Entercom Updates Q1 Numbers
May 6, 2008 at 7:33 AM (PT)
ENTERCOM COMMUNICATIONS says that it is re-stating its first-quarter income upwards to take into account a court ruling related to its acquisition of KWOD/SACRAMENTO. Net income is now being reported as $5.7 million (14 cents/share) as opposed to the $5.2 million (14 cents/share) initially reported on APRIL 24th. Adjusted quarterly net income is being adjusted from 9 to 12 cents/share.
The ruling involved distribution of interest income on funds held in escrow since 2003 due to the long-running legal battle with former KWOD owner ED STOLZ; the court and ENTERCOM differed in their estimates of the company's share of interest income.