, the radio broadcasting company, said its fourth-quarter profits fell 19% from a year ago, hurt by decline in revenue.
The company earned $16 million, or 35 cents a share, for the quarter, compared with $19 million, or 40 cents a share, a year ago. Excluding gain on sale or disposal of assets the company earned 34 cents a share. Analysts polled by Thomson First Call were estimating earnings of 34 cents a share in the most recent quarter.
Fourth-quarter revenue declined 6% from a year ago to $103.7 million. Same station net revenue decreased 5% to $102.1 million. On a collective basis, the impact of Katrina, a format change in Seattle, prior year additional revenue from Red Sox playoff games and political advertisements hurt the company's same-station results during this quarter. Analysts polled by Thomson First Call were estimating revenue of $103 million.
Based on the current business outlook, the company expects to report first quarter net revenue of $90 million to $91 million.
During the first quarter, the company expects corporate general and administrative expenses will be negatively impacted by the recording of legal expenses in the amount of $1.5 million associated with a transaction that did not occur.
"2005 was a year of significant achievement for Entercom," said CEO David J. Field. "Notwithstanding challenging industry conditions and the impact of Hurricane Katrina, tough political comps and a large number of new format launches, Entercom continued to post strong relative operating performance. We outpaced our markets for the seventh straight year, in this case by over 200 basis points."
On Wednesday, Entercom rose 49 cents to $29.19.
This story was created through a joint venture between TheStreet.com and IRIS.