Entercom Q3 Revenues, Income Fall
November 3, 2006 at 6:58 AM (PT)
ENTERCOM third-quarter net revenues dropped 1% to $114.3 million (same-station off 2%), and net income fell from $22.078 million to $16.16 million (48 to 41 cents/share).
President/CEO DAVID FIELD says, "ENTERCOM's prospects have brightened during the past 60 days due to improving industry conditions and operating performance. Third-quarter results improved sequentially as same-station revenues declined 2% while costs were held flat as we continued to demonstrate disciplined expense management."
We anticipate materially stronger results in the fourth quarter...
He went on to add, "We anticipate materially stronger results in the fourth quarter due to accelerating business conditions, significant growth from our investments in new brands and content, and escalating business development revenues. The improving results are broad-based with significant revenue growth expected in the vast majority of our markets in the fourth quarter."