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TV Azteca Reports 51% EBITDA Margin in 4Q03; 46% for the Full Year
- Net Sales Increase 12% in 4Q03 and 5% in Year, to All-Time Records -
MEXICO CITY, Feb. 24 /PRNewswire-FirstCall/ -- TV Azteca, S.A. de C.V. (NYSE:
TZA; BMV: TVAZTCA), one of the two largest producers of Spanish language
television programming in the world, announced today all-time high fourth
quarter net sales of Ps.2,296 million (US$204 million), up 12% from the same
period of 2002. Fourth quarter EBITDA was Ps.1,163 million (US$104 million), 7%
below the same quarter a year ago. On a proforma basis, excluding a
non-recurring cancellation of amortization of exhibition rights for Ps.97
million (US$9 million) in the fourth quarter of the prior year, EBITDA was up
1%. EBITDA margin for the quarter was 51%.
Net sales for the full year rose 5% to an all-time record level of Ps.7,281
million (US$648 million). Full year EBITDA increased 1% to Ps.3,376 million
(US$301 million), the highest level in six years. EBITDA margin for2003 was
46%.
"Solid operating results together with the implementation of the company's six
year plan for uses of cash further strengthened our financial position during
the quarter," said Pedro Padilla, Chief Executive Officer of TV Azteca. "We are
fully committed to continue with our cash plan, with the consequential benefit
for all of our stakeholders."
The company noted the cash usage plan entails reducing TV Azteca's debt by
approximately US$250 million, and making cash distributions to shareholders
above US$500 million by 2008.
Fourth Quarter Results
Net sales grew 12% to an all-time high level of Ps.2,296 million (US$204
million), up from Ps.2,054 million (US$183 million) for the same quarter of
2002. Total costs and expenses rose 42% to Ps.1,133 million (US$101 million),
from Ps.800 million (US$71 million) for the same period of last year. As a
result, the company reported EBITDA of Ps.1,163 million (US$104 million), 7%
lower than Ps.1,254 million (US$112 million) in the fourth quarter of 2002. Net
income for the quarter was Ps.595 million (US$53 million) compared with net
income of Ps.745 million (US$66 million) for the same period of 2002.
Millions of pesos(1) and dollars(2) except percentages and per share amounts.
4Q 2002 4Q 2003 Change
US$ %
Net Sales
Pesos Ps. 2,054 Ps. 2,296
US$ US$ 183 US$ 204 22 +12%
EBITDA(3)
Pesos Ps. 1,254 Ps. 1,163
US$ US$ 112 US$ 104 (8) -7%
Net Income
Pesos Ps. 745 Ps. 595
US$ US$ 66 US$ 53 (13) -20%
Income per ADS(4)
Pesos Ps. 3.90 Ps. 3.12
US$ US$ 0.35 US$ 0.28 (0.07) -20%
1 Pesos of constant purchasing power as of December 31, 2003.
2 Conversion based on the exchange rate of Ps.11.23 per US dollar as of
December 31, 2003.
3 EBITDA is Profit Before Depreciation and Amortization under Mexican
GAAP.
4 Calculated based on 191 million ADSs outstanding as of December 31,
2003
Net Sales
"We experienced acceleration of domestic demand for advertising since the very
beginning of the quarter, and captured selling opportunities coming from various
economic sectors," said Mario San Roman, Chief Operating Officer of TV Azteca.
"We have witnessed solid commercial performance of many of our client's brands,
consistent with improvements in the Mexican economy."
Fourth quarter net revenue includes sales from Azteca America Network of Ps.76
million (US$7 million). Revenue is composed of Ps.43 million (US$4 million) in
sales from the Los Angeles station KAZA-TV, and Ps.33 million (US$3 million)
from network sales.
During the quarter, TV Azteca also reported sales of programming abroad of Ps.23
million (US$2 million), which was 53% above the Ps.15 million (US$1 million) of
the fourth quarter of the prior year. Growth in programming exports was
principally driven by sales of our novela La Hija del Jardinero in certain
markets of Asia, and our novelas Subete a mi Moto and Dos Chicos de Cuidado in
Latin American countries.
