Entercom Third Quarter: Revenues Slightly Up, Same Station Revenues Slightly Down, Income Hit By M&A Costs

Q3

As its merger with CBS RADIO looms, ENTERCOM COMMUNICATIONS CORP. third quarter net revenues increased 1% year-to-year to $122.3 million, but same-station revenues fell 1% excluding political, and operating income fell to $13.5 million (nicked by $8.8 million of merger and acquisition costs) from last year's $25.7 million.  Net income also fell from 28 to 9 cents/ diluted share.  Adjusted EBITDA decreased 12% to $26.7 million.

The company's Board of Directors also Increased its dividend by 20% to 36 cents per share on an annualized basis, beginning with a fourth quarter dividend of 9 cents per share, to be paid DECEMBER 15th to shareholders of record as of NOVEMBER 28th. And the board also authorized a $100 million share repurchase program, with $30 million worth anticipated to be repurchased by the end of 2018.

President/CEO DAVID J. FIELD said, “These are exciting times at ENTERCOM as we count down the days before closing our game changing merger with CBS RADIO. ENTERCOM will be one of the radio industry’s two largest companies with an extraordinary lineup of highly rated, award winning radio stations, digital platforms and live events and a robust set of meaningful scale-driven value-creation opportunities. We are looking forward to deploying our extensive plans to drive growth in the business through a significant series of enhancements and investments across the organization.”

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