Entercom Q1 Net Income Falls
May 7, 2007 at 5:46 AM (PT)
ENTERCOM first quarter net revenues rose 10% to $100 million (same station up 1% to $90.7 million), with net income falling from a gain of $7.755 million to a loss of $564,000 (gain of 19 cents/share to a loss of 1 cent/share).
Pres./CEO DAVID FIELD said, "First quarter results were mixed as strong JANUARY and FEBRUARY operating results were offset by a weaker MARCH. During the quarter, we commenced operations at our new SAN FRANCISCO station cluster, launched a major new station in that market, and continued to invest significant resources in our expanding business development and internet platforms, which we believe will emerge as strong sources of growth in the near future. While we see overall flat revenue trends in the second quarter, we are experiencing substantial growth across many of our markets, offset by near term investments in our newer markets."
The company has declared a 38 cents/share quarterly dividend for second quarter, payable JUNE 28 to shareholders of record as of JUNE 15. The board also extended its $100 million share repurchase program for another year; the original plan expires TODAY (5/7) and the company still has $85.2 million authorized for buybacks.
Second quarter guidance is for flat same-station revenues.