Entercom Communications Corp. (NYSE: ETM) today reported financial results for the quarter ended September 30, 2011.
Third Quarter Highlights
- Net revenues for the quarter decreased 2% to $100.4 million
- Station expenses increased 3% to $69.5 million
- Station operating income decreased 13% to $30.9 million
- Adjusted EBITDA decreased 14% to $26.7 million
- Net income per share was $0.22
- Adjusted net income per share decreased 3% to $0.29
- Free cash flow decreased 12% to $20.6 million
David J. Field, President and Chief Executive Officer stated: “Business conditions remained sluggish yet stable during the third quarter as Entercom revenues declined 2%, essentially flat ex-political. Entercom gained revenue share in a significant majority of its markets. We remain highly focused on making strategic investments in content, distribution and digital capabilities to enhance our competitive position and accelerate our future performance. During the third quarter, we launched our full-time programming lineup on The Game, our new San Francisco FM sports station, and added FM distribution to WEEI, our Boston sports property. Over the course of the year, we have established FM distribution for a number of our core AM news, talk and sports stations. While these moves have diluted 2011 performance by eliminating a handful of our music stations, they are driving audience growth, protecting the long-term health of key franchises, and enhancing our revenue growth opportunities going forward. Looking ahead to 2012, we are highly encouraged by brightening industry prospects due to accelerating industry innovation and outstanding audience usage trends.”
During the quarter, the Company reduced its outstanding net senior debt by $22.4 million. As of September 30, 2011, the Company had $4.9 million in cash and $605.6 million of senior debt. Since 2007, the Company has reduced its outstanding net senior and senior subordinated debt by more than $360 million.