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Entercom Communications Corp. Reports Fourth Quarter Results

Stocks in this article: ETM

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.

       
Fourth Quarter 2011
Earnings Release
 

ENTERCOM COMMUNICATIONS CORP.

FINANCIAL DATA

(amounts in thousands, except per share data)

(unaudited)

 

Three Months Ended

Years Ended

December 31,

December 31,

2011

2010

2011

2010

STATEMENTS OF OPERATIONS

 
Net Revenues $95,134 $102,088 $382,727 $391,447
 
Station Expenses 60,255 62,901 262,644 257,539
Station Expense - Non-Cash Compensation 226 392 776 1,357
Corporate Expenses 4,752 4,840 19,714 17,783
Corporate Expenses - Non-Cash Compensation 1,219 822 6,895 4,171
Depreciation And Amortization 2,741 2,924 11,276 12,660
Merger And Acquisition Costs - - 1,542 -
Net Time Brokerage Agreement Fees - - 244 -
Net Loss On Sale Or Disposition of Assets 21 52 163 228
Total Operating Expenses 69,214 71,931 303,254 293,738
Operating Income 25,920 30,157 79,473 97,709
 
Other Expense (Income) Items:
Net Interest Expense 8,442 7,711 24,919 30,491
Net Loss On Early Extinguishment Of Debt 1,144 - 1,144 62
Net Loss On Derivative Instruments 1,346 - 1,346 -
Loss On Investments 30 174 30 174
Other Income (16) (11) (32) (49)
Total Other Expense 10,946 7,874 27,407 30,678
 
Income Before Income Taxes (Benefit) 14,974 22,283 52,066 67,031

Income Taxes (Benefit)

4,450 4,998 (16,444) 20,595
Net Income $10,524 $17,285 $68,510 $46,436
 
Net Income Per Share - Basic $0.29 $0.48 $1.88 $1.30
 
Net Income Per Share - Diluted $0.28 $0.46 $1.81 $1.23
 
 
Weighted Common Shares Outstanding - Basic 36,380 35,731 36,369 35,712
Weighted Common Shares Outstanding - Diluted 37,473 37,536 37,764 37,679
 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

 
Capital Expenditures $1,672 $809 $5,712 $2,744
Income Taxes Paid $- $- $82 $83
Cash Interest $4,708 $7,091 $18,393 $27,100
 

SELECTED BALANCE SHEET DATA

December 31,

2011

 

2010

 
Cash And Cash Equivalents $3,625 $3,768
Total Assets 919,269 901,025
Current Debt 3,778 165,026
Senior Debt (including Current Debt) 385,121 650,148
Senior Notes 217,103 -
Total Shareholders' Equity 251,144 170,667
       
OTHER FINANCIAL DATA
 

Three Months Ended

Years Ended

December 31,

December 31,

2011

2010

2011

2010

 

Reconciliation Of GAAP Station Operating Expenses To Station Expenses

Station Operating Expenses $60,481 $63,293 $263,420 $258,896
Station Expenses - Non-Cash Compensation (226) (392) (776) (1,357)
Station Expenses $60,255 $62,901 $262,644 $257,539
 

Reconciliation Of GAAP Corporate General & Administrative Expenses

To Corporate Expenses

Corporate General & Administrative Expenses $5,971 $5,662 $26,609 $21,954
Corporate Expenses - Non-Cash Compensation (1,219) (822) (6,895) (4,171)
Corporate Expenses $4,752 $4,840 $19,714 $17,783
 

Reconciliation Of GAAP Operating Income To Station Operating Income

Operating Income $25,920 $30,157 $79,473 $97,709
Corporate Expenses 4,752 4,840 19,714 17,783
Corporate Expenses - Non-Cash Compensation 1,219 822 6,895 4,171
Station Expenses - Non-Cash Compensation 226 392 776 1,357
Depreciation And Amortization 2,741 2,924 11,276 12,660
Merger And Acquisition Costs - - 1,542 -
Net Time Brokerage Agreement Fees - - 244 -
Net Loss On Sale Or Disposition of Assets 21 52 163 228
Station Operating Income $34,879 $39,187 $120,083 $133,908
 

Reconciliation Of GAAP Net Income To Adjusted EBITDA

Net Income $10,524 $17,285 $68,510 $46,436
Income Taxes (Benefit) 4,450 4,998 (16,444) 20,595
Total Other Expense 10,946 7,874 27,407 30,678
Corporate Expenses - Non-Cash Compensation 1,219 822 6,895 4,171
Station Expenses - Non-Cash Compensation 226 392 776 1,357
Depreciation And Amortization 2,741 2,924 11,276 12,660
Merger And Acquisition Costs - - 1,542 -
Net Time Brokerage Agreement Fees - - 244 -
Net Loss On Sale Or Disposition of Assets 21 52 163 228
Adjusted EBITDA $30,127 $34,347 $100,369 $116,125
 

Reconciliation Of GAAP Net Income To Free Cash Flow

Net Income $10,524 $17,285 $68,510 $46,436
Depreciation And Amortization 2,741 2,924 11,276 12,660
Deferred Financing Costs Included In Interest Expense 742 982 3,567 3,912

Amortization Of Original Issue Discount Included In Interest Expense

25 - 25 -
Non-Cash Compensation Expense 1,445 1,214 7,671 5,528
Net Loss On Sale Or Disposition of Assets 21 52 163 228
Net Loss On Early Extinguishment Of Debt 1,144 - 1,144 62
Loss On Investments 30 174 30 174
Merger And Acquisition Costs - - 1,542 -
Net Loss On Derivative Instruments 1,346 - 1,346 -
Other Income (16) (11) (32) (49)
Income Taxes (Benefit) 4,450 4,998 (16,444) 20,595
Capital Expenditures (1,672) (809) (5,712) (2,744)
Income Taxes Paid - - (82) (83)
Free Cash Flow $20,780 $26,809 $73,004 $86,719
 

Reconciliation Of GAAP Operating Income To Free Cash Flow:

Operating Income $25,920 $30,157 $79,473 $97,709
Depreciation and Amortization 2,741 2,924 11,276 12,660
Non-Cash Compensation Expense 1,445 1,214 7,671 5,528
Merger And Acquisition Costs - - 1,542 -

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

(7,675) (6,729) (21,327) (26,579)
Capital Expenditures (1,672) (809) (5,712) (2,744)
Net Loss On Sale Or Disposition of Assets 21 52 163 228
Income Taxes Paid - - (82) (83)
Free Cash Flow $20,780 $26,809 $73,004 $86,719
 

Reconciliation Of GAAP Net Income To Adjusted Net Income

Net Income $10,524 $17,285 $68,510 $46,436
Income Taxes (Benefit) 4,450 4,998 (16,444) 20,595
Net Loss On Sale Or Disposition of Assets 21 52 163 228
Net Loss On Extinguishment Of Debt 1,144 - 1,144 62
Loss On Investments 30 174 30 174
Merger And Acquisition Costs - - 1,542 -
Net Loss On Derivative Instruments 1,346 - 1,346 -
Other Income (16) (11) (32) (49)
Non-Cash Compensation Expense 1,445 1,214 7,671 5,528
Adjusted Income Before Income Taxes 18,944 23,712 63,930 72,974
Income Taxes 7,956 9,959 26,850 30,649
Adjusted Net Income $10,988 $13,753 $37,080 $42,325
 

Weighted Average Diluted Shares Outstanding

Weighted Average Diluted Shares Outstanding - Diluted 37,473 37,536 37,764 37,679
 
Adjusted Net Income Per Share - Diluted $0.29 $0.37 $0.98 $1.12




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