Entercom Reports Q2 Revs Down 1%
August 8, 2011 at 1:26 PM (PT)
ENTERCOM COMMUNICATIONS TODAY (8/8) reported financial results for the quarter ended JUNE 30, 2011.
Second Quarter Highlights
* Net revenues for the quarter decreased 1% to $104.7 million
* Station expenses increased 4% to $71.0 million
* Station operating income decreased 11% to $33.6 million
* Adjusted EBITDA decreased 15% to $28.5 million
* Net income per share was $1.29
* Adjusted net income per share decreased 11% to $0.31
* Free cash flow decreased 14% to $22.7 million
Pres./CEO DAVID J. FIELD stated, "ENTERCOM's results weakened slightly in the second quarter as revenues were impacted by sluggish economic conditions. While we do not anticipate improvement in third quarter market conditions, we continue to enhance our value to customers by developing our integrated, multi-platform marketing capabilities and leveraging the power of radio's near universal reach and our strong local brands and personalities. In addition, we continue to benefit from the strong cash flow generation of our business model which has allowed us to significantly reduce our debt."