter. If you eliminate the impact of political advertising, revenue was down 14%. In Q4 of 2008 we booked almost $1.2 million for radio versus $3,000 in the fourth quarter of 2009. Our performance improved each month of the quarter. Revenue in October decreased 27%, in November our revenue was down 18%, and December finished at a 10% decline over 2008. National revenue was off 25%, while local revenue declined 16%. We saw growth in three of our top 10 categories, with services increasing by 50% and the grocery category saw a 7% increase. Fast food and restaurants saw an increase of 1% over fourth quarter 2008. Our top categories for the quarter were services, retail, travel and leisure, automotive and fast food restaurants.

Auto declined 24% in the fourth quarter, with Tier 1 down 35%, Tier 2 down 7%, Tier 3 saw a reduction of 41%, and auto-related services increased by 41%. Even though auto finished down 54% for the quarter, each quarter saw improvement. The first quarter finished down 68%. The second quarter was down 61% in the automotive category. The third quarter saw a 49% reduction in spending. And, as I just mentioned, fourth quarter was down 24%. In the quarter we added 30 new advertisers that spent more than $10,000. This also represents the largest number of new clients in any of the quarters in 2009. New advertisers included and Pfizer, Weight Loss Center, Freeway Insurance, Tequila Don Cardona and Shoe Carnival. These 30 advertisers combined represented a total of $817,000 in the quarter.

Looking at the latest ratings, our radio stations continued their solid ratings performance in the quarter. Overall, our total radio audience is up 5.6% year-over-year. Entravision radio reached over 5.3 million persons in the [fall] book, and ten of our markets increased their reach over last year. We generated ratings growth in a number of markets and time periods. We have five radio stations among adults 18 to 34 in a number of adults, including Denver, where KXPK FM is Denver's leading radio station, regardless of language, for the second consecutive survey. In Riverside/San Bernardino, KOYY FM ranks number two in the market regardless of language, and is the leading Spanish-language radio station. KMIX FM in Stockton is the market's number two station, and the leading Spanish-language radio station. KLOB FM is the number two station in Palm Springs. Reno's KRNV FM is number three in the market regardless of language. KQRT ranks fourth in the Las Vegas market regardless of language. KXSE FM in Sacramento is number four in the market, and the leading Spanish-language radio station. And KLOK FM ranks fourth in the Monterey/Salinas market.

Los Angeles is always a key focus for our radio division. Among adults 18 to 34, the fourth quarter ended 30% higher in share than where we ended in the third quarter. All three of our L.A. radio properties contributed to the share increase, with KLYY Jose up 7% September to December. KSSE FM Super Estrella up 36%, and KDLD FM El Gato up 50%. KLYY FM in Riverside/San Bernardino continues its high ratings; in addition to being the number two station among our core demo of adults 18 to 34, and the number one Spanish-language radio station, it is the market's leading station, regardless of language, among adults 18 to 49 and adults 25 to 54.

Super Estrella is the leading Spanish-language radio station in the quality of its audience versus our Spanish language FM competitors, according to Scarborough, in the Los Angeles market. We are number one in listeners who own homes valued at $500,000 or more, Hispanics with established credit and Hispanics who access the Internet. In Los Angeles, KDLD, which is our flagship station of the El Gato format, has a two share, up 233% from this time last year, when it was INDY 103.1. Arbitron started PPM measurement in two of our markets beginning with fourth quarter data, Las Vegas and Sacramento. We are pleased to announce the Entravision cluster increased share in both markets among adults 18 to 34. In Sacramento, our four-station cluster is up 19% over the same time last year in [diary] measurement. In Las Vegas, our two-station cluster is up 67%.

