Entercom Communications Corp. (NYSE: ETM) today reported financial results for the quarter ended June 30, 2013.
Second Quarter Highlights
- Net revenues for the quarter decreased 3% to $101.2 million
- Station expenses decreased 3% to $65.7 million
- Station operating income decreased 4% to $35.5 million
- Adjusted EBITDA decreased 4% to $30.7 million
- Adjusted net income per share increased 8% to $0.26
- Free cash flow decreased 2% to $18.9 million
David J. Field, President and Chief Executive Officer stated: “Strong expense management and reduced interest expense enabled Entercom to grow Adjusted Earnings per Share despite a decline in Revenues for the quarter. Notwithstanding our disappointing Revenues, we believe that we are well positioned to accelerate our performance later in the year based on our excellent ratings and our strong competitive position that has been further bolstered by a number of recent operational and strategic enhancements.”
Additional InformationThe Company reduced its outstanding net senior debt and senior notes by $3.5 million during the quarter. As of June 30, 2013, the Company had $6.3 million in cash and $545.6 million of senior debt and senior notes. During the quarter, the Company took a $0.9 million impairment related to the anticipated sale of non-core real estate in one of its markets. This land is now classified as assets held for sale on the Company’s balance sheet. During the quarter, the Company recognized a $1.6 million gain related to the completion of its 2009 tower sale transaction. Earnings Conference Call and Company Information Entercom will hold a conference call regarding the quarterly earnings release on Monday, August 5, 2013 at 5:00 PM Eastern Time. Investors will have the opportunity to submit questions to the Company regarding the Second quarter earnings release by emailing their inquiries to email@example.com. 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 800-510-0118 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 Pelicans, Oakland Athletics, Oakland Raiders and San Jose Sharks.