Grupo Radio Centro Reports Fourth Quarter And Year-End Results For The Period Ended December 31, 2009
Depreciation and amortization expenses for the fourth quarter of 2009 were Ps. 6,466,000, 18.6% lower than the Ps. 7,944,000 reported for the fourth quarter of 2008, as a result of a reduction in the Company's depreciable asset base.
The Company's corporate, general and administrative expenses for the fourth quarter of 2009 were Ps. 4,574,000, a slight increase compared to Ps. 4,461,000 reported for the fourth quarter of 2008.
The Company reported operating income of Ps. 76,950,000 for the fourth quarter of 2009, 18.2% lower than the Ps. 94,095,000 reported for the fourth quarter of 2008. This decrease was due to higher broadcasting expenses during the fourth quarter of 2009 compared to the fourth quarter of 2008, as described above.
During the fourth quarter of 2009, other expenses, net, were Ps. 20,695,000, compared to other expenses, net, of Ps. 17,539,000 reported for the fourth quarter of 2008. This increase was mainly attributable to expenses related to charity campaigns conducted by the Company during the fourth quarter of 2009.The Company's comprehensive financing cost for the fourth quarter of 2009 was Ps. 13,972,000, compared to Ps. 1,825,000 reported for the fourth quarter of 2008. This increase was primarily due to (i) a loss on net foreign currency exchange of Ps. 7,092,000 attributable to an appreciation of the peso against the U.S. dollar, which resulted in a decline in the peso value of a U.S. dollar denominated loan from the Company to GRC-LA, LLC ("GRC-LA"), a U.S. subsidiary that manages the KXOS-FM pursuant to the LMA, and (ii) interest expense related to a Ps. 200,000,000 loan obtained by the Company from Banco Inbursa, S.A. in March 2009. For the fourth quarter of 2009, the Company recorded income before taxes of Ps. 42,283,000, compared to Ps. 74,731,000 reported for the fourth quarter of 2008, primarily as a result of higher broadcasting expenses during the fourth quarter of 2009, as described above.
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