Entercom Revenues Up For First Quarter, Company Declares Regular Dividend
May 2, 2016 at 12:38 PM (PT)
ENTERCOM COMMUNICATIONS CORP. first quarter net revenues increased 23% to $96.1 million, with Adjusted EBITDA up 32% to $18.3 million and adjusted net income per share increasing 125% to $0.09, with the increased numbers reflecting the acquisition of the LINCOLN FINANCIAL MEDIA stations and the swap with BONNEVILLE for Classic Rock KSWD (100.3 THE SOUND)/LOS ANGELES, although same-station revenues rose 6% as well.
President/CEO DAVID J. FIELD said, “I am very pleased to report that the ENTERCOM team delivered an outstanding first quarter, growing revenues by 6% on a same-station basis. Adjusted earnings per share and free cash flow both more than doubled and we continue to enhance our strong balance sheet. Our performance is being driven by many factors, most notably our strategic focus on strong local brands and personalities, and our enhanced sales execution and capabilities. I am also delighted to announce today that ENTERCOM is initiating a quarterly cash dividend of 7 1/2 cents per share, commencing in JUNE. Looking ahead, we feel good about our growth prospects and believe we are well-positioned for continued success.”
As FIELD indicated, the company's board approved a regular quarterly cash dividend program and declared a dividend of $0.075 per share, payable JUNE 15th to shareholders of record as of the close of business on May 25th.