During the fourth quarter, TV Azteca reported content and advertising sales to
Todito.com of Ps.54 million (US$5 million), and Ps.35 million (US$3 million) in
advertising sales to Unefon. In the fourth quarter of 2002, sales to Todito and
Unefon were Ps.66 million (US$6 million) and Ps.35 million (US$3 million),
respectively.
In accordance with the terms of the advertising contract between Unefon and TV
Azteca, during the fourth quarter Unefon paid to TV Azteca in cash the Ps.29
million (US$3 million) of advertising purchases placed within the prior three
month period. Additionally, Unefon paid Ps.63 million (US$6 million) in cash,
which correspond to the second of four semi-annual installments of deferred
payments for television advertising made prior to 2003.
During the quarter, barter sales were Ps.101 million (US$9 million), compared
with Ps.45 million (US$4 million) in the same period of the prior year.
Inflation adjustment of advertising advances was Ps.45 million (US$4 million),
compared with Ps.66 million (US$6 million) of the fourth quarter of 2002.
Costs and Expenses
The 42% increase in fourth quarter costs and expenses resulted from the combined
effect of a 64% increase in programming, production and transmission costs to
Ps.859million (US$76 million), from Ps.524 million (US$47 million) in the prior
year period, and a 1% reduction in administration and selling expense to Ps.274
million (US$24 million), from Ps.276 million (US$25 million) in the same quarter
a year ago.
On aproforma basis, excluding a non-recurring cancellation of amortization of
exhibition rights for Ps.97 million (US$9 million) in the fourth quarter of the
prior year, total costs and expenses grew 26%.
"In addition to the cancellation of amortization, we had a tough yardstick for
costs with the fourth quarter of 2002," added Mr. San Roman. "A year ago we
substituted a prime-time novela with La Academia, our musical reality show,
after the costs of its rehearsal and production facilities had already been
amortized in the prior quarter, resulting in overall reduced costs."
The company noted the programming grid of its flagship channel in the fourth
quarter of 2003 contained a standard weekday primetime lineup that included
three novelas. TV Azteca's programming also incorporated the company's reality
show Escuela de Estrellas. In contrast, in the fourth quarter a year ago, TV
Azteca aired only two primetime novelas, and La Academia, with its associated
facilities fully amortized in the third quarter of 2002.
The company also noted that the operations of the Los Angeles station and the
growing business of Azteca America Network generated production costs during the
quarter, which were not present in the same period of 2002.
EBITDA and Net Income
The 12% increase in fourth quarter net sales, combined with the 42% growth in
costs and expenses, resulted in EBITDA of Ps.1,163 million (US$104 million),
down 7% from Ps.1,254 million (US$112 million) a year ago. On a proforma basis,
excluding the non-recurring cancellation of amortization of exhibition rights
for Ps.97 million (US$9 million) in the fourth quarter of the prior year, EBITDA
was up 1%.
Below EBITDA, fourth quarter results were negatively impacted by an increase in
depreciation and amortization to Ps.111 million (US$10 million), from a positive
figure of Ps.5 million (US$0 million) a year ago. The change is primarily
explained by a positive figure for amortization of Ps.86 million (US$8 million)
in the fourth quarter of the prior year, resulting from a reversal in
accumulated amortization of the first nine months of 2002, reflecting changes in
the valuation of television concession in accordance with Mexican GAAP bulleting
C-8, as was previously detailed.
During the quarter, the company also recorded other expense of Ps.168 million
(US$15 million), compared with Ps.178 million (US$16 million) a year ago. Other
expense for the quarter was primarily composed of Ps.69 million (US$6 million)
of amortization of installation charges, Ps.27 million (US$2 million) from the
recognition of 50% of the net loss of Todito.com in TV Azteca's financial
statements, Ps.26 million (US$2 million) of advisory fees, Ps.26 million (US$2
million) from amortizations of brands and patents, and Ps.19 million (US$2
million) of charitable donations.
Fourth quarter net comprehensive financing cost increased to Ps.238 million
(US$21 million), from Ps.192 million (US$17 million) for the same period of
2002. The increase mainly results from the combined effect of a Ps.55 million
(US$5 million) exchange loss during the quarter compared with an exchange gain
of Ps.25 million (US$2 million) a year ago, and of a Ps.27 million (US$2
million) reduction in monetary loss. The exchange loss reflects anet dollar
liability position of the company, whereas the exchange gain results from
increases in accounts receivable from Pappas Telecasting in the prior year. The
reduction in monetary loss is explained by a decrease in TV Azteca's net asset
monetary position.
