Tuesday, August 6, 2013

Entercom Sez 2Q Revenue Is Down 3 Percent

Entercom Communications Corp. Monday reported financial results for the quarter ended June 30, 2013.

Second Quarter Highlights
  • Net revenues for the quarter decreased 3% to $101.2 million
  • Station expenses decreased 3% to $65.7 million
  • Station operating income decreased 4% to $35.5 million
  • Adjusted EBITDA decreased 4% to $30.7 million
  • Adjusted net income per share increased 8% to $0.26
  • Free cash flow decreased 2% to $18.9 million

David J. Field, President and Chief Executive Officer stated: “Strong expense management and reduced interest expense enabled Entercom to grow Adjusted Earnings per Share despite a decline in Revenues  for the quarter. Notwithstanding our disappointing Revenues, we believe that we are well positioned to accelerate our performance later in the year based on our excellent ratings and our strong competitive position that has been further bolstered by a number of recent operational and strategic enhancements.

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