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Entercom Communications Corp. Reports Third Quarter Results

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.

       
Third Quarter 2012
Earnings Release
 

ENTERCOM COMMUNICATIONS CORP.

FINANCIAL DATA

(amounts in thousands, except per share data)

(unaudited)

 
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011

STATEMENTS OF OPERATIONS

 
Net Revenues $102,295 $100,429 $286,832 $287,593
 
Station Expenses 63,550 69,548 190,687 202,389
Station Expense - Non-Cash Compensation 169 223 433 550
Corporate Expenses 5,232 4,214 15,608 14,962
Corporate Expenses - Non-Cash Compensation 1,097 1,337 3,551 5,676
Depreciation And Amortization 2,746 2,771 8,242 8,535
Impairment Loss - - 22,307 -
Merger And Acquisition Costs - - - 1,542
Net Time Brokerage Agreement Fees (Income) (4) - 238 244
Net Loss On Sale Or Disposition of Assets 120 73 123 142
Total Operating Expenses 72,910 78,166 241,189 234,040
Operating Income 29,385 22,263 45,643 53,553
 
Other Expense (Income) Items:
Net Interest Expense 13,285 5,251 40,854 16,477
Net Gain On Derivative Instruments - - (1,346) -
Net Loss On Investments 50 - 50 -
Other Income (35) (11) (81) (16)
Total Other Expense 13,300 5,240 39,477 16,461
 
Income Before Income Taxes (Benefit) 16,085 17,023 6,166 37,092
Income Taxes (Benefit) 7,908 8,792 2,245 (20,894)
Net Income $8,177 $8,231 $3,921 $57,986
 
Net Income Per Share - Basic $0.22 $0.23 $0.11 $1.59
 
Net Income Per Share - Diluted $0.22 $0.22 $0.10 $1.53
 
 
Weighted Common Shares Outstanding - Basic 36,735 36,367 36,704 36,355
Weighted Common Shares Outstanding - Diluted 37,548 37,463 37,662 37,825
 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

 
Capital Expenditures $825 $1,767 $1,787 $4,040
Income Taxes Paid $- $- $99 $82
Cash Interest $3,105 $4,238 $29,068 $13,685
 
     

SELECTED BALANCE SHEET DATA

September 30,
2012   2011
 
Cash And Cash Equivalents $6,603 $4,869
Total Assets 924,259 908,953
Current Debt 26,199 605,527
Senior Debt (including Current Debt) 369,500 605,628
Senior Notes 217,285 -
Total Shareholders' Equity 258,648 241,101
 
OTHER FINANCIAL DATA
Three Months Ended Nine Months Ended
September 30, September 30,
2012 2011 2012 2011
 

Reconciliation Of GAAP Station Operating Expenses To Station Expenses

Station Operating Expenses $63,719 $69,771 $191,120 $202,939
Station Expenses - Non-Cash Compensation (169) (223) (433) (550)
Station Expenses 63,550 69,548 190,687 202,389
 

Reconciliation Of GAAP Corporate General & Administrative Expenses To Corporate Expenses

Corporate General & Administrative Expenses $6,329 $5,551 $19,159 $20,638
Corporate Expenses - Non-Cash Compensation (1,097) (1,337) (3,551) (5,676)
Corporate Expenses $5,232 $4,214 $15,608 $14,962
 

Reconciliation Of GAAP Operating Income To Station Operating Income

Operating Income $29,385 $22,263 $45,643 $53,553
Corporate Expenses 5,232 4,214 15,608 14,962
Corporate Expenses - Non-Cash Compensation 1,097 1,337 3,551 5,676
Station Expenses - Non-Cash Compensation 169 223 433 550
Depreciation And Amortization 2,746 2,771 8,242 8,535
Impairment Loss - - 22,307 -
Merger And Acquisition Costs - - - 1,542
Net Time Brokerage Agreement Fees (Income) (4) - 238 244
Net Loss On Sale Or Disposition of Assets 120 73 123 142
Station Operating Income $38,745 $30,881 $96,145 $85,204
 

