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Grupo Radio Centro Reports Fourth Quarter And Year-End Results For The Period Ended December 31, 2009

Separately, the Company's Board of Directors recommended that at the next shareholders' meeting during March, 2010 the payment of a dividend of Ps. 100 million, or Ps. 0.614535380433443 per share.  If approved, the dividend will be paid approximately 10 days following the shareholders' meeting.

Company Description

Grupo Radio Centro owns and/or operates 15 radio stations. Of these 15 radio stations, 12 are located in Mexico City, two AM stations, in Guadalajara and Monterrey, and one FM station in Los Angeles. 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. In addition to the Organizacion Radio Centro radio stations, the Company also operates Grupo RED radio stations and Organizacion Impulsora de Radio (OIR), a radio network that acts as the national sales representative for, and provides programming to, 108 Grupo Radio Centro-affiliated radio stations throughout Mexico.

Note on Forward Looking Statements

This release may contain projections or other forward-looking statements related to Grupo Radio Centro that involve risks and uncertainties. Readers are cautioned that these statements are only predictions and may differ materially from actual or future results or events. Readers are referred to the documents filed by Grupo Radio Centro with the United States Securities and Exchange Commission, specifically the most recent filing on Form 20-F, which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to Grupo Radio Centro on the date hereof, and Grupo Radio Centro assumes no obligation to update such statements.

    
    
                          GRUPO RADIO CENTRO, S.A.B. DE C.V.
                         CONSOLIDATED AUDITED BALANCE SHEETS
                          as of December 31, 2009 and 2008
                  (figures in thousands of  Mexican pesos ("Ps.") and 
                                U.S. dollars ("U.S.$")(1)
    
                                                   December 31,
                                                 2009             2008
                                         U.S. $(1)      Ps.        Ps.
                                        --------------------    ---------
              ASSETS
    Current assets:
      Cash and temporary investments     13,442      175,537       93,054
        
    Accounts receivable:
      Broadcasting, net                  23,333      304,701      301,101
      Other                                 526        6,863        6,225
      Income taxes recoverable                0            0        3,007
        
    Prepaid expenses                      9,036      117,996       38,179
    Deferred taxes                            0            0            0
      Total current assets               46,337      605,097      441,566
        
    Property and equipment, net          35,220      459,941      465,034
    Prepaid expenses                      2,042       26,662            0
    Deferred charges, net                   233        3,039        4,850
    Excess of cost over book value 
     of net assets of subsidiaries, net  63,472      828,863      828,863
    Other assets                            257        3,353        3,325
              Total assets              147,561    1,926,955    1,743,638
        
              LIABILITIES
    
    Current:
      Notes payable                       3,209       41,903            0
      Advances from customers            13,439      175,502      142,543
      Suppliers and other accounts       
       payable                            6,450       84,230       67,388
      Taxes payable                       4,326       56,494       18,859
        Total current liabilities        27,424      358,129      228,790
        
    Long-Term:
      Notes payable                       9,955      130,000            0
      Reserve for labor liabilities       5,044       65,871       60,276
      Deferred taxes                      1,262       16,476       21,782
              Total liabilities          43,685      570,476      310,848
        
              SHAREHOLDERS' EQUITY
    Capital stock                        86,564    1,130,410    1,130,410
    Cumulative earnings                  16,556      216,204      257,818
    Reserve for repurchase of shares      3,357       43,837       43,837
    Accumulated Effect by Conversion        (14)        (183)           0
    Minority interest                    (2,587)     (33,789)         725
        Total shareholders' equity      103,876    1,356,479    1,432,790
          Total liabilities and
           Shareholders' equity         147,561    1,926,955    1,743,638
    
    
    (1) Peso amounts have been translated into U.S. dollars, solely for the
        convenience of the reader, at the rate of Ps. 13.0587 per U.S. dollar,
        the rate on December 31, 2009.
    
    
    
                          GRUPO RADIO CENTRO, S.A.B. DE C.V.
                      CONSOLIDATED AUDITED STATEMENTS OF INCOME
              for the three-month and twelve-month periods ended 
                             December 31, 2009 and 2008
    
    (figures in thousands of  Mexican pesos ("Ps.") and 
     U.S. dollars ("U.S.$")(1), except per Share and per ADS amounts)
    
                                 4th Quarter          Accumulated 12 months
                                 2009        2008          2009        2008
                           U.S.$(1)  Ps.      Ps.    U.S.$(1)  Ps.      Ps.
        
    Broadcasting 
     revenue(2)            19,977  260,873  231,342  60,180  785,869  735,105
    Broadcasting expenses,
     excluding depreciation,
     amortization and      
     corporate, general   
     and administrative   
     expenses              13,239  172,883  124,842  45,564  595,011  452,350
    Broadcasting income     6,738   87,990  106,500  14,616  190,858  282,755
        
    Depreciation and      
     amortization             495    6,466    7,944   1,993   26,024   31,720
    Corporate, general and
     administrative       
     expenses                 350    4,574    4,461   1,144   14,939   14,461
    Operating income        5,893   76,950   94,095  11,479  149,895  236,574
        
        EBITDA              6,388   83,416  102,039  13,471  175,919  268,294
        
    Other income          
     (expenses), net       (1,585) (20,695) (17,539) (5,092) (66,495) (56,880)
        
    Comprehensive         
     financing cost:
      Interest expense       (516)  (6,738)  (2,276) (1,802) (23,528)  (8,376)
      Interest income(2)      (11)    (142)     (34)      4       53      228
      Gain (loss) on      
       foreign currency   
       exchange, net         (543)  (7,092)     485  (1,313) (17,140)     470
      (Loss) Gain on net  
       monetary position        0        0        0       0        0        0
                           (1,070) (13,972)   (1,825) (3,111) (40,615) (7,678)
        
    Income before         
     extraordinary item   
     and income taxes:      3,238   42,283   74,731   3,276   42,785  172,016
        
    Extraordinary item          0        0        0       0        0        0
    Income before income  
     taxes                  3,238   42,283   74,731   3,276   42,785  172,016
        
      Income taxes          1,302   16,997   17,038   2,936   38,342   45,251
    Net (loss) income       1,936   25,286   57,693     340    4,443  126,765
        
    Net (loss) income     
     applicable to:
      Majority interest     3,301   43,109   57,673   4,471   58,386  126,720
      Minority interest    (1,365) (17,823)      20  (4,131) (53,943)      45
                            1,936   25,286   57,693     340    4,443  126,765
        
    Net income per Series
     A Share(3)                                       0.027   0.3588   0.7787
    Net income per ADS(3)                             0.247   3.2292   7.0083
    Weighted average      
     common shares        
     outstanding (000's)(3)                                  162,725  162,725
    
        
    (1) Peso amounts have been translated into U.S. dollars, solely for the
        convenience of the reader, at the rate of Ps. 13.0587 per U.S. dollar,
        the rate on December 31, 2009.
        
    (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 air time has been transmitted.  Interest earned and 
        treated as broadcasting revenue for the fourth quarter of 2009 and 
        2008 was Ps. 1,799,000 and Ps. 2,130,000, respectively. Interest 
        earned and treated as broadcasting revenue for the twelve months ended
        December 31, 2009 and 2008 was Ps. 5,419,000 and Ps. 6,510,000, 
        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.B de C.V.

Copyright 2009 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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