Entercom Takes A Loss In Q2
August 7, 2007 at 5:47 AM (PT)
ENTERCOM COMMUNICATIONS said WEDNESDAY it swung to a loss in the second quarter. It's shares fell more than 6 percent in afternoon trading. For the three months ended JUNE 30, the company reported a loss of $12.5 million, or 32 cents per share, compared with income of $17.1 million, or 43 cents per share, in the year-ago period.
Excluding a $45.4 million non-cash, pretax charge for impairment of goodwill, a loss on the sale of assets, non-cash compensation expense and a deferred income tax charge, ENTERCOM COMMUNICATIONS reported earnings per share of 37 cents, a 14 percent decrease from earnings per share of 46 cents in the second-quarter 2006.
Revenue for the quarter increased 7.5% to $125.2 million from $116.5 million the same period last year.