Univision Communications Profit Plunges in Quarter

Univision Communications Inc., the largest U.S. Spanish-language television network, posted sharply lower first-quarter earnings and said full-year results would be hurt by the launch of its music business and a second Spanish language network in 2002. The Los Angeles-based firm, known for its entertainment programs and soap operas, said its earnings fell 71% to $5.9 million from $20.7 million in the 2000 first quarter, after charges for cost-cutting and losses at its Internet business. Earnings per share fell 67% to 3 cents from 9 cents. Revenue rose 7% to $194.9 million. Excluding charges, Univision earned $25.1 million, or 11 cents a share, up from $22.6 million, or 10 cents, in the year-ago period. The company’s core TV revenue rose to $194.2 million in the first quarter, up 7% from $181.5 million a year earlier. Univision said it expected TV revenue to grow by 1% to 4% for the year’s second quarter and by 7% to 10% for the full year. Univision shares fell 46 cents to close at $43.25 on the New York Stock Exchange.