This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Entercom Communications Corp. Reports Second Quarter Results

Entercom Communications Corp. (NYSE: ETM) today reported financial results for the quarter ended June 30, 2012.

Second Quarter Highlights

  • Net revenues for the quarter were flat at $104.6 million
  • Station expenses decreased 5% to $67.6 million
  • Station operating income increased 10% to $37.0 million
  • Adjusted EBITDA increased 12% to $32.0 million
  • Adjusted net income per share decreased 23% to $0.24
  • Free cash flow decreased 15% to $19.3 million

David J. Field, President and Chief Executive Officer stated: “I am pleased to report that Entercom generated solid growth in Station Operating Income and Adjusted EBITDA during the second quarter as our ongoing focus on business model reinvention enabled us to expand operating margins. At the same time, our investments in new local brands and content, expanded distribution, enhanced digital platforms, stronger operating systems and sales product development are meaningfully enhancing our competitive position and growth potential. We are increasingly excited about our future opportunities as we continue to deepen our audience engagement and deliver enhanced multi-platform marketing solutions to our customers.”

Additional Information

During the quarter, the Company completed the acquisition of the leading urban adult contemporary station in the San Francisco market 102.9 KBLX-FM from Inner City Media Corporation and its subsidiaries. The Company began operating KBLX on May 1, 2012 under a time brokerage agreement (“TBA”), and the Company’s results for the quarter include two months of KBLX operations as well as the TBA fee expense incurred prior to the closing of the acquisition.

In June, the Company announced an alliance with TuneIn to extend the reach of Entercom's more than 100 stations to the TuneIn digital platform and its more than 30 million monthly active users. Listeners can check out their favorite Entercom stations via TuneIn platforms including smartphone apps, connected vehicle dashboards, Internet home entertainment systems and online at www.tunein.com.

As a result of the Company’s annual review of its intangible assets and goodwill during the quarter, the Company recorded a non-cash intangible impairment charge of $22.3 million to the value of its FCC licenses.

1 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,982.59 +22.02 0.13%
S&P 500 1,978.91 +0.57 0.03%
NASDAQ 4,444.9090 -4.6550 -0.10%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs