Entercom Communications Corp. Tuesday reported
financial results for the quarter ended September 30, 2013.
Third Quarter Highlights
- Net revenues for the quarter decreased 4% to $98.4 million
- Station expenses increased 5% to $66.9 million due to a large prior year expense credit
- Station operating income decreased 19% to $31.5 million
- Adjusted EBITDA decreased 22% to $26.2 million
- Adjusted net income per share decreased 26% to $0.20
- Free cash flow decreased 26% to $15.1 million
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| David Field |
David J. Field, President and Chief Executive Officer,
stated: "Sales execution issues hindered our third quarter performance
causing a 4% decline in revenues. We are steadily putting these issues behind
us and working to capitalize on our excellent competitive position featuring
highly-rated brands and strong customer marketing capabilities. Core pacings
for the fourth quarter have improved significantly over the past couple months
and we are well positioned for solid top line and free cash flow performance in
2014."
Station operating expenses increased 5% during the quarter
as the prior year results included a $2.0 million non-recurring expense credit
from radio industry's music licensing settlement with Broadcast Music, Inc.
The Company reduced its outstanding net senior debt and
senior notes by $20 million during the quarter. As of September 30, 2013, the
Company had $6.6 million in cash and $525.6 million of senior debt and senior
notes.
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