Radio broadcasting company
said its third-quarter earnings fell 26.7% from the year-ago period.
The company earned $16.2 million, or 41 cents a share, in the quarter, compared with $22.1 million, or 48 cents a share, a year ago. Analysts polled by Thomson First Call were expecting earnings of 44 cents a share in the most recent quarter.
Third-quarter revenue fell 0.6% from a year ago to $114.3 million, against analysts' estimate of $114.4 million.
The company expects fourth-quarter same station net revenues to increase by mid single digits from $103.7 million recorded in the year-ago quarter.
The Bala Cynwyd, Pa.-based company expects to record stock-based compensation expenses of $1.8 million in the fourth quarter.
Third-quarter operating income fell 7.5% from a year ago to $38.4 million and operating margin dropped 250 basis points to 33.6%.
Entercom's third-quarter same-station net revenue declined 2% to 114.3 million and same-station operating income decreased 5% to $50.0 million.
The company's shares were trading down 17 cents at $27.84 Friday.
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