Entercom Reports Sluggish Q2 Financials
August 1, 2007 at 5:57 AM (PT)
ENTERCOM COMMUNICATIONS has reported financial results for the quarter ended JUNE 30, 2007. Second quarter highlights include:
* Net revenues increased 7% to $125.2 million and station operating expenses increased 12% to $74.0 million.
* Same station net revenues decreased 1% and same station operating expenses increased 4%.
* Same station operating income decreased 8% to $51.2 million.
* Net income (loss) per share, which in the second quarter of 2007 included a $45.4 million charge for impairment of goodwill, decreased to a net loss of ($0.32) from $0.43.
* Adjusted net income per share, which excludes gain/loss on sales of assets, derivative instruments and investments, and non-cash compensation expense, loss on impairment and loss on extinguishment of debt, decreased to $0.37 from $0.46.
Pres./CEO DAVID J. FIELD stated, "ENTERCOM’s second quarter results reflect the sluggish business conditions that continue to affect most traditional advertising media. We remain highly focused on our company-wide efforts to accelerate revenue growth through a number of core initiatives, including digital, business development, and brands and content. We are achieving growing traction on these core initiatives and expect increasing revenue contributions from these efforts over the next few quarters."