Turning to our interactive business, we continue to execute on our interactive and digital initiatives, building out our footprint and integrating with our traditional broadcast assets. In the past year we have built one of the top Hispanic media destinations in the United States, generating more than a million visits and one million hours of streaming per month. Going forward, we continue to see digital as a growth driver. Our interactive revenue continues to grow at an impressive rate, up 128% in the fourth quarter and over 400% for the year. However, we do not look at interactive as a segregated entity; we see ourselves increasingly as an integrated media Company. We engage our audience across multiple platforms. This makes our model far more compelling, unique and richer in terms of the new marketing programs we can offer our advertisers.

We continue growing visitor traffic to our television and radio websites. Another key element of our interactive growth tragedy is to launch vertical local websites for key categories like auto, classifieds, local search, health and legal. During the fourth quarter, we piloted with great success [Cardojilla.com] in El Paso and Orlando. Cardojilla] is Entravision's local Latino online automotive marketplace. In less than two months, we secured the participation of practically all local dealers in each market. Since we launched Cardojilla, we have received a greater share of automotive advertising on our broadcast properties by attracting new automotive advertisers. We are now expanding Cardojilla to our top ten revenue markets.

In 2009 we started the development of our national and local classified strategy, where we believe there is significant opportunity for U.S. Hispanics. We expect to launch this initiative later this month. Users of this site will be able to post listings for free; however, upgraded listings in key category postings like jobs, real estate and others, will be offered for a fee.

Our mobile platform continues to generate increased interest from our advertisers, and strong engagement with our audience. We delivered over 80 mobile campaigns in 2009. Also, we launched radio streaming mobile apps for our top 12 markets. Our mobile apps received five-star ratings in the Apple iTunes Store, and they were downloaded more than 30,000 times. We believe radio on mobile phones provides a great future for radio, and a new potential source of interactive revenue opportunities. We have built this interactive business from the ground up, and we will continue leveraging the mass reach of our core broadcast television and radio assets to drive traffic to our online and mobile interactive properties, creating engagement, new opportunities for our advertisers, and growth for the Company.

In conclusion, we are our prudently managing our business, and remain well positioned as we enter 2010. Our cost initiatives are ongoing, and we will benefit from the influx of political, Census and World Cup advertising. In addition, we expect our retransmission and digital revenues will continue to grow in 2010. As a result, we would expect to show additional improvements in our financial performance in the year ahead, as we benefit from an improved revenue profile and operating leverage. Our assets are located in some of the highest-density and most dynamic Hispanic markets in the United States, and we remain uniquely suited to connect advertisers with the growing Latino marketplace.

I will now turn the call over to Chris Young for a review of our financial information.

Thank you, Walter, and good afternoon, everyone.

The company sold the outdoor advertising business in May 2008 to Lamar Advertising for $101.5 million, including an adjustment for working capital, and no longer has an outdoor operation. In accordance with FASB AFC 360 impairment or disposal of long-lived assets, the Company reported the results of the outdoor operations in discontinued operations within the consolidated statements of operations. As the outdoor unit has been included in discontinued ops, the following results do not include the outdoor segment.

As Walter has discussed, net revenue for the quarter was $48.1 million, down 9%. Operating expenses decreased $5.1 million to $30.1 million, and consolidated adjusted EBITDA increased 8% to $15 million. Free cash flow, which we define as consolidated adjusted EBITDA minus capital expenditures, cash interest, cash taxes, plus interest income, was $4.8 million or $0.06 per share. Net revenue for the year was $189.2 million, down 19%. Operating expenses decreased $22.3 million to $122.2 million, and consolidated adjusted EBITDA decreased 25% to $55.3 million. Free cash flow, which we define as consolidated adjusted EBITDA minus CapEx, cash interest, cash taxes, plus interest income, was $14 million or $0.17 per share.

Operating expenses for the quarter decreased to $30.1 million from $35.2 million, a decrease of $5.1 million or 14%. Excluding noncash compensation expense, operating expenses for the quarter decreased to $29.3 million from $34.8 million, a decrease of $5.5 million or 16%. The decrease was primarily attributable to a decrease in expenses associated with a decrease in net revenue, along with the various cost control measures we implemented in 2009.

