Fourth Quarter Highlights
- Net revenues for the quarter increased 2% to $101.5 million
- Station expenses increased 3% to $63.3 million
- Station operating income was flat at $38.2 million
- Adjusted EBITDA increased 1% to $33.0 million
- Adjusted net income per share increased 3% to $0.32
- Free cash flow increased 4% to $23.4 million
- Net revenues for the year increased 1% to $379.8 million
- Station expenses increased 3% to $258.3 million
- Station operating income decreased 3% to $121.5 million
- Adjusted EBITDA decreased 5% to $99.3 million
- Adjusted net income per share was flat at $0.79
- Free cash flow decreased 7% to $56.1 million
On his earnings call with financial analysts, Field touted Entercom's new SmartReach Digital division, a full scale digital agency in Denver and the launching of dedicated sales operations in 12 markets during the spring and summer months. "Revenues are growing significantly in percentage terms, but from a small base in its early stage whilst we do to the long lead times in the business."
"We are excited about where this business is going in 2015 and beyond."
He also cited the acquisition of Lincoln Financial Group’s Radio Division for $105 million. "Lincoln is a great fit as it enables us to enter three new top 20 markets Miami, Atlanta and San Diego plus Denver where we already operate. The transaction fulfils our disciplined acquisition criteria as it enhances our competitive position and growth potential and should be accretive to shareholders in its first year of operations while having a minimal impact on leverage."