Entercom Reports Q1 Results
April 24, 2008 at 6:00 AM (PT)
ENTERCOM COMMUNICATIONS CORP. has reported financial results for the quarter ended MARCH 31st, 2008.
* Free cash flow increased 67% to $11.4 million.
* Adjusted net income per share increased 44% from $0.09 to $0.13.
* Net income (loss) per share increased from a net loss per share of $0.01 to net income per share of $0.15, which included a gain on sale of station assets.
* EBITDA increased 3% to $26.5 million.
* Net revenues decreased 4% to $95.4 million, station operating expenses decreased 6% to $63.7 million and station operating income decreased 1% to $31.7 million.
* Same-station net revenues decreased 4%, same-station operating expenses decreased 3% and same-station operating income decreased 5%
Additionally, the Board of Directors has approved a quarterly dividend of $0.10 per share payable on JUNE 27th to shareholders of record on JUNE 13th, 2008. This dividend currently represents an annualized yield of more than 4%.
The Company also announced TODAY that the Board of Directors has extended for an additional year a $100 million share repurchase program that was due to expire. The Company has $40 million in capacity available under this extended share repurchase program.