Operating expenses for the year decreased to $122.2 million from $144.5 million, a decrease of $22.3 million or 15%. Excluding noncash compensation expense, operating expenses for the year decreased to $120.2 million from $143.1 million, a decrease of $22.9 million or 16%. The decrease was primarily attributable to a decrease in expenses associated with a decrease in net revenue, along with the various cost control measures we implemented in 2009.

Corporate expenses for the quarter decreased to $4.3 million to $4.4 million, a decrease of $0.1 million or 2%. Excluding noncash compensation expense, corporate expenses for the quarter decreased to $3.4 million from $3.9 million, a decrease of $0.5 million or 13%. Corporate expenses for the year decreased to $14.9 million from $17.1 million, a decrease of $2.2 million or 13%. Excluding noncash compensation expense, corporate expenses for the year decreased to $12.9 million from $15.2 million, a decrease of $2.3 million or 15%. The decrease was primarily attributable to various cost control measures we implemented in 2009.

In the fourth quarter of 2009, the company recorded an impairment charge of $47.9 million related to radio FCC broadcasting licenses, as a result of the annual impairment testing process conducted per AFC 350.

Free cash flow for the quarter was $4.8 million or $0.06 per share. Cash interest expense for the quarter was $9.1 million. Free cash flow for the year was $14 million or $0.17 per share. Cash interest expense for the year was $34.1 million. Cash CapEx for the quarter was $1.4 million. CapEx for the year was $6.9 million. Earnings per share for fourth quarter of 2009 applicable to common shareholders was negative $0.62 per share, compared to an EPS applicable to common stockholders of $1.56 per share in the fourth quarter of 2008. EPS for the year applicable to common stockholders was negative $0.81 per share, compared to an EPS applicable to common stockholders of negative $5.34 a share for 2008.

Turning to our balance sheet, as of 12/31/09, our total debt was $363.9 million, and our trailing 12-month EBITDA as adjusted was $55.3 million. Our total debt to EBITDA as adjusted was 6.58 times, versus a maximum leverage covenant of 6.75 times at 12/31/09. Cash on the books was $27.7 million at 12/31/09.

The company's Board of Directors authorized to retire all Treasury stock repurchased as of 12/31/09. A total of 1.2 million Treasury shares were retired on 12/31/09. As of 12/31/09 there were 52,592,982 Class A shares outstanding, 22,587,433 Class B shares outstanding, and 9,352,729 class EU shares outstanding.

In connection with the preparation of our financial statements for the quarter and year ended 12/31/09, we are currently in the process of finalizing the provision for income taxes, which we intend to complete in time to permit a timely filing of our annual report for the period ended 12/31/09.

This concludes our formal remarks. Walter, Philip and I would be happy to take your questions at this time. Mike, I will turn it back over to you.

(Operator Instructions).

The first question we have comes from David Joyce with Miller Tabak & Co. Please go ahead.

Thanks. Couple of questions on how to think about 2010. First, on the retransmission fees, what sort of growth should we expect from the cable operator side? They tend to have, I guess, 7% or 8% increases in expenses. Is that roughly what we should be expecting for retrans?

David, that is right. There are escalators built into our agreements stated historically that -- those escalators are more significant in the first several years as opposed to the last several years of generally what are six-year agreements.

Okay, and on the special ad revenue we should be expecting for this year, for Census, how much would be falling in the first versus the second quarter? I would presume most of it in the first? And for World Cup, is it typically about two-thirds in the second quarter and a third in the second?

We'll see Census revenue in the first and second quarter, and we'll see World Cup revenue in the second and third quarter.

But you're correct in the 80/20 split, June, July; it is June 11th to July 11th, and it roughly runs 80/20, almost 75/25 on the World Cup rev split.

And on the political, which had a little bit of improvement potentially based on a Supreme Court ruling, do we expect some out-sized revenue there versus, you know, the last mid-term elections?

