Entercom Reports 3Q Revenue Up 15 Percent

Entercom Communications Corp. Thursday reported financial results for the quarter ended September 30, 2015.

Third Quarter Highlights:

• Net revenues for the quarter increased 15% to $114.7 million
• Station expenses increased 17% to $80.9 million
• Station operating income increased 10% to $33.8 million
• Adjusted EBITDA increased 15% to $28.0 million
• Adjusted net income per share increased 25% to $0.25
• Free cash flow increased 40% to $18.3 million

Effective with the July 16 announced transactions, operating results for the quarter include the impact of newly acquired Lincoln Financial Media stations and the Los Angeles station Entercom operates under a time brokerage agreement and do not include the impact of stations exchanged with Bonneville.

David J. Field, President and Chief Executive Officer, stated: “I am pleased to report an outstanding quarter for Entercom driven by strong organic revenue growth across our station group and the seamless integration of our new acquisitions in Los Angeles, Atlanta, Miami, San Diego and Denver.

David Field

"While we are delighted with our progress and opportunities at the new stations, we are particularly pleased by our strong market share gains in the rest of our markets which enabled us to post approximately 3% same-station revenue growth for the quarter, and just over 4% growth when excluding the impact of political advertising.  We also achieved strong double-digit growth in Free Cash Flow and Adjusted Net Income Per Share and believe we are very well positioned for continued strong performance in 2016 and beyond.”

On July 16, the Company completed its acquisition of Lincoln Financial Media Corporation and commenced a station exchange with Bonneville International Corporation in which the Company exchanged four stations in Denver for KSWD-FM (The Sound) in Los Angeles and $5 million in additional cash consideration. The Company began operating The Sound under a time brokerage agreement on July 17. As a result, Entercom expanded its footprint to four new top 20 markets: Atlanta, Miami, Los Angeles and San Diego.