Entercom Q3 Revenues Fall 14%
November 3, 2009 at 3:24 AM (PT)
ENTERCOM third-quarter net revenues fell 14% to $99.8 million and station expenses decreased 8% to $65.6 million, with net income up from $4.25 million to $18.27 million (12 to 50 cents/share); adjusted net income dropped 28% to 28 cents/share.
Pres./CEO DAVID FIELD said. "ENTERCOM's third-quarter results improved sequentially from the second quarter as business conditions stabilized and the company's cost-cutting measures continued to drive expenses lower. We are increasingly optimistic about 2010 based upon a number of indications of improving demand for advertising in the year ahead, particularly in light of easy comparative results after two years of cyclical decline across virtually all ad sectors. Furthermore, we believe that radio`s strong audience listening trends and outstanding value proposition for advertisers position the industry to grow at the expense of certain competitive media experiencing significant audience erosion."
The company is also selling some of its tower sites to AMERICAN TOWER, with $4.5 million accruing from the deal for the third quarter.