Entercom Reports Revenues, Operating Income Up In Q3
October 26, 2012 at 5:20 AM (PT)
ENTERCOM COMMUNICATIONS has reported financial results for the quarter ended SEPTEMBER 30th, 2012.
* Net revenues for the quarter increased 2% to $102.3 million
* Station expenses decreased 9% to $63.6 million
* Station operating income increased 25% to $38.7 million
* Adjusted EBITDA increased 26% to $33.5 million
* Adjusted net income per share decreased 7% to $0.27
* Free cash flow was flat at $20.6 million
Pres./CEO DAVID J. FIELD stated, "I am pleased to report that ENTERCOM posted strong growth in Station Operating Income and EBITDA during the third quarter. Our focus on business model reinvention continued to reflect favorably on our operating expenses, which also benefited from the recent industry-wide settlement with BMI. The brands we reformatted in 2011 are now starting to contribute to growth and we made a number of operational moves during the quarter which will strengthen our competitive position and enhance our future growth prospects. Fourth-quarter pacings look solid and we expect another quarter of solid growth in EBITDA."