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Entercom Communications Corp. Reports Third Quarter Results

Management uses these non-GAAP financial measures on an ongoing basis to help track and assess the Company's financial performance. You, however, should not consider non-GAAP measures in isolation or as substitutes for net income (loss), operating income, or any other measure for determining our operating performance that is calculated in accordance with generally accepted accounting principles. These non-GAAP measures are not necessarily comparable to similarly titled measures employed by other companies. The accompanying financial tables provide reconciliations to the nearest GAAP measure of all non-GAAP measures provided in this release.

Note Regarding Forward-Looking Statements

The information in this news release is being widely disseminated in accordance with the Securities and Exchange Commission's Regulation FD.

This news announcement contains certain forward-looking statements that are based upon current expectations and certain unaudited pro forma information that is presented for illustrative purposes only and involves certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Additional information and key risks are described in the Company’s filings on Forms 8-K, 10-Q and 10-K with the Securities and Exchange Commission. Readers should note that these statements might be impacted by several factors including changes in the economic and regulatory climate and the business of radio broadcasting, in general. The unaudited pro forma information and same station operating data reflect adjustments and are presented for comparative purposes only and do not purport to be indicative of what has occurred or indicative of future operating results or financial position. Accordingly, the Company’s actual performance may differ materially from those stated or implied herein. The Company assumes no obligation to publicly update or revise any unaudited pro forma or forward-looking statements.

Third Quarter 2011        
Earnings Release
 

ENTERCOM COMMUNICATIONS CORP.

FINANCIAL DATA

(amounts in thousands, except per share data)

(unaudited)

 

Three Months Ended

Nine Months Ended

September 30,

September 30,

2011

2010

2011

2010

STATEMENTS OF OPERATIONS

 
Net Revenues $100,429 $102,737 $287,593 $289,359
 
Station Expenses 69,548 67,329 202,389 194,638
Station Expense - Non-Cash Compensation 223 397 550 965
Corporate Expenses 4,214 4,375 14,962 12,943
Corporate Expenses - Non-Cash Compensation 1,337 815 5,676 3,349
Depreciation And Amortization 2,771 3,089 8,535 9,736
Merger And Acquisition Costs - - 1,542 -
Net Time Brokerage Agreement Fees - - 244 -
Net Loss On Sale Or Disposition of Assets 73 185 142 176
Total Operating Expenses 78,166 76,190 234,040 221,807
Operating Income 22,263 26,547 53,553 67,552
 
Other Expense (Income) Items:
Interest Expense 5,271 8,645 16,504 22,795
Net Loss On Early Extinguishment Of Debt - - - 62
Interest And Dividend Income (20) (4) (27) (15)
Other Income (11) (16) (16) (38)
Total Other Expense 5,240 8,625 16,461 22,804
 
Income Before Income Taxes (Benefit) 17,023 17,922 37,092 44,748
Income Taxes (Benefit)) 8,792 7,233 (20,894) 15,597
Net Income $8,231 $10,689 $57,986 $29,151
 
Net Income Per Share - Basic $0.23 $0.30 $1.59 $0.82
Net Income Per Share - Diluted $0.22 $0.29 $1.53 $0.78
 
Weighted Common Shares Outstanding - Basic 36,367 35,723 36,355 35,700
Weighted Common Shares Outstanding - Diluted 37,463 37,310 37,825 37,591
 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

 
Capital Expenditures $1,767 $461 $4,040 $1,935
Income Taxes Paid $- $1 $82 $83
Cash Interest $4,238 $7,126 $13,685 $20,009
 

SELECTED BALANCE SHEET DATA

September 30,

2011

2010

 
Cash And Cash Equivalents $4,869 $3,447
Total Assets 908,953 906,867
Current Debt 605,527 131,026
Senior Debt (including Current Debt) 605,628 676,155
Total Shareholders' Equity 241,101 149,159
 
OTHER FINANCIAL DATA        
 

Three Months Ended

Nine Months Ended

September 30,

September 30,

2011

2010

2011

2010

 

Reconciliation Of GAAP Station Operating Expenses To Station Expenses

Station Operating Expenses $69,771 $67,726 $202,939 $195,603
Station Expenses - Non-Cash Compensation (223) (397) (550) (965)
Station Expenses $69,548 $67,329 $202,389 $194,638
 

