Entercom Revenues, Income Up For Fourth Quarter
February 11, 2016 at 8:10 AM (PT)
ENTERCOM COMMUNICATIONS fourth-quarter net revenue rose 16% to $177 million, with same-station sales up 5% (the overall numbers reflect the acquisition of the LINCOLN FINANCIAL MEDIA stations and the swap of stations in DENVER for BONNEVILLE's Classic Rock KSWD (100.3 THE SOUND)/LOS ANGELES. Operating income rose from $28.5 million to $32.6 million, and net income available to common shareholders rose 3.6% to $13.675 million; Adjusted net income per share increased 3% to $0.35.
Pres./CEO DAVID FIELD said, “I am pleased to report that ENTERCOM’s performance continued to accelerate into fourth quarter capping a very successful 2015 for the Company. Fourth-quarter same-station revenues increased by 5%, excluding political advertising. This marked the second straight quarter of mid-single digit organic growth. We are very well positioned for success in 2016 with an expanded market footprint, strong station ratings growth, and enhanced digital and customer marketing capabilities. Our pacings look strong and we are optimistic about our potential to deliver excellent results for our shareholders in 2016 and the years ahead.”