Entercom Q1 Revenues Drop 21%
May 7, 2009 at 6:26 AM (PT)
ENTERCOM first-quarter net revenues fell 21% to $75.4 million, with station operating income off 47% to $16.9 million, EBITDA down 51% to $12.9 million, free cash flow decreasing 59% to $4.3 million, and adjusted net income per share dropping from $4.416 million to $283,000 (11 to 1 cents/diluted share).
Pres./CEO DAVID FIELD said, "The best thing that can be said about the first quarter of 2009 is that it is now behind us. We are determined to emerge from the economic storm with stronger capabilities, an enhanced competitive position and an improved business model and are on track to achieve these goals. We have made significant improvements to our business model over the past several months, enabling us to reduce expenses and develop promising new revenue streams, while enhancing the quality of the programs we offer our listeners and customers. We remain enthused about our future prospects based upon very strong consumer radio usage trends and radio's outstanding value proposition to customers. Finally, while second quarter pacings remain well behind last year, there has been meaningful and encouraging improvement in business activity over the past four weeks."