Entercom Q4 Revs Down 8%, 2009 Revs Down 15%
February 23, 2010 at 6:58 AM (PT)
ENTERCOM COMMUNICATIONS has reported financial results for Q4 and year ended DECEMBER 31st, 2009. Net revenues for the 4th quarter decreased 8% to $96.0 million and station expenses decreased 5% to $61.5 million, while station operating income decreased 12% to $34.5 million.
For 2009, net revenues decreased 15% to $372.4 million and station expenses decreased 8% to $252.1 million, while station operating income decreased 27% to $120.4 million.
Pres./CEO DAVID J. FIELD stated: "ENTERCOM posted strong sequential improvement during the fourth quarter, ending the year with positive revenue and operating cash flow growth for the month of DECEMBER. Business conditions improved significantly during the fourth quarter and this positive trend has accelerated into the first two months of 2010. Furthermore, despite the terribly challenging conditions of 2009, we have fulfilled our stated goal of emerging from the recession with enhanced capabilities, a stronger competitive position and an improved business model. For the year 2009, ENTERCOM generated $70 million of free cash flow, reduced our net debt by over $100 million, trimmed expenses by 8%, and yet continued to enhance our capabilities in critical areas, such as digital, on-line and on-air content, and business development. We also achieved significant growth in station ratings and dramatic improvement in key digital metrics on our stations' websites. The outlook for 2010 has brightened, bolstered by accelerating advertiser demand and improvement in radio's relative value proposition in comparison to other media and we believe we are well positioned to capitalize on this rebound."