Shares of Entercom Communications(ETM Quote) were among the NYSE's winners Monday, climbing 11% after the radio station operator posted better-than-expected first-quarter results and boosted its stock buyback program.
The company earned $7.8 million, or 19 cents a share, on revenue of $91.1 million. Excluding certain items, the company earned 18 cents a share. Analysts polled by Thomson First Call expected earnings of 14 cents a share on revenue of $90.5 million. During the year-earlier quarter, the company earned $16.2 million, or 34 cents a share, on revenue of $94.3 million.
Excluding items, the company earned 26 cents a share during the year-earlier quarter. "First-quarter results were adversely affected by sluggish advertising conditions affecting all traditional media, exacerbated by weakness in the New Orleans and Boston markets," the company said. ...
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