Entercom Q3 Revenues Up 2%
November 4, 2005 at 1:02 PM (PT)
ENTERCOM third quarter net revenues increased 2% to $115 million (same station up 3%), with net income up 10% to $22 million (per-share up 17% to 48 cents). The numbers increased despite the hit taken from HURRICANE KATRINA's effects on the company's NEW ORLEANS cluster.
The company expects fourth quarter revenues of $107-109 million (same station flat to minus 2% due to the NEW ORLEANS situation and the 2004 boost from RED SOX baseball on WEEI-A/BOSTON and political ads).
On the company's conference call, DAVID FIELD confirmed that ENTERCOM is interested in ABC RADIO and had looked at buying SUSQUEHANNA's radio properties (subsequently sold to a CUMULUS partnership) but that the company is returning to its stock buyback program, suspended in APRIL. FIELD said that a DISNEY deal could be structured to merge the present ENTERCOM and ABC RADIO together with DISNEY shareholders getting a majority of ENTERCOM shares, a deal that may satisfy DISNEY's tax concerns.