Entercom Reports Slight Uptick In Revenue

Entercom Communications Corp.today reported financial results for the quarter ended September 30, 2017.

Highlights

• Net revenues increased 1% to $122.3 million, compared to $121.6 million in the third quarter of 2016
• Operating income was $13.5 million, after $8.8 million of merger and acquisition costs, compared to $25.7 million in the third quarter of 2016
• Net income per diluted share was $0.09, compared to net income per diluted share of $0.28 in the third quarter of 2016
• Same station net revenues decreased by 1% excluding political
• Adjusted EBITDA decreased 12% to $26.7 million
• Announced settlement with U.S. Department of Justice, clears path for merger with CBS Radio
• Increased dividend by 20% to $0.36 per share on an annualized basis
• $100 million share repurchase program authorization, with $30 million expected to be repurchased by the end of 2018

David J. Field, President and Chief Executive Officer, stated: “These are exciting times at Entercom as we count down the days before closing our game changing merger with CBS Radio.  Entercom will be one of the radio industry’s two largest companies with an extraordinary lineup of highly rated, award winning radio stations, digital platforms and live events and a robust set of meaningful scale-driven value-creation opportunities.  We are looking forward to deploying our extensive plans to drive growth in the business through a significant series of enhancements and investments across the organization.”

On November 1, the Company announced a settlement with the Antitrust Division of the U.S. Department of Justice that will allow it to move forward with its proposed merger with CBS Radio. Entercom now expects the transaction to close as early as November 17, pending approval from the Federal Communications Commission.