Telemundo sees red qtr.

As a result of declining market share, Telemundo Group continued to bleed red ink in its second quarter earnings report, which was released Thursday.

For the quarter ended June 30, the Hialeah, Fla.-based Spanish-language web reported a net loss of $1.7 million, compared with a net loss of $2.2 million for the same period last year. Telemundo’s operating income before depreciation and amortization fell 26%, to $8.7 million, compared with $11.8 million last year.

The company’s second-quarter revenue dipped to $51.7 million, compared with $54.3 million in ’96.

“As anticipated, our lower average audience shares, particularly in primetime, have impacted our financial results,” Telemundo prexy and chief exec Roland Hernandez said. “However, we believe we have a significant opportunity to increase our audience share by offering a new mix of programming within a counter-programming initiative.”

Analysts had expected lower returns, but say a brighter picture could be around the corner.

“They are right in line with our estimates,” said Paul Sweeney, an analyst with Salomon Bros. “The company is aggressively pursing a number of strategic opportunities. They also are trying to make changes to the business, primarily to their primetime schedule, which may result in better ratings.”

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