Entercom Revenue 'Soft' For Second Quarter

Soft

ENTERCOM COMMUNICATIONS second quarter net revenue jumped with the addition of the CBS RADIO properties but fell on a same-station basis. Overall, revenues tripled from $125 million to $372.1 million, but on a same-station basis, the revenues slipped from $405.7 million to $372.1 million. Net income dropped from $6.4 million to $1.6 million (15 to 1 cent/share), and pro forma Adjusted EBITDA also fell from $101.7 million to $82.1 million.

President/CEO DAVID J. FIELD said, “I am pleased to report that we have made great progress across multiple fronts as we continue our work to capitalize on our transformational merger. We have signed a definitive agreement with BONNEVILLE to complete our last required station divestitures, successfully launched the new ENTERCOM AUDIO NETWORK with strong early revenues, terminated our painful relationship with UNITED STATES TRAFFIC NETWORK, achieved rapid growth on our burgeoning RADIO.COM platform, and delivered a 5% reduction in Q2 expenses as we realize our merger-related synergies.

"Second quarter revenues were soft, down 8% exacerbated by the loss of $12 million in revenues from USTN. But revenue performance is improving and we are currently pacing down 2% in the third quarter excluding the impact of USTN. For the fourth quarter, we are pacing up 3% on an unadjusted basis. I am proud of the outstanding team we have built and the terrific work they are doing to capitalize on our abundant scale-driven opportunities.”

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