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Entercom Communications Corp. Reports Fourth Quarter And Full Year Results

Stocks in this article: ETM

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.

       

Fourth Quarter 2012

Earnings Release
 

ENTERCOM COMMUNICATIONS CORP.

FINANCIAL DATA

(amounts in thousands, except per share data)

(unaudited)

 

Three Months Ended December 31,

Year Ended December 31,

2012 2011 2012 2011

STATEMENTS OF OPERATIONS

 
Net Revenues $ 102,092 $ 95,134 $ 388,924 $ 382,727
 
Station Expenses 61,663 60,255 252,350 262,644
Station Expense - Non-Cash Compensation 151 226 584 776
Corporate Expenses 5,096 4,752 20,704 19,714
Corporate Expenses - Non-Cash Compensation 1,619 1,219 5,170 6,895
Depreciation And Amortization 2,597 2,741 10,839 11,276
Impairment Loss - - 22,307 -
Merger And Acquisition Costs - - - 1,542
Net Time Brokerage Agreement Fees - - 238 244
Net Loss On Sale Or Disposition of Assets   15   21   138   163
Total Operating Expenses 71,141 69,214 312,330 303,254
               
Operating Income   30,951   25,920   76,594   79,473
 
Other Expense (Income) Items:
Net Interest Expense 12,592 8,442 53,446 24,919
Net Loss On Extinguishment Of Debt 747 1,144 747 1,144
Net (Gain) Loss On Derivative Instruments - 1,346 (1,346) 1,346
Net Loss On Investments 73 30 123 30
Other Income   (37)   (16)   (118)   (32)
Total Other Expense   13,375   10,946   52,852   27,407
 
Income Before Income Taxes (Benefit) 17,576 14,974 23,742 52,066
Income Taxes (Benefit)   10,229   4,450   12,474   (14,211)
Net Income $ 7,347 $ 10,524 $ 11,268 $ 66,277
 
Net Income Per Share - Basic $ 0.20 $ 0.29 $ 0.31 $ 1.82
 
Net Income Per Share - Diluted $ 0.19 $ 0.28 $ 0.30 $ 1.76
 
 

Weighted Common Shares Outstanding - Basic

  36,935   36,380   36,906   36,369
Weighted Common Shares Outstanding - Diluted   37,837   37,473   37,810   37,764
 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

 
Capital Expenditures $ 1,901 $ 1,672 $ 3,688 $ 5,712
Income Taxes Paid $ - $ - $ 99 $ 82
Cash Interest $ 19,500 $ 4,708 $ 48,568 $ 18,393
 

SELECTED BALANCE SHEET DATA

December 31,
2012 2011
 
Cash And Cash Equivalents $ 8,923 $ 3,625
Total Assets $ 915,581 $ 919,269
Current Debt $ 22,418 $ 3,778
Senior Debt (including Current Debt) $ 352,592 $ 385,121
Senior Notes $ 217,349 $ 217,103
Total Shareholders' Equity $ 264,717 $ 248,911
 
OTHER FINANCIAL DATA
 

Three Months Ended December 31,

Year Ended December 31,

2012 2011 2012 2011
 

Reconciliation Of GAAP Station Operating Expenses To Station Expenses

Station Operating Expenses $ 61,814 $ 60,481 $ 252,934 $ 263,420
Station Expenses - Non-Cash Compensation   (151)   (226)   (584)   (776)
Station Expenses $ 61,663 $ 60,255 $ 252,350 $ 262,644
 

Reconciliation Of GAAP Corporate General & Administrative Expenses To Corporate Expenses

Corporate General & Administrative Expenses $ 6,715 $ 5,971 $ 25,874 $ 26,609
Corporate Expenses - Non-Cash Compensation   (1,619)   (1,219)   (5,170)   (6,895)
Corporate Expenses $ 5,096 $ 4,752 $ 20,704 $ 19,714
 

Reconciliation Of GAAP Operating Income To Station Operating Income

Operating Income $ 30,951 $ 25,920 $ 76,594 $ 79,473
Corporate Expenses 5,096 4,752 20,704 19,714
Corporate Expenses - Non-Cash Compensation 1,619 1,219 5,170 6,895
Station Expenses - Non-Cash Compensation 151 226 584 776
Depreciation And Amortization 2,597 2,741 10,839 11,276
Impairment Loss - - 22,307 -
Merger And Acquisition Costs - - - 1,542
Net Time Brokerage Agreement Fees - - 238 244
Net Loss On Sale Or Disposition of Assets   15   21   138   163
Station Operating Income $ 40,429 $ 34,879 $ 136,574 $ 120,083
 

Reconciliation Of GAAP Net Income To Adjusted EBITDA

Net Income $ 7,347 $ 10,524 $ 11,268 $ 66,277
Income Taxes (Benefit) 10,229 4,450 12,474 (14,211)
Total Other Expense 13,375 10,946 52,852 27,407
Corporate Expenses - Non-Cash Compensation 1,619 1,219 5,170 6,895
Station Expenses - Non-Cash Compensation 151 226 584 776
Depreciation And Amortization 2,597 2,741 10,839 11,276
Impairment Loss - - 22,307 -
Merger And Acquisition Costs - - - 1,542
Net Time Brokerage Agreement Fees - - 238 244
Net Loss On Sale Or Disposition of Assets   15   21   138   163
Adjusted EBITDA $ 35,333 $ 30,127 $ 115,870 $ 100,369
 

