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.
   
First Quarter 2012
Earnings Release
 

ENTERCOM COMMUNICATIONS CORP.

FINANCIAL DATA

(amounts in thousands, except per share data)

(unaudited)
 

Three Months Ended

March 31,

2012

2011

STATEMENTS OF OPERATIONS
 
Net Revenues $79,966 $82,514
 
Station Expenses 59,567 61,815
Station Expense - Non-Cash Compensation 106 105
Corporate Expenses 5,337 5,586
Corporate Expenses - Non-Cash Compensation 1,291 3,035
Depreciation And Amortization 2,759 2,892
Merger And Acquisition Costs - 1,542
Net Time Brokerage Agreement Fees - 244
Net Loss On Sale Or Disposition of Assets 16 20
Total Operating Expenses 69,076 75,239
Operating Income 10,890 7,275
 
Other Expense (Income) Items:
Net Interest Expense 14,073 5,972
Net Gain On Derivative Instruments (788) -
Other Income (13) -
Total Other Expense 13,272 5,972
 
Income Before Income Taxes (Benefit) (2,382) 1,303

Income Taxes (Benefit)
(1,333) 282
Net Income $(1,049) $1,021
 
Net Income Per Share - Basic $(0.03) $0.03
 
Net Income Per Share - Diluted $(0.03) $0.03
 
 
Weighted Common Shares Outstanding - Basic 36,483 36,053
Weighted Common Shares Outstanding - Diluted 36,483 37,865
 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
 
Capital Expenditures $881 $869
Income Taxes Paid $99 $82
Cash Interest $7,026 $4,818
 

SELECTED BALANCE SHEET DATA

March 31,

2012

2011
 
Cash And Cash Equivalents $11,061 $1,330
Total Assets 912,514 896,524
Current Debt 16,886 203,026
Senior Debt (including Current Debt) 592,276 638,155
Senior Notes 217,162 -
Total Shareholders' Equity 251,254 175,139
 
   
OTHER FINANCIAL DATA
 

Three Months Ended

March 31,

2012

2011
 

Reconciliation Of GAAP Station Operating Expenses To Station Expenses
Station Operating Expenses $59,673 $61,920
Station Expenses - Non-Cash Compensation (106) (105)
Station Expenses $59,567 $61,815
 

Reconciliation Of GAAP Corporate General & Administrative Expenses

To Corporate Expenses
Corporate General & Administrative Expenses $6,628 $8,621
Corporate Expenses - Non-Cash Compensation (1,291) (3,035)
Corporate Expenses $5,337 $5,586
 

Reconciliation Of GAAP Operating Income To Station Operating Income
Operating Income $10,890 $7,275
Corporate Expenses 5,337 5,586
Corporate Expenses - Non-Cash Compensation 1,291 3,035
Station Expenses - Non-Cash Compensation 106 105
Depreciation And Amortization 2,759 2,892
Merger And Acquisition Costs - 1,542
Net Time Brokerage Agreement Fees - 244
Net Loss On Sale Or Disposition of Assets 16 20
Station Operating Income $20,399 $20,699
 

Reconciliation Of GAAP Net Income (Loss) To Adjusted EBITDA
Net Income (Loss) $(1,049) $1,021
Income Taxes (Benefit) (1,333) 282
Total Other Expense 13,272 5,972
Corporate Expenses - Non-Cash Compensation 1,291 3,035
Station Expenses - