Entercom Earnings: 1Q Revenue Jumps 6 Percent

Entercom Communications Corp. today reported financial results for the quarter ended March 31, 2016.

First Quarter Highlights

• Net revenues for the quarter increased 23% to $96.1 million
• Station expenses increased 21% to $71.5 million
• Station operating income increased 28% to $24.6 million
• Adjusted EBITDA increased 32% to $18.3 million
• Adjusted net income per share increased 125% to $0.09
• Free cash flow more than doubled to $8.1 million
• Leverage declined to 4.0x, down from 4.4x at 2015 year end
• First quarter operating results include the impact of the transaction with Lincoln Financial Media and the station exchange with Bonneville International Corporation which started in July 2015.

David Fields

The Company also announced today that its Board of Directors approved the initiation of a regular quarterly cash dividend program and declared a dividend of $0.075 per share. The dividend will be payable on June 15, 2016 to shareholders of record as of the close of business on May 25, 2016.

David J. Field, President and Chief Executive Officer, stated: “I am very pleased to report that the Entercom team delivered an outstanding first quarter, growing revenues by 6% on a same-station basis.  Adjusted earnings per share and free cash flow both more than doubled and we continue to enhance our strong balance sheet.  Our performance is being driven by many factors, most notably our strategic focus on strong local brands and personalities, and our enhanced sales execution and capabilities.  I am also delighted to announce today that Entercom is initiating a quarterly cash dividend of 7 1/2 cents per share, commencing in June. Looking ahead, we feel good about our growth prospects and believe we are well-positioned for continued success.”