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.
Earnings Conference Call and Company Information
Entercom will hold a conference call regarding the quarterly earnings release on Friday, February 8, 2013 at 10:00 AM Eastern Time. Investors will have the opportunity to submit questions to the Company regarding the fourth quarter earnings release by emailing their inquiries to firstname.lastname@example.org. 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 866-462-8981 or by visiting the Company’s website: www.entercom.com. Additional information and reconciliation of same station results are available on the Company’s website at www.entercom.com.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.