Hemisphere Media (HMTV) Reports Q2 Revenues Above Estimates

Hemisphere Media (NASDAQ: HMTV) reported Q2 revenue for the quarter came in at $34.79 million versus the consensus estimate of $32.45 million.

President and Chief Executive Officer of Hemisphere, Alan Sokol, said, "Our second quarter results are reflective of the continued successful execution of our strategic plan, and clearly highlight our differentiated growth paradigm, including robust retransmission renewals, strong subscriber growth and healthy advertising sales growth at our cable networks. Importantly, the second quarter saw accelerated economic progress being made in Puerto Rico, as the island approaches normalization of economic activity. The improved economic environment was reflected in significant sequential growth in the Puerto Rico television ad market, as compared to first quarter.

WAPA's six-week blackout on DirecTV in Puerto Rico impacted our second quarter revenues, but we are extremely pleased with our new multi-year retransmission agreement, which will drive significant revenue growth and long-term asset value.

In the U.S., we continue to defy industry trends and delivered strong organic subscriber growth across our cable networks, reinforcing our competitive differentiation in the U.S. pay-TV market. Ratings continue to be strong and we\'ve seen terrific advertising growth at Cinelatino and WAPA America.

We are pleased to announce that Television Dominicana has been relaunched on AT&T Uverse. In addition, four of our channels have been launched on DirecTV NOW.

Overall, we are encouraged by the pace of recovery in Puerto Rico and believe that the return to normalization will continue to stimulate growth in our business. With our multiple avenues for growth, including a growing U.S. Hispanic population, growth in U.S. and Latin America pay-TV subscribers, rising retransmission fees, continued growth at our U.S. cable networks, and attractive growth opportunities with Canal 1 and Pantaya, we are well positioned to deliver long-term value for our shareholders."

For earnings history and earnings-related data on Hemisphere Media (HMTV) click here.

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