Fourth quarter net income was Ps.595 million (US$53 million), compared with net
income of Ps.745 million (US$66 million) for the same period of 2002.
Advertising Advances
The balance of advertising advances as of December 31, 2003, excluding advance
sales to Unefon and Todito, rose 6% to Ps.4,903 (US$437 million), compared with
Ps.4,623 million (US$412 million) in the prior year.
The company considers the advertising advances level to be a vote of confidence
from advertisers in regard to the ability of TV Azteca's proven content to reach
target audiences.
Generation and Uses of Cash
The company noted its sound financial results in 2003 translated into free-cash
generation for the year-before debt payment and distributions to shareholders-of
Ps.1,458 million (US$130 million), which surpassed its target of US$125 million
for 2003.
Adhering to the timetable of the company's plan for uses of cash, TV Azteca made
cash distributions of US$140 million during 2003, and on February 2004 used
US$60 million of its cash position to amortize its US$125 million 101/8% note
due February 15, 2004.
Growth in Azteca America
Azteca America Network increased its over-the-air coverage to 73% of the U.S.
Hispanic households from 67% at the close of the prior quarter, with no
associated equity investment from TV Azteca.
With this quarter's affiliations in Dallas and Corpus Christi, TX; Denver, CO
and Yakima-Pascoe-Richland, WA, Azteca America Network has coverage in 33
markets, and reaches 13 of the top 15 Hispanic market areas. Cable carriage is
present in twelve markets, which are equivalent to 30% of U.S. Hispanic
households.
During the quarter, some of Azteca America Network's affiliates reached
agreements with DirecTV to have their signal carried on DirecTV's system. On
January 7, 2004, the DirecTV system started to transmit the signal of the
network's affiliate stations of New York, Miami and Las Vegas.
Unefon Split off
On December 19, 2003, TV Azteca shareholders approved a split off of the
company's 46.5% equity stake in Unefon (BMV: UNEFON) and of its 50% equity stake
in Cosmofrecuencias, a wireless broadband Internet access provider. The
telecommunications assets formed Unefon Holdings, which on December 22 became a
legal Mexican entity (Sociedad Anonima) independent from TV Azteca.
From the perspective of TV Azteca's balance sheet, the split off entailed a
reduction of TV Azteca's assets and stockholders' equity equal to the book value
of TV Azteca's investment in Unefon and Cosmofrecuencias, which totaled Ps.629
million (US$56 million) as of December 31, 2003.
The split off of the telecom investments did not have an impact on TV Azteca's
income statement.
Payment of US$125 Million 101/8% Note due 2004
On February9, 2004, TV Azteca fully amortized its US$125 million 101/8% note
due February 15, 2004. As previously detailed, the payment was composed of
US$60 million from TV Azteca's cash position and US$65 million of unsecured
financing obtained from financial institutions, on market terms.
On a proforma basis, including the US$125 million amortization, TV Azteca's
total debt as of December 31, 2003 was US$544 million, which results into a
total debt to EBITDA ratio of 1.8 times.
Sale of Station in El Salvador
During the fourth quarter, TV Azteca sold its majority equity stake in Channel
12 of El Salvador for US$6 million.
"We focus on developing highly profitable businesses, and the station in El
Salvador was at the lower end of contribution to overallresults," said Carlos
Hesles, Chief Financial Officer of TV Azteca. Additionally, TV Azteca considers
Channel 12's growth prospects were limited by a relatively small market scale.
The company expects Channel 12 to be a buyer of TV Azteca's programming going
forward, given that viewers in El Salvador have enjoyed Azteca entertainment
since the initial company investment in 1997.
Twelve Month Results
Net sales for the full year rose 5% to an all-time high level of Ps.7,281
million (US$648 million), up from Ps.6,956 million (US$619 million) for 2002.
Full year EBITDA increased 1% to a six-year record of Ps.3,376 million (US$301
million), from Ps.3,332 million (US$297 million) for last year. The EBITDA
margin for 2003 was 46%. Net earnings were Ps.1,576 million (US$140 million),
compared with Ps.1,024 million (US$91 million) in 2002.
