Entercom Q2 Net Revenues Down 3%
August 5, 2013 at 3:31 PM (PT)
ENTERCOM reported Q2 2013 Net revenues of $101.2 million, a decrease of 3% from 2012 Station expenses decreased 3% to $65.7 million; station operating income decreased 4% to $35.5 million; adjusted EBITDA decreased 4% to $30.7 million, but adjusted net income per share increased 8% to $0.26
"Strong expense management and reduced interest expense enabled ENTERCOM to grow Adjusted Earnings per Share despite a decline in Revenues for the quarter," Pres./CEO DAVID J. FIELD stated. "Notwithstanding our disappointing Revenues, we believe that we are well positioned to accelerate our performance later in the year based on our excellent ratings and our strong competitive position that has been further bolstered by a number of recent operational and strategic enhancements."