Entercom Q2 Net Revenues Up 20%
July 27, 2016 at 5:16 PM (PT)
ENTERCOM COMMUNICATIONS reported that Q2 Net revenues increased 20% to $120.5 million, adjusted EBITDA increased 21% to $30.9 million, Adjusted net income per share increased 27% to $0.28 and the company's Free cash flow increased 47% to $20.9 million. The big increases were attributed to the long-lasting impact if the company's acquisition of LINCOLN FINANCIAL MEDIA and the station exchange with BONNEVILLE INTERNATIONAL CORP., which started in July 2015.
“I am pleased to report that ENTERCOM had another outstanding quarter as pro forma Revenue grew 5%, Adjusted EBITDA increased 21% and Free Cash Flow grew 47%.," Pres./CEO DAVID J. FIELD said. "ENTERCOM continues to deliver strong and consistent organic top line and bottom line growth driven by the great work of our talented programming and sales teams and our strategic investments in building powerful local brands and content and excellent customer marketing capabilities. Looking forward, we expect a strong second half of the year as we benefit from our excellent ratings performance, enhanced sales execution, multiple growth initiatives and election year political revenue."