Entercom Revenues Up 2% In Q1 '11
May 9, 2011 at 2:58 PM (PT)
ENTERCOM COMMUNICATIONS CORP. has reported net revenues of $82.5 million in Q1 2011, an increase of 2% over the same period of 2010. As Station expenses increased 4% to $61.8 million. the Adjusted EBITDA decreased 13% to $15.1 million and Free cash flow decreased 12% to $8.9 million.
Same-station revenue growth, excluding political and the impact of last year’s NEW ORLEANS SAINTS' SUPER BOWL run, increased 4% in the first quarter," Pres./CEO DAVID FIELD said. "In addition, we gained significant revenue share during the quarter, outpacing our peers in 16 of our 22 reporting markets. We bolstered our competitive position by reformatting five of our stations in SAN FRANCISCO, KANSAS CITY and BUFFALO and continued to enhance our digital capabilities, driving strong growth in our key digital metrics. Finally, we are pleased to note that radio listening trends remain outstanding as the total number of local radio listeners continues to grow and is now at an all-time record level. In addition, local radio holds well over a 90% share of total radio listening vs. satellite and Internet."
Station operating expenses for the year are expected to be up in the mid-single digit range reflecting continued investment in emerging digital initiatives, the reformatting of several stations, a restoration of the employee 401(K) match, as well as certain contractual increases.