/C O R R E C T I O N - Grupo Radio Centro, S.A.B. de C.V./

/C O R R E C T I O N - Grupo Radio Centro, S.A.B. de C.V./

In the news release Grupo Radio Centro (NYSE: RC, BMV: RCENTRO-A) Reports Results for Third Quarter and First Nine Months of 2009, issued earlier today by Grupo Radio Centro, S.A.B. de C.V. over PR Newswire, we are advised by the company that the 20th paragraph, second sentence, should read "(i) interest expense related to the Company's" rather than "(i) a 175.2% increase in interest expense related to the Company's" as originally issued inadvertently. Complete, corrected release follows:

MEXICO CITY, Oct. 26 /PRNewswire-FirstCall/ -- Grupo Radio Centro, S.A.B. de C.V. (NYSE:RC) (NYSE:BMV:) (NYSE:RCENTRO-A) (the "Company"), one of Mexico's leading radio broadcasting companies, announced today its results of operations for the third quarter and nine months ended September 30, 2009. All figures were prepared in accordance with the Mexican Financial Reporting Standards ("MFRS") issued by the Mexican Board for Research and Development of Financial Information Standards.

Third Quarter Results

Broadcasting revenue for the third quarter of 2009 was Ps. 191,215,000, 5.3% lower than the Ps. 201,892,000 reported for the third quarter of 2008. This decline was mainly attributable to lower advertising expenditures by the Company's clients in Mexico during the third quarter of 2009 compared to the same period of 2008, as a result of a weakening of the Mexican economy. The decline in advertising expenditures by Mexican clients was partially offset by broadcasting revenue from the Los Angeles radio station, KXOS-FM. In April 2009, the Company began to sell advertising time on KXOS-FM pursuant to a local marketing agreement with Emmis Communications Corporations (the "LMA").

The Company's broadcasting expenses (excluding depreciation, amortization and corporate, general and administrative expenses) for the third quarter of 2009 were Ps. 178,278,000, 55.5% higher than the Ps. 114,671,000 reported for the third quarter of 2008. This increase was primarily due to (i) broadcasting expenses incurred in connection with KXOS-FM, and (ii) the reclassification in the third quarter of 2009 of certain amounts paid under the LMA as broadcasting expenses (which had been classified in the second quarter of 2009 as other expenses).

For the third quarter of 2009, the Company reported broadcasting income (i.e., broadcasting revenue minus broadcasting expenses, excluding depreciation, amortization and corporate, general and administrative expenses) of Ps. 12,937,000, 85.2% lower than the Ps. 87,221,000 reported for the third quarter of 2008. This decrease in broadcasting income was mainly attributable to the decrease in broadcasting revenue and the increase in broadcasting expenses, as described above.

Depreciation and amortization expenses for the third quarter of 2009 were Ps. 6,404,000, 20.4% lower than the Ps. 8,044,000 reported for the third quarter of 2008, as a result of a reduction in the amount of the Company's depreciable assets.

The Company's corporate, general and administrative expenses for the third quarter of 2009 were Ps. 2,808,000, a slight increase compared to Ps. 2,700,000 reported for the third quarter of 2008.

The Company reported operating income of Ps. 3,725,000 for the third quarter of 2009, 95.1% lower than the Ps. 76,477,000 reported for the third quarter of 2008. This decrease was due to lower broadcasting revenue and higher broadcasting expenses during the third quarter of 2009 compared to the third quarter of 2008, as described above.

During the third quarter of 2009, other income, net, was Ps. 944,000, compared to other expenses, net, of Ps. 14,896,000 reported for the third quarter of 2008. This variation was mainly attributable to the reclassification of certain amounts paid under the LMA from other expenses to broadcasting expenses, as described above.

The Company's comprehensive financing cost for the third quarter of 2009 was Ps. 861,000, 36.0% lower than the Ps. 1,346,000 reported for the third quarter of 2008. This decline was mainly attributable to a gain of Ps. 5,193,000 on net foreign currency exchange due to the appreciation of the peso against the U.S. dollar in the third quarter of 2009. The decline in comprehensive financing cost was partially offset by interest expense paid in connection with the Company's loan from Banco Inbursa to fund amounts payable under the LMA.

For the third quarter of 2009, the Company recorded income before taxes of Ps. 3,808,000, compared to Ps. 60,235,000 reported for the third quarter of 2008, primarily as a result of higher broadcasting expenses during the third quarter of 2009, as described above.

