The Company reduced its outstanding net senior debt by $19.3 million during the quarter. For the year, the Company reduced its outstanding net senior debt by $37.8 million and lowered its leverage ratio to 4.8x. As of December 31, 2012, the Company had $8.9 million in cash and $569.9 million of senior debt and senior notes.During the quarter, the Company made a revision to its previously reported book income tax expense for 2011. This revision was made to correct an error in the accounting treatment of certain items when calculating income tax expense. The adjustment was non-cash, had no impact on the Company’s operating income or statement of cash flows, and the Company believes the change is not material. The revised income tax expense affects both second quarter and full year 2011 results. The financial tables included in this release provide additional detail on the revision.
Entercom Communications Corp. Reports Fourth Quarter And Full Year Results
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