Entercom Communications Corp. (NYSE: ETM) today reported financial results for the quarter ended September 30, 2012.
Third Quarter Highlights
- Net revenues for the quarter increased 2% to $102.3 million
- Station expenses decreased 9% to $63.6 million
- Station operating income increased 25% to $38.7 million
- Adjusted EBITDA increased 26% to $33.5 million
- Adjusted net income per share decreased 7% to $0.27
- Free cash flow was flat at $20.6 million
David J. Field, President and Chief Executive Officer, stated: “I am pleased to report that Entercom posted strong growth in Station Operating Income and EBITDA during the third quarter. Our focus on business model reinvention continued to reflect favorably on our operating expenses, which also benefited from the recent industry-wide settlement with BMI. The brands we reformatted in 2011 are now starting to contribute to growth and we made a number of operational moves during the quarter which will strengthen our competitive position and enhance our future growth prospects. Fourth quarter pacings look solid and we expect another quarter of solid growth in EBITDA.”
Effective October 5, Entercom began broadcasting ESPN Radio on the Company’s WEEI 850 AM signal. “ESPN on WEEI” now airs ESPN’s entire national lineup. The Company launched a simulcast of WEEI 850 AM on its Boston 93.7 FM signal in September 2011 and will continue to broadcast WEEI’s award winning local sports talk programming as well as Red Sox baseball and Celtics basketball on 93.7 FM. The combination of Boston’s leading sports station, WEEI-FM, and the new ESPN on WEEI 850 AM, together with the Company’s ability to cross promote content through its existing mobile and digital platforms, gives passionate Boston sports fans the very best in local and national sports content.