Millions of pesos(1) and dollars(2) except percentages and per share amounts.
2002 2003 Change
US$ %
Net Sales
Pesos Ps. 6,956 Ps. 7,281
US$ US$ 619 US$ 648 29 +5%
EBITDA(3)
Pesos Ps. 3,332 Ps. 3,376
US$ US$ 297 US$ 301 4 +1%
Net Income
Pesos Ps. 1,024 Ps. 1,576
US$ US$ 91 US$ 140 49 54%
Income per ADS(4)
Pesos Ps. 5.36 Ps. 8.25
US$ US$ 0.48 US$ 0.73 0.25 54%
1 Pesos of constant purchasing power as of December 31, 2003.
2 Conversion based on the exchange rate of Ps.11.23 per US dollar as of
December 31, 2003.
3 EBITDA is Profit Before Depreciation and Amortization under Mexican
GAAP.
4 Calculated based on 191 million ADSs outstanding as of December 31,
2003
Company Profile
TV Azteca is one of the two largest producers of Spanish language television
programming in the world, operating two national television networks in Mexico,
Azteca 13 and Azteca 7, through more than 300 owned and operated stations across
the country. TV Azteca affiliates include Azteca America Network, a new
broadcast television network focused on the rapidly growing US Hispanic market,
and Todito.com, an Internet portal for North American Spanish speakers.
Except for historical information, the matters discussed in this press release
are forward-looking statements and are subject to certain risks and
uncertainties that could cause actual results to differ materially from those
projected. Risks that may affect TV Azteca are identified in its Form 20-F and
other filings with the US Securities and Exchange Commission.
TV AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED RESULTS OF OPERATIONS*
(Millions of Mexican pesos of December 31, 2003 purchasing power)
Fourth Quarter of: Fourth Quarter of:
2002 2003 2002 2003 Change
Millions of US Dollars ** %
Net revenue Ps 2,054 Ps 2,296 US$ 183 100% US$ 204 100% US$ 22 12%
Programming,
production
and transmission
costs 524 859 47 26% 76 37% 30 64%
Sales and
administrative
expenses 276 274 25 13% 24 12% (0) -1%
EBITDA 1,254 1,163 112 61% 104 51% (8) -7%
Depreciation and
amortization (5) 111 (0) 10 10
Operating
profit 1,259 1,052 112 61% 94 46% (18) -16%
Other
expenses - Net (178) (168) (16) (15) 1
Comprehensive
financing cost:
Interest expense (200) (208) (18) (19) (1)
Other financing
expense (16) (10) (1) (1) 1
Interest income 37 46 3 4 1
Exchange gain
(loss) - Net 25 (55) 2 (5) (7)
Loss on monetary
position (38) (11) (3) (1) 2
Net comprehensive
financing cost (192)(238) (17) (21) (4)
Income before
provision for
income tax and
deferred
income tax 889 646 79 43% 58 28% (22) -27%
Provision for:
Income tax (117) 106 (10) 9 20
Deferred
income tax (27) (157) (2) (14) (12)
Net income Ps 745 Ps 595 US$ 66 36% US$ 53 26% US$ (13) -20%
Net income of
minority
stockholders Ps 0.1 Ps 0.4 US $0 US$ 0 US$0
Net income of
majority
stockholders Ps 745 Ps 595 US $66 36% US$ 53 26% US$(13) -20%
End of
period
exchange
rate Ps 10.40 Ps 11.23
* Mexican GAAP.
** The U.S. dollar figures represent the Mexican peso amounts as of
December 31, 2003 expressed as of December 31, 2003 purchasing power,
translated at the exchange rate of Ps. 11.23 per U.S. dollar.
TV AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED RESULTS OF OPERATIONS*
(Millions of Mexican pesos of December 31, 2003 purchasing power)
Year ended Year ended
December 31, December 31,
2002 2003 2002 2003 Change
Millions of US Dollars ** %
Net revenue Ps 6,956 Ps 7,281 US$ 619 100% US$ 648 100% US$ 29 5%
Programming,
production and
transmission
costs 2,611 2,854 232 38% 254 39% 22 9%
Sales and
administrative
expenses 1,013 1,051 90 15% 94 14% 3 4%
EBITDA 3,332 3,376 297 48% 301 46% 4 1%
Depreciation
and amortization 401 369 36 33 (3)
Operating
profit 2,931 3,007 261 42% 268 41% 7 3%
Other
expenses - Net (459) (458) (41) (41) 0
Comprehensive
financing cost:
Interest expense (754) (767) (67) (68) (1)
Other financing
expense (140) (52) (12) (5) 8
Interest income 200 205 18 18 0
Exchange
loss - Net (367) (192) (33) (17) 16
Loss on monetary
position (85) (31) (8) (3) 5
Net comprehensive
financing
cost (1,146) (837) (102) (75) 28
Income before
provision for
income tax
and deferred
income tax 1,326 1,712 118 19% 152 24% 34 29%
Provisions for:
Income tax (275) (3) (24) (0) 24
Deferred
income tax (27) (132) (2) (12) (9)
Net income Ps 1,024 Ps 1,577 US$ 91 15% US$ 140 22% US$ 49 54%
Net (loss)
income of
minority
stockholders Ps (0.2) Ps 1.4 US$ (0.0) US$ 0.1 US$ 0
Net income of
majority
stock-
holders Ps 1,024 Ps 1,576 US$ 91 15% US$ 140 22% US$ 49 54%
End of
period
exchange
rate Ps 10.40 Ps 11.23
* Mexican GAAP.
** The U.S. dollar figures represent the Mexican peso amounts as of
December 31, 2003 expressed as of December 31, 2003 purchasing power,
translated at the exchange rate of Ps. 11.23 per U.S. dollar.
TV AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS*
(Millions of Mexican pesos of December 31, 2003 purchasing power)
At December 31, At December 31,
2002 2003 2002 2003 Change
Millions of US Dollars**
Current assets: %
Cash and cash
equivalents Ps 1,449 Ps 2,481 US$129 US$ 221 US$ 92
Accounts receivable 5,117 5,615 456 500 44
Other current assets 965 1,133 86 101 15
Total current assets 7,531 9,229 670 822 151 23%
Accounts receivable
from Unefon2,089 1,798 186 160 (26)
Property, plant and
equipment-Net 2,320 2,185 207 195 (12)
Television
concessions-Net 3,890 3,852 346 343 (3)
Invesment in Unefon 1,826 -- 163 -- (163)
Invesment in Todito 333 215 30 19 (11)
Investment in Azteca
America 1,200 1,451 107 129 22
Exhibition rights 1,4341,192 128 106 (22)
Other assets 861 679 77 60 (16)
Goodwill -Net 667 591 59 53 (7)
Total long term assets 14,989 11,963 1,334 1,065 (269) -20%
Total assets Ps 22,520 Ps 21,192 US$ 2,005 US$ 1,887 US$(118) -6%
Current liabilities:
Short-term debt Ps 455 Ps 779 US$ 41 US$ 69 US$ 29
Guaranteed senior notes 1,404 125 125
Other current
liabilities 1,580 1,580 141 141 --
Total current
liabilities 2,035 3,763 181 335 154 85%
Long-term liabilities
Guaranteed senior notes 4,593 3,370 409 300 (109)
Bank loans 61 619 5 55 50
Subtotal debt 4,654 3,989 414 355 (59)
Exhibition rights
payable 256 120 23 11 (12)
American Tower
Corporation (due 2069) 1,294 1,345 115 120 5
Advertising advances 4,623 4,903 412 437 25 6%
Unefon advertising
advance 2,253 2,075 201 185 (16)
Todito advances 524 320 47 28 (18)
Deferred income tax
payable 27 78 2 7 5
Total long-term
liabilities 13,631 12,830 1,214 1,142 (71) -6%
Total liabilities 15,666 16,593 1,395 1,477 83 6%
Total stockholders'
equity 6,854 4,599 610 409 (201)-33%
Total liabilities
and equity Ps 22,520 Ps 21,192 US$ 2,005 US$ 1,887 US$(118) %6%
End of period
exchange rate Ps 10.40 Ps 11.23
* Mexican GAAP.
** The U.S. dollar figures represent Mexican peso amounts as of December
31, 2003, expressed as of December 31, 2003 purchasing power,
translated at the exchange rate of Ps. 11.23 per U.S. dollar.
TV AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS*
(Millions of Mexican pesos of December 31, 2003 purchasing power)
At December 31, 2003
TV Azteca Unefon Holdings TV Azteca
Before split off Post split off
Current assets:
Cash and cash equivalents Ps 2,481 Ps 2,481
Accounts receivable 5,615 5,615
Other current assets 1,133 1,133
Total currentassets 9,229 -- 9,229
Accounts receivable from Unefon 1,798 1,798
Property, plant and equipment-Net 2,185 2,185
Television concessions-Net 3,8523,852
Invesment in Unefon 513 Ps 513 --
Invesment in Cosmofrecuencias 116 116 --
Invesment in Todito 215 215
Investment in Azteca America 1,451 1,451
Exhibition rights 1,192 1,192
Other assets 679 679
Goodwill -Net 591 591
Total long term assets 12,592 629 11,963
Total assets Ps 21,821 Ps 629 Ps 21,192
Current liabilities:
Short-term debt Ps 779 Ps 779
Guaranteed senior notes 1,404 1,404
Other current liabilities 1,580 1,580
Total current liabilities 3,763 -- 3,763
Long-term liabilities
Guaranteed senior notes 3,370 3,370
Bank loans 619 619
Subtotal debt 3,989 3,989
Exhibition rights payable 120 120
American Tower Corporation
(due 2069) 1,345 1,345
Advertising advances 4,903 4,903
Unefon advertising advance 2,075 2,075
Todito advances 320 320
Deferred income tax payable 78 78
Total long-term liabilities 12,830 12,830
Total liabilities 16,593 -- 16,593
Total stockholders' equity 5,228 Ps 629 4,599
Total liabilities and equity Ps 21,821 Ps 629 Ps 21,192
End of period exchange rate Ps 11.23
--
* Mexican GAAP.
TV AZTECA, S.A. DE C.V. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN FINANCIAL POSITION
Millions of Mexican pesos of December 31, 2003 purchasing power
Year ended December 31,
Operations: 2002 2003
Net income Ps 1,023 Ps 1,577
Charges (credits) to results of operation not
affecting resources:
Amortization of goodwill 44 39
Depreciation 357 330
Equity in loss of affiliates 116 48
Deferred income tax 27 132
Gain on sale of subsidiaries (2)
Net change in accounts receivable,
inventories, exhibition rights, related parties,
accounts payable and accrued expenses (124) (575)
Unefon advertising advances (95) (178)
Todito advertising, programming, and services advances (219) (205)
Advertising advances (201) 280
Resources provided by operations 928 1,446
Investment:
Acquisition ofproperty, machinery and equipment -Net (250) (172)
Split off of investments in Unefon and Cosmofrecuencias 2,194
Advance payments to Pappas Telecasting
Companies, through Azteca America (474)
Reimbursement of premium on issuance
of capital stock of Todito 34
Minority interest 1 (10)
Resources (used in) provided by investing activities (723) 2,046
Financing:
Guaranteed senior notes 315 180
Bank loans -Net (348) 934
Loan granted to related party (207)
Stock optionsexercised 25 29
Preferred dividend paid (42) (37)
Repurchase of shares (177) -
Sale of treasury shares 142 100
Capital stock decrease - (1,442)
Changes resulting from the split off of
investments in Unefon and Cosmofrecuencias (2,124)
Financial instruments (180) (100)
Resources used in financing activities (472) (2,460)
(Decrease) increase in cash and cash equivalents (267) 1,032
Cash and cash equivalents at beginning of period 1,716 1,449
Cash and cash equivalents at end of period Ps 1,449 Ps 2,481
DATASOURCE: TV Azteca, S.A. de C.V.
CONTACT: Investor Relations: Bruno Rangel, +5255-3099-9167,
, or Omar Avila, +5255-3099-0041,
; or Media Relations: Tristan Canales, +5255-3099-5786,
, or Daniel McCosh, +5255 3099 0059,
, all of TV Azteca, S.A. de C.V.
Web site: http://www.tvazteca.com.mx/