Entercom Q4 Revenues Up 2%
February 19, 2015 at 5:13 PM (PT)
ENTERCOM COMMUNICATIONS CORP. fourth-quarter net revenues rose 2% to $101.5 million, with adjusted EBITDA up 1% to $33 million, net income rising from $9.5 million to $10.85 million, and adjusted net income up from $11.8 million to $12.6 million (per share up 3% to $0.32). The company also reduced its outstanding debt by $17.4 million, net of cash, during the quarter
Pres./CEO DAVID FIELD said, “After finishing 2014 with modest gains in net revenues, adjusted net income and free cash flow, ENTERCOM is looking forward to a promising year of opportunity in 2015. Our recently announced LINCOLN FINANCIAL MEDIA acquisition will add a number of terrific new markets and brands to our lineup and should be accretive to shareholders with no material impact on our solid balance sheet. And we are well-positioned to capitalize on a number of other significant growth opportunities throughout the organization.”
On the conference call, FIELD said that pro forma revenues were up 3.5% excluding BOSTON RED SOX baseball, which had booster overall numbers in 2013 with the team's championship run; BUFFALO, INDIANAPOLIS, KANSAS CITY and SACRAMENTO were the strongest performers for the quarter. He also said that the Justice Department's probe of his company's deal to buy LINCOLN FINANCIAL MEDIA's stations, focusing on the divestiture of Sports KKFN (104.3 THE FAN), has resulted in a request for more information; he noted that after the proposed spinoff, ENTERCOM's share of revenue in the market, 32%, would still train iHEARTMEDIA's over 40% share.