Televisa forced to take almanac off the market…

Editorial Televisa acknowledged mistakes concerning historical, legal and geographical data about Ecuador in its 2003 almanac and decided to take the almanac off the market. The Ecuadorean ambassador in Mexico had written to Televisa concerning16 factual errors in the almanac's Ecuador pages. Eduardo Michelsen, CEO of Editorial Televisa, acknowledged the mistakes and apologized to the Ecuadorean ambassador. He added that the 2004 almanac will be published at the beginning of September and will include corrections of these mistakes.

...while sales dropped in the second quarter...

Sales for Editorial Televisa's publishing division dropped marginally in the second quarter of 2003 to 436.3 million pesos, down from 444.7 million in the second quarter of 2002.”We experienced a slow-down in circulation and advertising sales outside Mexico as a result of currency devaluation in Chile, Argentina, Venezuela and Colombia,” Televisa's executives explained at the second quarter conference call for investors and analysts. “On the other hand, advertising sales in Mexico continued to grow due to improvements in our magazine portfolio mix, enhanced marketing efforts, and a new, more experienced sales force.”

...but profitability increased.

EBITDA for Televisa's publishing division went up to 109 million Mexican pesos (US $10 million) in the second quarter, a 14.2% increase from the same period last year. EBITDA margin expanded more than 350 basis points, from 21.6% in the second quarter of 2002 to 25.2% in the second quarter of 2003. During the first half of 2003, publishing sales and EBITDA (Earnings before interest, taxes, depreciation and ammortization). grew 2% and 11.7%, respectively, compared to the same period in 2002, reversing a three year decline. Besides its own publications, Televisa also has agreements with US publishing houses to publish Spanish language editions of magazines such as PC Magazine and Electronic Gaming (Ziff Davis), Golf Digest (New York Times Magazine Group), Travel + Leisure (American Express Publishing), National Geographic (National Geographic Society), Disney Witch (Walt Disney Company) and Automóvil Panamericano (Luike Motorpress).


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