Entercom Q2 Revenues Slip
August 4, 2008 at 6:31 AM (PT)
ENTERCOM second-quarter net revenues fell 1% to $123.8 million (same station off 2%), with adjusted net income per share rising 16% to 44 cents. Including a $184.6 million one-time non-cash pre-tax intangible impairment charge (for the DENVER, GREENVILLE, INDIANAPOLIS, and MEMPHIS markets), the company reported a net loss of $96.326 million ($2.60/share), widening from a loss of $12.5 million in second quarter 2007 (32 cents/share).
President/CEO DAVID FIELD said, "I am pleased to report that ENTERCOM achieved strong growth in both free cash flow and adjusted net income per share during the quarter. In the face of difficult and deteriorating general economic conditions that have significantly impacted earnings from a broad range of consumer-facing businesses, I am also very pleased by ENTERCOM's second-quarter operating results. Third-quarter results will reflect declining business fundamentals, but looking ahead, radio broadcasting is well positioned for resumed growth. Radio listenership in the U.S. reached an all-time record this past year and radio is the most cost-effective major advertising medium in the nation."