Entercom Communications Corp. (NYSE: ETM) today reported financial results for the quarter and year ended December 30, 2011.
Fourth Quarter Highlights
- Net revenues for the quarter decreased 7% to $95.1 million
- Station expenses decreased 4% to $60.3 million
- Station operating income decreased 11% to $34.9 million
- Adjusted EBITDA decreased 12% to $30.1 million
- Net income per share was $0.28
- Adjusted net income per share decreased 22% to $0.29
- Free cash flow decreased 22% to $20.8 million
2011 Annual Highlights
- Net revenues for the year decreased 2% to $382.7 million
- Station expenses increased 2% to $262.6 million
- Station operating income decreased 10% to $120.1 million
- Adjusted EBITDA decreased 14% to $100.4 million
- Net income per share was $1.81
- Adjusted net income per share decreased 13% to $0.98
- Free cash flow decreased 16% to $73.0 million
David J. Field, President and Chief Executive Officer stated: “2011 was a year of extensive strategic investment for Entercom, during which we launched four new station brands and established FM simulcasts of three core AM stations in San Francisco, Boston, Sacramento, Kansas City and Buffalo. These moves significantly enhance our future growth potential and are expected to contribute positively to revenue growth commencing in second quarter. However, they diluted our fourth quarter revenues by 4%. Excluding political and stations reformatted in 2011, fourth quarter revenues were flat. We are optimistic on 2012 growth, bolstered by improving economic conditions, accelerating performance from newly reformatted stations, and political advertising. And we are highly encouraged by strong industry fundamentals as innovation accelerates, audience usage trends remain outstanding, and radio remains the most cost-effective major advertising medium.”
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