Reconciliation Of GAAP Corporate General & Administrative Expenses

To Corporate Expenses

Corporate General & Administrative Expenses $5,551 $5,190 $20,638 $16,292
Corporate Expenses - Non-Cash Compensation (1,337) (815) (5,676) (3,349)
Corporate Expenses $4,214 $4,375 $14,962 $12,943
 

Reconciliation Of GAAP Operating Income To Station Operating Income

Operating Income $22,263 $26,547 $53,553 $67,552
Corporate Expenses 4,214 4,375 14,962 12,943
Corporate Expenses - Non-Cash Compensation 1,337 815 5,676 3,349
Station Expenses - Non-Cash Compensation 223 397 550 965
Depreciation And Amortization 2,771 3,089 8,535 9,736
Merger And Acquisition Costs - - 1,542 -
Net Time Brokerage Agreement Fees - - 244 -
Net Loss On Sale Or Disposition of Assets 73 185 142 176
Station Operating Income $30,881 $35,408 $85,204 $94,721
 

Reconciliation Of GAAP Net Income To Adjusted EBITDA

Net Income $8,231 $10,689 $57,986 $29,151
Income Taxes (Benefit) 8,792 7,233 (20,894) 15,597
Total Other Expense 5,240 8,625 16,461 22,804
Corporate Expenses - Non-Cash Compensation 1,337 815 5,676 3,349
Station Expenses - Non-Cash Compensation 223 397 550 965
Depreciation And Amortization 2,771 3,089 8,535 9,736
Merger And Acquisition Costs - - 1,542 -
Net Time Brokerage Agreement Fees - - 244 -
Net Loss On Sale Or Disposition of Assets 73 185 142 176
Adjusted EBITDA $26,667 $31,033 $70,242 $81,778
 

Reconciliation Of GAAP Net Income To Free Cash Flow

Net Income $8,231 $10,689 $57,986 $29,151
Depreciation And Amortization 2,771 3,089 8,535 9,736
Deferred Financing Costs Included In Interest Expense 941 1,440 2,825 2,930
Non-Cash Compensation Expense 1,560 1,212 6,226 4,314
Net Loss On Sale Or Disposition of Assets 73 185 142 176
Net Loss On Early Extinguishment Of Debt - - - 62
Merger And Acquisition Costs - - 1,542 -
Other Income (11) (16) (16) (38)
Income Taxes (Benefit) 8,792 7,233 (20,894) 15,597
Capital Expenditures (1,767) (461) (4,040) (1,935)
Income Taxes Paid - (1) (82) (83)
Free Cash Flow $20,590 $23,370 $52,224 $59,910
 

Reconciliation Of GAAP Operating Income To Free Cash Flow:

       
Operating Income $22,263 $26,547 $53,553 $67,552
Depreciation and Amortization 2,771 3,089 8,535 9,736
Non-Cash Compensation Expense 1,560 1,212 6,226 4,314
Merger And Acquisition Costs - - 1,542 -

Interest Expense, Net of Interest And Dividend Income And Deferred Financing Costs

(4,310) (7,201) (13,652) (19,850)
Capital Expenditures (1,767) (461) (4,040) (1,935)
Net Loss On Sale Or Disposition of Assets 73 185 142 176
Income Taxes Paid - (1) (82) (83)
Free Cash Flow $20,590 $23,370 $52,224 $59,910
 

Reconciliation Of GAAP Net Income To Adjusted Net Income

Net Income $8,231 $10,689 $57,986 $29,151
Income Taxes (Benefit) 8,792 7,233 (20,894) 15,597
Net Loss On Sale Or Disposition of Assets 73 185 142 176
Net Loss On Extinguishment Of Debt - - - 62
Merger And Acquisition Costs - - 1,542 -
Other Income (11) (16) (16) (38)
Non-Cash Compensation Expense 1,560 1,212 6,226 4,314
Adjusted Income Before Income Taxes 18,645 19,303 44,986 49,262
Income Taxes 7,831 8,107 18,894 20,690
Adjusted Net Income $10,814 $11,196 $26,092 $28,572
 

Weighted Average Diluted Shares Outstanding

Weighted Average Diluted Shares Outstanding - Diluted 37,463 37,310 37,825 37,591
 
Adjusted Net Income Per Share - Diluted $0.29 $0.30 $0.69 $0.76
 




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