Entercom Communications Corp. (NYSE: ETM) today reported financial results for the quarter and year ended December 31, 2012.
Fourth Quarter Highlights
- Net revenues for the quarter increased 7% to $102.1 million
- Station expenses increased 2% to $61.7 million
- Station operating income increased 16% to $40.4 million
- Adjusted EBITDA increased 17% to $35.3 million
- Adjusted net income per share increased 7% to $0.31
- Free cash flow increased 6% to $22.0 million
Full Year Highlights
- Net revenues for the year increased 2% to $388.9 million
- Station expenses decreased 4% to $252.4 million
- Station operating income increased 14% to $136.6 million
- Adjusted EBITDA increased 15% to $115.9 million
- Adjusted net income per share decreased 19% to $0.79
- Free cash flow decreased to $63.1 million
David J. Field, President and Chief Executive Officer stated: “Entercom finished 2012 with a solid fourth quarter as Revenues grew by 7% and Adjusted EBITDA increased by 17%. For the year, prudent cost management drove expenses down by 4% and enabled a 15% increase in Adjusted EBITDA on 2% Revenue growth. We enter 2013 with a strong balance sheet, an outstanding lineup of great brands and content, and a powerful array of emerging digital platforms. We are also highly enthused by a number of positive industry developments over the past few months which bolster the industry’s future prospects. Industry research continues to show robust radio listening levels and strong advertiser effectiveness, while recent announcements by Sprint, Nielsen and others reaffirm radio’s importance in today’s media landscape.”Additional Information During the quarter, the Company amended its credit facility and lowered the borrowing cost of its Term B loan. In connection with this amendment, the Company wrote-off $0.7 million of existing deferred financing fees.