You know, it is hard to tell. We have been pretty conservative the way we budgeted for political. But at least what we've seen so far in -- in the first quarter, we're positive about certainly what we forecasted and where we expect to end the year.

And finally, on a free cash flow, what should we expect for capital expenditures? Is it still going to be roughly -- I know you have got some -- some covenants to watch on how much you can spend. Is it going to be roughly what you did last year?

I think that is right, we did just under $7 million. This year we're maxed out on our credit agreement at a $10 million level, but we won't be close to that. It should be comparable to what we did next year.

Okay, thank you.

The next question we have comes from John Kornreich of Sandler Capital.

Just a few quick ones. I'm looking at the press release. It says purchases of property and equipment, $10.9 million for 2009, and you just said it was $7 million.

John, can you speak up a little bit?

Yes, on the capital spending, you said it was $7 million in 2009. I am looking at $10,965,000 --

Yes, John, this is Chris. What you're missing in there in the financial statements is our acquisition of the Reno stations earlier this year for $4 million; if you add that to the CapEx you get to your number.

You add it to the CapEx? So the property, plant and equipment --

You don't include that in normal CapEx.

So it's $11 million minus $4 million, that's how you get your $7 million? You get your $7 million from $11 million minus $4 million?

Right.

Okay. And I think you just made a comment that retransmission revenues could grow 7^ or 8% in 2010? Is that right?

No, I didn't give a percentage.

I thought somebody asked the question.

I basically said that there are escalators early on, and if it is a six-year process in the earlier years, in the first two to three years the escalators are more significant than in the last couple of years.

Okay, well what was the fourth quarter retransmission revenue?

Fourth quarter retrans revenue was about $2.2 million.

$2.2 million. And it was what, $9 million for the year?

For the year -- for 2009, it was $9.2 million.

All right. I mean, are we still looking at a big step up in 2010, and then we kind of go back to gradual improvements?

Well I'm going to go back to what we've said before. We're not guiding retrans for the year or for the quarters, but there are escalators, and we'll just leave it at that.

John, the increases will be in years two and three, and more modest for four, five and six.

Two and three is 2010 and 2011, right?

Correct.

All right. I also wanted to ask you, in general you gave a tremendous number of sort of anecdotal evidence-wise how your ratings are strong. Can you give us an understand as to the magnitude of audience increase in your news and TV? Is it kind of single-digit, teens?

I'm sorry, you want to know what now?

Was there an increase in the audience in your news spots in television?

Yes, Philip is going to comment on that.

Yes, John, we -- if you look November 2009 in the Nielsen reports, year-over-year we were up approximately 9%. And the key demo for us, the key money demo, 18 to 34 in late news. In early news, it was basically flat, 1.2% within the prior year November 2008.

This is an aggregate figure?

I don't have that. I can send you a blend on the new.

You said the late was what, again, I'm sorry?

The late was plus 9%.

I mean, you're totaling all of your stations?

Yes, that is -- I'm sorry. That is an aggregate. I thought you were looking for a blend for early/late news. Aggregate, we take all the impressions against the total universe, and we came -- that is where we come up with the increase.

Okay, very good. And -- just one other comment. Okay? This is not a question. I know in the -- right in the beginning you apologized for the late -- release of the quarterly report. But you're always late with your quarterly releases. I normally get them ten minutes before or five minutes before the conference call. This time, it was a little different. I got it ten minutes after the conference call. But it is always a problem, and I'm always on the call not really knowing what the figures are. So I wish we could get it earlier.

And one other comment, can you put up on your website, maybe I missed it because I just went through the press release so fast. You have segment data on the fourth quarter, can you put up segment data for the 12 months?

Similar to what you would otherwise see in the file?

I could put it together by going back the third quarter. But I don't -- I see you have three-month segment results, radio and TV. I don't see 12 months.

Right, so basically you want us to take the information that we're already going to put in our K and put it explicitly on the website. We'll look into that.

Going on to the -- you said the $366 million --

$363.9 million, I think.

Okay, and that is a gross number, and then you have the cash of $27 million.

