Entercom Q3 Net Revenes Fall 4%
November 5, 2013 at 2:31 PM (PT)
ENTERCOM reported a 4% drop in Net revenues for Q3 2013 to $98.4 million. Station expenses increased 5% to $66.9 million due to a large prior year expense credit; station operating income decreased 19% to $31.5 million. Adjusted EBITDA decreased 22% to $26.2 million; adjusted net income per share decreased 26% to $0.20; and free cash flow decreased 26% to $15.1 million.
"Sales execution issues hindered our third quarter performance causing a 4% decline in revenues," ENTERCOM Pres./CEO DAVID FIELD stated. " We are steadily putting these issues behind us and working to capitalize on our excellent competitive position featuring highly-rated brands and strong customer marketing capabilities. Core pacings for the fourth quarter have improved significantly over the past couple months and we are well positioned for solid top line and free cash flow performance in 2014."