Reconciliation Of GAAP Net Income To Adjusted EBITDA

Net Income $8,177 $8,231 $3,921 $57,986
Income Taxes (Benefit) 7,908 8,792 2,245 (20,894)
Total Other Expense 13,300 5,240 39,477 16,461
Corporate Expenses - Non-Cash Compensation 1,097 1,337 3,551 5,676
Station Expenses - Non-Cash Compensation 169 223 433 550
Depreciation And Amortization 2,746 2,771 8,242 8,535
Impairment Loss - - 22,307 -
Merger And Acquisition Costs - - - 1,542
Net Time Brokerage Agreement Fees (Income) (4) - 238 244
Net Loss On Sale Or Disposition of Assets 120 73 123 142
Adjusted EBITDA $33,513 $26,667 $80,537 $70,242
 
   
Three Months Ended Nine Months Ended
September 30, September 30,
2012   2011 2012   2011
 
Reconciliation Of GAAP Net Income To Free Cash Flow
Net Income $8,177 $8,231 $3,921 $57,986
Depreciation And Amortization 2,746 2,771 8,242 8,535
Deferred Financing Costs Included In Interest Expense 1,111 941 3,283 2,825

Amortization Of Original Issue Discount Included In

62 - 182 -

Interest Expense

Non-Cash Compensation Expense 1,266 1,560 3,984 6,226
Net Loss On Sale Or Disposition of Assets 120 73 123 142
Impairment Loss - - 22,307 -
Merger And Acquisition Costs - - - 1,542
Net Gain On Derivative Instruments - - (1,346) -
Net Loss On Investments 50 - 50 -
Other Income (35) (11) (81) (16)
Income Taxes (Benefit) 7,908 8,792 2,245 (20,894)
Capital Expenditures (825) (1,767) (1,787) (4,040)
Income Taxes Paid - - (99) (82)
Free Cash Flow $20,580 $20,590 $41,024 $52,224
 
Reconciliation Of GAAP Operating Income To Free Cash Flow:
Operating Income $29,385 $22,263 $45,643 $53,553
Depreciation and Amortization 2,746 2,771 8,242 8,535
Non-Cash Compensation Expense 1,266 1,560 3,984 6,226
Impairment Loss - - 22,307 -
Merger And Acquisition Costs - - - 1,542

Interest Expense, Net of Interest And Dividend

(12,112) (4,310) (37,389) (13,652)

Income, Deferred Financing Costs & OID

Capital Expenditures (825) (1,767) (1,787) (4,040)
Net Loss On Sale Or Disposition of Assets 120 73 123 142
Income Taxes Paid - - (99) (82)
Free Cash Flow $20,580 $20,590 $41,024 $52,224
 
Reconciliation Of GAAP Net Income To Adjusted Net Income
Net Income $8,177 $8,231 $3,921 $57,986
Income Taxes (Benefit) 7,908 8,792 2,245 (20,894)
Net Loss On Sale Or Disposition of Assets 120 73 123 142
Impairment Loss - - 22,307 -
Merger And Acquisition Costs - - - 1,542
Net Gain On Derivative Instruments - - (1,346) -
Net Loss On Investments 50 - 50 -
Other Income (35) (11) (81) (16)
Non-Cash Compensation Expense 1,266 1,560 3,984 6,226
Adjusted Income Before Income Taxes 17,486 18,645 31,203 44,986
Income Taxes 7,344 7,831 13,105 18,894
Adjusted Net Income $10,142 $10,814 $18,098 $26,092
 
Weighted Average Diluted Shares Outstanding
Weighted Average Diluted Shares Outstanding - Diluted, As Reported 37,548 37,463 37,662 37,825
 
Adjusted Net Income Per Share - Diluted $0.27 $0.29 $0.48 $0.69
 




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