Entercom Q4 Revenues Up 7%, 2012 Up 2%
February 11, 2013 at 10:02 AM (PT)
ENTERCOM reported a strong Q4, as net revenues increased 7% to $102.1 million, helping finalize 2012 with a net increase of 2%, to $388.9 million. Other good news from Q4 include station operating income rising 16% to $40.4 million; adjusted EBITDA increasing 17% to $35.3 million; adjusted net income per share rising 7% to $0.31; and free cash flow increasing 6% to $22.0 million.
"ENTERCOM finished 2012 with a solid fourth quarter as Revenues grew by 7% and Adjusted EBITDA increased by 17%," Pres./CEO DAVID J. FIELD stated. "For the year, prudent cost management drove expenses down by 4% and enabled a 15% increase in Adjusted EBITDA on 2% Revenue growth. We enter 2013 with a strong balance sheet, an outstanding lineup of great brands and content, and a powerful array of emerging digital platforms. We are also highly enthused by a number of positive industry developments over the past few months which bolster the industry's future prospects. Industry research continues to show robust radio listening levels and strong advertiser effectiveness, while recent announcements by Sprint, Nielsen and others reaffirm radio's importance in today's media landscape."
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