That is right, we can't net out the cash any longer under the --

Okay, last question. You commented that the trailing 12 months cash flow was $55.3 million. Why is it when I -- take on your press release -- I'm sorry, net revenue.

Uh-huh.

Minus direct operating expenses, minus SG&A, minus corporate, I get $52 million?

Then what you need to do is add back -- we have a bank agreement that has some specifics that drive the calculation of EBITDA. So if you look at the press release on the bottom, there is a footnote of how that number is calculated. But what you need to do is, we have some noncash comp expense.

So the $55 million excludes the noncash comp expense?

It does.

That is the answer.

That is the big chunk. And then you also -- you have a noncash syndication amortization expense for one of our stations that you have to add back, that's $292,000, and then what you have to do is take away from that what we actually paid for that syndication slate of $717,000. So that gets you to your $15 million.

Okay, but for bank purposes it is $55.3 million?

That is right.

Thanks for your help.

Hey John, this is Walter. We have been doing this for a long time, almost ten years, and we only know of twice that our press release was late, and both times due to a technical difficulty that was experienced by our public relations firm in New York. We'll check into what happened. We apologize again for the delay. But those are the only two times that we are aware that the press release was late being distributed prior to our call.

Okay. Thank you.

Okay.

(Operator Instructions).

The next question comes from Bishop Cheen of Wells Fargo.

Hi everyone, hope everyone is doing well. If I missed this, forgive me. But did you mention the balance sheet? Did you tell us what the debt was, and the cash and -- et cetera?

Yes, Bishop, the debt was $363.9 million. The leverage was 6.58 times versus the covenant of 6.75.

6.58. And one more time, the debt was $300 million --

$363.9 million.

Okay. And how much cash?

$27.7 million.

Okay. Yes, and again, if that was in the press release, I saw the K earlier, I apologize. I just didn't see it in there.

It is -- okay. All right.

Thank you.

Thank you.

And the next question we have comes from Mark Fisher with [Ayad] Capital, please go ahead.

Yes, are you guys seeing any differences in revenue trends when you look at radio station by radio station, or are they all similar in terms of the revenue decline that you have seen? For instance, have you seen any differences in the stations where you have larger overall market share such as the Palm Springs and the Reno?

The -- the question is are we seeing any --

Yes, if we look at all your radio stations, are they basically down in terms of advertising the same amount as the total? Or are you seeing any different trends based on the amount of market share -- the amount of listeners that you have versus the total market?

I would say that in the fourth quarter the declines were relatively even. But we -- there are also some markets within our group that have been harder hit by this economic downturn. For example, Las Vegas is a market that was hard-hit. We have seen a drop there in revenue a little more significant than other markets, Stockton, Modesto, also comes to mind. Phoenix, another market that has been hard-hit. So those markets that I mentioned may be a little -- little more down than -- than the general group.

Okay. Great, thanks.

The next question we have comes from John Kornreich with Sandler Capital.

Can you tell us, or just give us a rough idea what was television in December alone? Television advertising, excluding retrans? Was it up?

You want to know what --

I mean you stated as the quarter went along, it was getting better and better. December alone is clean of political. And you just clean out the political, and take out retrans, what was the TV advertising in December, the month of December a year ago?

John, I don't have the December monthly TV only.

Do you think it was up?

We don't have that in front of us, John. Wait a minute. We might be able to pull it here. Going through his notes. Sorry. December total, local/national, was plus-5.

Very good.

And which was a significant increase.

Okay, thanks again.

And it appears that we have no further questions at this time. I would like to turn the conference back over to management for any closing remarks.

Thank you, operator -- thank you, Mike. This concludes our fourth quarter full -- and full year 2009 investor conference call. We're looking forward the speaking with all of you in May, when we report our earnings results for the first quarter of 2010. Thank you.

Thank you gentlemen for your time. And we thank you, everyone, for participating in the Entravision Communications Corporation conference call. This concludes today's event.