Entercom Q3 Revenues Up Slightly, Net Income Falls
November 9, 2007 at 7:20 AM (PT)
ENTERCOM third-quarter net revenues rose 8% to $123.1 million, but up only slightly on a same-station basis, with net income falling from $16.16 million to $14.067 million (41 to 37 cents per share).
Prtes./CEO DAVID FIELD said, "Third-quarter revenues were up fractionally aided by our growth in digital and business development initiatives, offset by sluggish general advertising conditions affecting most traditional media. We continue to build around the power of our integrated marketing platform, which offers customers the power of radio's near universal reach and strong local brands and personalities, plus an expanding menu of creative on-air, online and on-site marketing opportunities. We also continue to reward our shareholders with a very attractive dividend from our significant free cash flow."
The company has also approved a quarterly dividend of $0.38 per share for the fourth quarter, payable DECEMBER 17th to shareholders of record as of DECEMBER 3rd.
ENTERCOM expects fourth-quarter same station net revenues to be in the range of flat to down 2%, based on the loss of 2006's political revenue.