Entercom Q4 Reports 16 Percent Revenue Increase

Entercom Communications Corp. Thursday reported financial results for the quarter ended December 31, 2015.

Fourth Quarter Highlights

• Net revenues for the quarter increased 16% to $117.7 million
• Station expenses increased 21% to $76.7 million
• Station operating income increased 7% to $41.0 million
• Adjusted EBITDA increased 7% to $35.2 million
• Adjusted net income per share increased 3% to $0.35
• Free cash flow increased 9% to $25.5 million

Full Year Highlights

• Net revenues for the year increased 8% to $411.4 million
• Station expenses increased 11% to $286.5 million
• Station operating income increased 3% to $124.9 million
• Adjusted EBITDA increased 3% to $102.7 million
• Adjusted net income per share increased 6% to $0.87
• Free cash flow increased 9% to $61.4 million

Fourth quarter and full year operating results include the impact of the transaction with Lincoln Financial Media and the station exchange with Bonneville International Corporation which started in July.

David J. Field, President and Chief Executive Officer, stated: “I am pleased to report that Entercom’s performance continued to accelerate into fourth quarter capping a very successful 2015 for the Company. Fourth quarter same-station revenues increased by 5%, excluding political advertising. This marked the second straight quarter of mid-single digit organic growth. We are very well positioned for success in 2016 with an expanded market footprint, strong station ratings growth, and enhanced digital and customer marketing capabilities. Our pacings look strong and we are optimistic about our potential to deliver excellent results for our shareholders in 2016 and the years ahead.”