During the third quarter, the Company announced a new multi-year partnership with the University of Florida and its radio stations WRUF-AM (sports talk) and WRUF-FM (country) in Gainesville, Florida. Entercom now sells the commercial advertising for these stations through a joint sales agreement and will provide educational opportunities to University of Florida students at Entercom’s stations. The partnership compliments the Company’s existing two FM stations in the Gainesville market.
The Company recorded an expense credit in the quarter as a result of the radio industry’s recent settlement with Broadcast Music, Inc. (BMI). As part of the settlement, broadcasters received a credit for music licensing overpayments from years 2010 and 2011. The Company’s credit for overpayments from prior years was $2.0 million, all of which was recorded in the third quarter.
During the quarter, Entercom was named by Information Week as one of the Top 500 Technology Innovators in the United States. Entercom was the only radio broadcasting company named to the Top 500 and joined such innovative companies as Boeing, Verizon Wireless and Cisco.
The Company reduced its outstanding net senior debt by $23.8 million during the quarter. As of September 30, 2012, the Company had $6.6 million in cash and $586.9 million of senior debt. Net interest expense increased in the quarter versus the prior year as a result of the Company’s Fall 2011 refinancing of its prior credit facility which had very favorable borrowing costs.
Earnings Conference Call and Company Information
Entercom will hold a conference call regarding the quarterly earnings release on Friday, October 26
, 2012 at 10:00 AM Eastern Time. Investors will have the opportunity to submit questions to the Company regarding the third quarter earnings release by emailing their inquiries to
. Questions should be sent at least 10 minutes prior to the call. The Company will only discuss inquiries made by email prior to the conference call. The public may access the conference call by dialing 888-889-0278 (passcode: Entercom). A replay of the conference call will be available and can be accessed either by dialing 888-568-0531 or by visiting the Company’s website:
. Additional information and reconciliation of same station results are available on the Company’s website at
Entercom Communications Corp. (NYSE: ETM)
, led by
President and CEO David Field
, is one of the largest radio broadcasting companies in the United States, with a nationwide portfolio of over 100 stations in 23 markets, including San Francisco, Boston, Seattle, Denver, Portland, Sacramento and Kansas City.
Known for developing unique and highly successful locally programmed stations, Entercom is home to some of radio's most distinguished brands and compelling personalities. The company is also the radio broadcast partner of the Boston Red Sox, Boston Celtics, Buffalo Bills, Buffalo Sabres, Kansas City Royals, Memphis Grizzlies, New Orleans Saints, New Orleans Hornets, Oakland Athletics and San Jose Sharks.