Entercom Reports Revenue Increased 5%

Entercom Communications Monday reported financial results for the quarter ended September 30, 2016 and announced a quarterly dividend payable December 15, 2016.

Third Quarter Highlights

• Net revenues for the quarter increased 5% to $120.5 million
• Station expenses increased 2% to $82.5 million
• Station operating income increased 12% to $37.9 million
• Adjusted EBITDA increased 8% to $30.4 million
• Adjusted net income per share increased 8% to $0.27

David J. Field, President and Chief Executive Officer, stated: “David J. Field, President and Chief Executive Officer, stated: “Entercom delivered another solid quarter of organic top line and bottom line growth, demonstrating the strength of our great local brands and our outstanding team.  We are also very pleased to have just completed a highly successful refinancing that will lower our annual interest expense by more than $10 million and to have announced a terrific, value-creating acquisition of four stations in Charlotte. We are excited by the opportunities ahead as we look to finish the year on a strong note and get off to a great start in 2017.”

Additional Information

David Field

The Company’s Board of Directors has declared a dividend of $0.075 per share which will be payable on December 15, 2016 to shareholders of record as of the close of business on November 28, 2016.

In November, the Company entered into a new $540 million credit facility, including a $60 million revolver and $480 million term loan. The proceeds of the refinancing were used to repay the Company’s prior credit facility and to call its $220 million of outstanding 10.5% Senior Notes

effective December 1. The new financing will generate approximately $10 million in annual pro forma interest expense savings as the Company’s 10.5% high yield bonds are replaced by lower cost senior secured debt. The new revolver matures in November 2021 and the term loan matures in November 2023.

In October, the Company announced the acquisition of four stations in Charlotte, NC from Beasley Broadcast Group, Inc. for $24 million in cash. The transaction adds strong local brands The Fan (WFNZ-AM), The Link (WLNK-FM) and news/talk leader WBT AM/FM to Entercom’s station group. The Company began operating WLNK-FM and WBT AM/FM under a time brokerage agreement (“TBA”) starting November 1 and will begin operating WFNZ-AM under a TBA on January 1, 2017 if the acquisition has not already closed. The transaction is expected to close in either late fourth quarter or early in the first quarter of 2017 following regulatory approvals.