Entercom 4Q Net Revenue Increases, '19 Off To Good Start

Entercom Communications Corp. today reported financial results for the quarter ended December 31, 2018.

• Net revenues for the quarter were $411.4 million, compared to $246.6 million in the fourth quarter of 2017. On a same-station basis, net revenues for the quarter increased 4% to $411.4 million compared to $395.1 million in the fourth quarter of 2017
• Total operating expense for the quarter was $789.0 million, including a non-cash impairment charge of $465 million ($423 million net of taxes), compared to $248.9 million in the fourth quarter of 2017
• Total same-station cash expense for the quarter was $300.2 million, a decrease of 2% compared to $307.6 million in the fourth quarter of 2017
• Net (loss) income per diluted share for the quarter was ($2.80), including the non-cash impairment charge of ($3.07) per diluted share, compared to $2.62 in the fourth quarter of 2017 
• Pro Forma Adjusted EBITDA for the quarter was $111.1 million, up 27% compared to $87.5 million in the fourth quarter of 2017

David Field

David J. Field, President and Chief Executive Officer, stated: “I am pleased to report that Entercom delivered strong organic revenue and EBITDA growth in Q4 as our performance continues to accelerate across the organization and we gain traction on our various scale-driven growth initiatives.

"2018 was a year of transformational enhancements on many fronts and we begin 2019 as a much stronger organization than we were a year ago. We are making excellent progress across our strategic focus areas, including Radio.com which is now the fastest growing digital audio app in the US, Entercom Analytics which has grown to exceed 5,000 connected customers and the Entercom Audio Network which is gaining significant momentum. 2019 is off to a good start with solid pacing growth in the first and second quarters and we are excited about the year ahead.”

In February, the Company announced a definitive agreement to acquire Country WNSH NASH FM 94.7 in New York City, and two stations in Springfield, MA from Cumulus Media Inc. in exchange for Entercom’s three-station cluster in Indianapolis. Entercom and Cumulus will begin programming the respective stations being acquired under Local Marketing Agreements on Friday, March 1, 2019. The exchange transaction is expected to close in the second quarter of 2019.