Entercom Revenue Up 5% In 2010, 6% In Q4
February 8, 2011 at 2:30 PM (PT)
A solid Q4 showing helped ENTERCOM increase net revenues for the entire 2010 by 5% to $391.4 million. Same station net revenues increased 5% for the year, overcoming a 2% bump in expenses, leaving same-station operating income increased 12%. Adjusted EBITDA increased 13% to $116.1 million
In Q4, Net revenues increased 6% to $102.1 million, while same station net revenues increased 7% over a 2% rise in expenses, with same station operating income up 14%. Adjusted EBITDA increased 16% to $34.3 million
"I am pleased to report that ENTERCOM finished 2010 on a very positive note, delivering fourth-quarter growth of 7% in same station net revenues, 16% in Adjusted EBITDA and 22% in Free Cash Flow," Pres./CEO DAVID J. FIELD stated. "We are very well positioned for 2011 with our excellent and improving ratings, our strong and rapidly de-levering balance sheet, and our enhanced and expanding lineup of new products and capabilities to bolster sales. Furthermore, we are optimistic that after a year of growth led by national and digital revenues, we should see a meaningful recovery in local ad spending as the economic recovery accelerates."