Entercom Sees Revenue, Income Growth In Third Quarter
November 5, 2015 at 2:40 PM (PT)
ENTERCOM COMMUNICATIONS CORP. third-quarter 2015 net revenues increased 15% to $114.7 million, reflecting the addition of Classic Rock KSWD (100.3 THE SOUND)/LOS ANGELES and the LINCOLN FINANCIAL stations and the subtraction of four stations swapped to BONNEVILLE in DENVER for KSWD. Same station revenues grew 3%.
Adjusted EBITDA increased 15% to $28 million, while net income increased from $6.5 million to $8.1 million (17 to 21 cents/basic and diluted share). Free cash flow increased 40% to $18.3 million. In the quarter, ENTERCOM also recorded a restructuring charge of $1.8 million and $0.2 million in merger and acquisition expenses.
Pres./CEO DAVID J. FIELD said, “I am pleased to report an outstanding quarter for ENTERCOM driven by strong organic revenue growth across our station group and the seamless integration of our new acquisitions in LOS ANGELES, ATLANTA, MIAMI, SAN DIEGO and DENVER. While we are delighted with our progress and opportunities at the new stations, we are particularly pleased by our strong market share gains in the rest of our markets which enabled us to post approximately 3% same-station revenue growth for the quarter, and just over 4% growth when excluding the impact of political advertising. We also achieved strong double-digit growth in Free Cash Flow and Adjusted Net Income Per Share and believe we are very well positioned for continued strong performance in 2016 and beyond.”