The Company recorded income taxes of Ps. 11,027,000 in the third quarter of 2009, 36.7% lower than the Ps. 17,413,000 recorded in the third quarter of 2008. This decline was due to lower taxable income in the third quarter of 2009 compared to the same period of 2008.

As a result of the foregoing, the Company recorded a net loss for the third quarter of 2009 of Ps. 7,219,000, compared to net income of Ps. 42,822,000 in the third quarter of 2008.

Nine-Month Results

For the nine months ended September 30, 2009, broadcasting revenue was Ps. 524,996,000, 4.2% higher than the Ps. 503,763,000 reported for the same period of 2008. The increase in broadcasting revenue was mainly attributable to higher advertising expenditures by the Company's clients during the first nine months of 2009 compared to the same period in 2008 and to revenues from Los Angeles radio station, KXOS-FM, on which the Company began selling advertising time in April 2009.

The Company's broadcasting expenses (excluding depreciation, amortization and corporate, general and administrative expenses) for the first nine months of 2009 were Ps. 422,128,000, 28.9% higher than the Ps. 327,508,000 reported for the same period of 2008. This increase was primarily due to (i) broadcasting expenses incurred in connection with the KXOS-FM, beginning in April 2009; (ii) the reclassification, in the third quarter of 2009, of certain amounts paid under the LMA as broadcasting expenses; and (iii) higher sales commissions as a result of the increase in broadcasting revenue during 2009.

Broadcasting income (i.e., broadcasting revenue minus broadcasting expenses, excluding depreciation, amortization and corporate, general and administrative expenses) for the first nine months of 2009 was Ps. 102,868,000, 41.6% lower than the Ps. 176,255,000 reported for the same period of 2008. This decrease was mainly attributable to the increase in broadcasting expenses, as described above.

Depreciation and amortization expenses for the first nine months of 2009 were Ps. 19,558,000, 17.7% lower than the Ps. 23,776,000 reported for the same period of 2008, as a result of a reduction in the amount of the Company's depreciable assets.

The Company's corporate, general and administrative expenses for the first nine months of 2009 were Ps. 10,365,000, slightly higher than the Ps. 10,000,000 reported for the same period of 2008.

As a result of the foregoing, the Company recorded operating income of Ps. 72,945,000 for the first nine months of 2009, 48.8% lower than the Ps. 142,479,000 reported for the same period of 2008.

Other expenses, net, for the first nine months of 2009 were

Ps. 45,800,000, 16.4% higher than the Ps. 39,341,000 reported for the same period of 2008. This increase was mainly attributable to higher legal expenses incurred in connection with the LMA.

The Company's comprehensive financing cost for the first nine months of 2009 was Ps. 26,643,000, compared to Ps. 5,853,000 reported for the same period of 2008. This change was mainly due to (i) interest expense related to the Company's loan from Banco Inbursa, S.A. and (ii) higher foreign exchange loss, net, attributable to the depreciation of the peso against the U.S. dollar, which results in a decrease in the peso value of the Company's U.S. dollar denominated loan to a U.S. subsidiary.

For the first nine months of 2009, the Company recorded income before taxes of Ps. 502,000, compared to Ps. 97,285,000 reported for the same period of 2008, mainly due to the aforementioned increases in broadcasting expenses and comprehensive financing cost.

The Company recorded income taxes of Ps. 21,345,000 for the first nine months of 2009, compared to Ps. 28,213,000 reported for the same period of 2008, primarily due to lower taxable income.

As a result of the foregoing, the Company recorded a net loss of Ps. 20,843,000 for the first nine months of 2009, compared to net income of Ps. 69,072,000 reported for the same period of 2008.

