Wednesday, November 6, 2013

Entercom Reports 4 Percent Drop In 3Q Revenue

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

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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