Last night, Spanish-language media giant Univision Communications (NYSE:UVN) reported third-quarter revenue up 19% on a 108% jump in net income. As impressive as those numbers are, the future of Spanish-language media in the U.S. looks even more promising.

The nation's Hispanic community of 38.8 million people, the largest minority in the U.S., grew 67.5% between 1990 and 2002. If this trend persists, one in five U.S. residents will be Hispanic by 2012.

And Univision dominates Spanish-language media in the U.S. The company has the #1 TV network, radio network, and website. More importantly, while U.S. English-language networks are losing share, Spanish-language networks are growing.

Univision's three TV properties are extremely strong. Although General Electric (NYSE:GE) purchased #2 TV network Telemundo in 2002, recent results show GE is not stealing market share. In fact, Univison's new TeleFutura Network, aimed at young Hispanics, is #2 in key demographics in large markets like LA and Houston.

If there's a concern, it's that Univision does have some debt, as reflected by a debt-to-equity ratio of 0.84. And at today's prices, the stock trades at an astonishing 64 times the company's full-year 2003 guidance of $0.54.

At the same time, Univision has made major capital investments to grow its business, and capital risks, like TeleFutura, are quickly morphing into cash generators. Moreover, while sales may continue to grow at double-digit rates, earnings should grow at even higher double-digits.

Indeed, for long-term investors wanting to capitalize on the growing Hispanic market, Univision is probably worth the high price.

If you would like to discuss Univision -- either with W.D. or with other Fools -- head over to our Univision discussion board. For a 30-day free trial click here . Speaking of W.D., having grown up in Southern California, he should have seen the future and invested in Spanish media early. You can e-mail him at wdcrotty@yahoo.com .