Three Months Ended December 31,

Year Ended December 31,

2012 2011 2012 2011
 

Reconciliation Of GAAP Net Income To Free Cash Flow

Net Income $ 7,347 $ 10,524 $ 11,268 $ 66,277
Depreciation And Amortization 2,597 2,741 10,839 11,276
Deferred Financing Costs Included In Interest Expense 1,122 742 4,405 3,567

Amortization Of Original Issue Discount Included In

 

 

 

 

Interest Expense

64

25

246

25

Non-Cash Compensation Expense 1,770 1,445 5,754 7,671
Net Loss On Sale Or Disposition of Assets 15 21 138 163
Net Loss On Early Extinguishment Of Debt 747 1,144 747 1,144
Impairment Loss - - 22,307 -
Merger And Acquisition Costs - - - 1,542
Net (Gain) Loss On Derivative Instruments - 1,346 (1,346) 1,346
Net Loss On Investments 73 30 123 30
Other Income (37) (16) (118) (32)
Income Taxes (Benefit) 10,229 4,450 12,474 (14,211)
Capital Expenditures (1,901) (1,672) (3,688) (5,712)
Income Taxes Paid   -   -   (99)   (82)
Free Cash Flow $ 22,026 $ 20,780 $ 63,050 $ 73,004
 

Reconciliation Of GAAP Operating Income To Free Cash Flow:

Operating Income $ 30,951 $ 25,920 $ 76,594 $ 79,473
Depreciation and Amortization 2,597 2,741 10,839 11,276
Non-Cash Compensation Expense 1,770 1,445 5,754 7,671
Impairment Loss - - 22,307 -
Merger And Acquisition Costs - - - 1,542

Interest Expense, Net of Interest Income, Deferred

 

 

 

 

Financing Costs & OID

(11,406)

(7,675)

(48,795)

(21,327)

Capital Expenditures (1,901) (1,672) (3,688) (5,712)
Net Loss On Sale Or Disposition of Assets 15 21 138 163
Income Taxes Paid   -   -   (99)   (82)
Free Cash Flow $ 22,026 $ 20,780 $ 63,050 $ 73,004
 

Reconciliation Of GAAP Net Income To Adjusted Net Income

Net Income $ 7,347 $ 10,524 $ 11,268 $ 66,277
Income Taxes (Benefit) 10,229 4,450 12,474 (14,211)
Net Loss On Sale Or Disposition of Assets 15 21 138 163
Net Loss On Extinguishment Of Debt 747 1,144 747 1,144
Impairment Loss - - 22,307 -
Merger And Acquisition Costs - - - 1,542
Net (Gain) Loss On Derivative Instruments - 1,346 (1,346) 1,346
Net Loss On Investments 73 30 123 30
Other Income (37) (16) (118) (32)
Non-Cash Compensation Expense   1,770   1,445   5,754   7,671
Adjusted Income Before Income Taxes 20,144 18,944 51,347 63,930
Income Taxes   8,460   7,956   21,566   26,850
Adjusted Net Income $ 11,684 $ 10,988 $ 29,781 $ 37,080
 

Weighted Average Diluted Shares Outstanding

Weighted Average Diluted Shares Outstanding - Diluted, As Reported   37,837   37,473   37,810   37,764
 
Adjusted Net Income Per Share - Diluted $ 0.31 $ 0.29 $ 0.79 $ 0.98
 

 

Effect Of Correction On Consolidated Statements Of Operations And Balance Sheet

 
Year Ended December 31, 2011

As Previously Reported

  Adjustment  

As Revised

(amounts in thousands, except per share data)
 
Income taxes (benefit) $ (16,444) $ 2,233 $ (14,211)
Net income (loss) $ 68,510 $ (2,233) $ 66,277
Net income per share:
Basic $ 1.88 $ (0.06) $ 1.82
Diluted $ 1.81 $ (0.05) $ 1.76

 

Quarter Ended June 30, 2011

As Previously Reported

Adjustment

As Revised

(amounts in thousands, except per share data)
 
Income taxes (benefit) $ (29,968) $ 2,233 $ (27,735)
Net income (loss) $ 48,734 $ (2,233) $ 46,501
Net income per share:
Basic $ 1.34 $ (0.06) $ 1.28
Diluted $ 1.29 $ (0.06) $ 1.23
 
December 31, 2011

As Previously Reported

Adjustment

As Revised

(amounts in thousands)
 
Deferred tax liabilities $ 11,317 $ 2,233 $ 13,550
Total long-term liabilities $ 636,752 $ 2,233 $ 638,985
Total liabilities $ 668,125 $ 2,233 $ 670,358
Accumulated deficit $ (346,565) $ (2,233) $ (348,798)
Total shareholders' equity $ 251,144 $ (2,233) $ 248,911
 




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