Entercom Reports 1Q 2015 Revenue Was Flat

Entercom Communications Corp. today reported financial results for the quarter ended March 31, 2015.

First Quarter Highlights

• Net revenues for the quarter were flat at $78.4 million
• Station expenses increased 2% to $59.2 million
• Station operating income decreased 6% to $19.2 million
• Adjusted EBITDA decreased 8% to $13.9 million
• Adjusted net income per share decreased to $0.04
• Free cash flow decreased to $3.4 million

David J. Field, President and Chief Executive Officer, stated: “Entercom’s first quarter revenues were up slightly over the prior year as significant market share gains were offset by sluggish advertising
conditions. We are very much looking forward to completing our acquisition of Lincoln Financial Media and adding its terrific new markets and brands to our lineup. In the meantime, we are complying with the Department of Justice’s review of this transaction which would provide us with a second-place position with a 32% pro-forma share of the Denver radio market.”

The Company reduced its outstanding debt by $15.7 million (net of cash) during the quarter. As of March 31, 2015 the Company had $479.3 million of senior debt and senior notes and $46.6 million in cash.