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 UNAUDITED BALANCE SHEETS                     as of September 30, 2009 and 2008              (figures in thousands of  Mexican pesos ("Ps.")                      and U.S. dollars ("U.S. $") (1)                                                       September 30,                                                  2009             2008                                         U.S. $(1)       Ps.         Ps.              ASSETS   Current assets:     Cash and temporary investments          5,257      70,988     105,185    Accounts receivable:     Broadcasting, net                      16,487     222,642     182,716     Other                                   2,378      32,119       8,029                                            18,865     254,761     190,745    Prepaid expenses                          8,419     113,688      17,154   Deferred taxes                                5          72           0     Total current assets                   32,546     439,509     313,084    Property and equipment, net              34,517     466,107     462,108   Prepaid expenses                          3,792      51,208           0   Deferred charges, net                       275       3,717       5,249   Excess of cost over book value of net    assets of subsidiaries, net             61,378     828,863     828,863   Other assets                                247       3,340       3,325          Total assets                     132,755   1,792,744   1,612,629             LIABILITIES   Current:     Notes payable                           2,366      31,950           0     Advances from customers                 6,114      82,567      73,895     Suppliers and other accounts payable    5,385      72,725      72,276     Taxes payable                           2,314      31,242      24,267        Total current liabilities           16,179     218,484     170,438    Long-Term:     Notes payable                          11,108     150,000           0     Reserve for labor liabilities           4,785      64,614      61,377     Deferred taxes                              0           0       4,813    Total liabilities                       32,072     433,098     236,628            SHAREHOLDERS' EQUITY   Capital stock                            83,708   1,130,410   1,130,409   Cumulative earnings                      12,818     173,095     201,050   Reserve for repurchase of shares          3,246      43,837      43,840   Accumulated Effect by Conversion           (103)     (1,393)          0   Minority interest                         1,014      13,697         702        Total shareholders' equity         100,683   1,359,646   1,376,001            Total liabilities and             Shareholders' equity          132,755   1,792,744   1,612,629   

(1) Peso amounts have been translated into U.S. dollars, solely for the convenience of the reader, at the rate of Ps. 13.5042 per U.S. dollar, the rate on September 30, 2009.

                     GRUPO RADIO CENTRO, S.A.B. DE C.V.                CONSOLIDATED UNAUDITED STATEMENTS OF INCOME       for the three-month and nine-month periods ended September 30,                               2009 and 2008      (figures in thousands of Mexican pesos ("Ps.") and U.S. dollars            ("U.S. $")(1), except per Share and per ADS amounts)                                  3rd Quarter           Accumulated 9 months                                 2009        2008          2009         2008                           U.S.$(1)  Ps.      Ps.    U.S.$(1)   Ps.      Ps.    Broadcasting revenue    (2)                   14,160  191,215  201,892  38,876  524,996  503,763   Broadcasting expenses,    excluding depreciation,    amortization and    corporate, general    and administrative    expenses              13,202  178,278  114,671  31,259  422,128  327,508   Broadcasting income       958   12,937   87,221   7,617  102,868  176,255    Depreciation and    amortization             474    6,404    8,044   1,448   19,558   23,776   Corporate, general and    administrative    expenses                 208    2,808    2,700     768   10,365   10,000   Operating income          276    3,725   76,477   5,401   72,945  142,479    Other income    (expenses), net           70      944  (14,896) (3,392) (45,800) (39,341)    Comprehensive    financing cost:     Interest expense       (448)  (6,054)  (1,435) (1,243) (16,790)  (6,100)     Interest income (2)       0        0        0      14      195      262     Gain (loss) on      foreign currency      exchange, net          385    5,193       89    (744) (10,048)     (15)                             (63)    (861)  (1,346) (1,973) (26,643)  (5,853)    Income before income    taxes                    283    3,808   60,235      36      502   97,285      Income taxes            817   11,027   17,413   1,581   21,345   28,213   Net (loss) income        (534)  (7,219)  42,822  (1,545) (20,843)  69,072    Net (loss) income    applicable to:     Majority interest       713    9,619   42,812   1,130   15,277   69,047     Minority interest    (1,247) (16,838)      10  (2,675) (36,120)      25                            (534)  (7,219)  42,822  (1,545) (20,843)  69,072    Net income per Series    A Share (3)                                      0.033   0.4483   0.7036   Net income per ADS    (3)                                              0.297   4.0347   6.3324   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. 13.5042 per U.S. dollar, the rate on September 30, 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 third quarter of 2009 and 2008 was Ps. 1,051,000 and Ps. 2,169,000, respectively. Interest earned and treated as broadcasting revenue for the nine months ended September 30, 2009 and 2008 was Ps. 3,620,000 and Ps. 4,380,000, 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.

   IR Contacts   In Mexico:   Pedro Beltran / Alfredo Azpeitia   Grupo Radio Centro, S.A.B. de C.V.   Tel: (5255) 5728-4800 Ext. 7018   aazpeitia@grc.com.mx    In NY:   Maria Barona / Peter Majeski   i-advize Corporate Communications, Inc.   Tel: (212) 406-3690   grc@i-advize.com.mx  

PRNewswire -- Oct. 26

Source: Grupo Radio Centro, S.A.B. de C.V.

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Profile: International Entertainment