Entercom Q2 Revenues, Income Fall
August 2, 2006 at 3:16 PM (PT)
ENTERCOM second quarter revenues dropped 3% to $116.5 million (same station off 4%), with same station operating income down 8% to $50.4 million and net income per share off from 53 to 43 cents.
"The second quarter was a challenging quarter as business conditions remained sluggish for traditional media," said Pres./CEO DAVID FIELD in a press release. "Looking forward, we are encouraged by our outstanding SPRING ratings results, improving business conditions in BOSTON and NEW LEANS, and the substantial growth potential of our expanding business development and internet initiatives. Our significant recent investments in new brands and content have enhanced our competitive position in several markets and enhanced our revenue and cash flow potential."
The second quarter was a challenging quarter ...
The company's guidance for third quarter is for same station net revenies to fall by low-single-digits with station operating expenses to rise less than 1%.