Entercom Revenues Down 3% In Q1
May 10, 2012 at 6:40 AM (PT)
ENTERCOM COMMUNICATIONS has reported financial results for the quarter ended MARCH 31, 2012.
First Quarter Highlights
* Net revenues for the quarter decreased 3% to $80.0 million
* Station expenses decreased 4% to $59.6 million
* Station operating income decreased 1% to $20.4 million
* Adjusted EBITDA was flat at $15.1 million
Pres./CEO DAVID J. FIELD said, "ENTERCOM's first quarter adjusted EBITDA was flat versus the prior year as operating expenses declined 4%, offsetting the dilutive impact of our extensive 2011 station reformatting on Q1 revenue. We expect these reformatted brands to have a small positive impact on second quarter revenues, with further sequential progress during the second half of the year. Our brand launches and ongoing listener and advertiser related innovation have strengthened our competitive position and enhanced our future growth prospects."