Entercom Second Quarter Revenues Up Slightly, Pacings 'Accelerated Since May'
August 6, 2015 at 6:47 AM (PT)
ENTERCOM COMMUNICATIONS CORP. second quarter 2015 net revenues for the quarter increased slightly to $100.6 million, with adjusted EBITDA down 5% to $25.6 million, net income down from $8.137 million to $6.747 million, adjusted net income down from $8.832 million to $8.325 million, adjusted net income per share down 9% to $0.21, and free cash flow was $14.2 million
Pres./CEO DAVID J. FIELD said, “This has been an active and highly productive time for ENTERCOM on a number of fronts. We are highly enthusiastic about our new acquisitions which offer significant upside potential and we are also excited about a number of other emerging, proprietary opportunities for growth and value creation. Second quarter revenues were up fractionally led by 4% growth in our local revenues as we gained significant share in a fairly lackluster ad market. Looking ahead, pacings have accelerated since MAY and we are increasingly optimistic about core business trends for the second half of 2015.”
The company closed on its acquisition of the LINCOLN FINANCIAL MEDIA stations in JULY and the swap of four DENVER stations to BONNEVILLE in exchange for Classic Rock KSWD (100.3 THE SOUND)/LOS ANGELES is expected to close in fourth quarter.