Entercom Revenues, Income Up For Third Quarter
November 7, 2016 at 11:32 AM (PT)
ENTERCOM third-quarter revenues rose 5% to $120.5 million, with station operating income up 12% to $37.9 million, adjusted EBITDA up 8% to $30.4 million, and net income available to common shareholders up from $8.1 million to $10.9 million (21 to 28 cents/basic and diluted share, 25 to 27 cents/share on adjusted basis).
Pres./CEO DAVID J. FIELD said, "ENTERCOM delivered another solid quarter of organic top line and bottom line growth, demonstrating the strength of our great local brands and our outstanding team. We are also very pleased to have just completed a highly successful refinancing that will lower our annual interest expense by more than $10 million and to have announced a terrific, value-creating acquisition of four stations in CHARLOTTE. We are excited by the opportunities ahead as we look to finish the year on a strong note and get off to a great start in 2017."
ENTERCOM’s Board of Directors also declared a dividend of $0.075 per share, payable on DECEMBER 15th to shareholders of record as of NOVEMBER 28th.
The company also disclosed the recovery of $2.3 million in a settlement of its claim against BP over ad sales impact on ENTERCOM's NEW ORLEANS cluster resulting from the DEEPWATER HORIZON oil spill in the GULF OF MEXICO in 2010.