Hispanic Broadcasting Reports Flat Earnings

Hispanic Broadcasting Corp., the top Spanish-language radio broadcaster in the U.S., said its earnings were essentially flat with earnings a year ago, as revenue grew less than expected and costs escalated. The company said its net income was $11.1 million, or 10 cents a share, for the fourth quarter, compared with $11 million, or 10 cents a share, in the same period in 1999. Analysts surveyed by First Call/Thomson Financial had forecast 10 cents. Same-station net revenue rose more than 8% in the quarter, while broadcast cash flow dropped nearly 12%. The company said its first-quarter earnings will be hurt by soft demand for advertising and higher operating costs. It said its revenue will increase by 4% to 7%, and its broadcast cash flow will be in the range of $15 million to $16.5 million. The company’s shares closed up 46 cents at $24.40 on the NYSE.