Entercom Reports Q3 Revenues Up 3%
November 5, 2010 at 6:10 AM (PT)
ENTERCOM COMMUNICATIONS has reported financial results for the quarter ended SEPTEMBER 30th, 2010.
Net revenues for the quarter increased 3% to $102.7 million and station expenses increased 3% to $67.3 million and station operating income increased 4% to $35.4 million. Same station net revenues increased 3%, same station expenses increased 3% and same station operating income increased 4%. EBITDA increased 5% to $31.0 million.
The net income per share was $0.29, adjusted net income per share increased 7% to $0.30 and free cash flow increased 7% to $23.4 million.
Pres./CEO DAVID J. FIELD stated, "We hold ourselves accountable for consistently delivering top-tier relative performance and in the third quarter we did not perform up to our standards. Looking ahead, we feel good about our prospects based on our strong brands, a top-notch management team, and an expanding arsenal of digital capabilities. Fourth-quarter pacings look promising and we will finish 2010 with strong double-digit growth in EBITDA and free cash flow. We fully expect to return to our long-term track record of delivering top-tier performance in 2011."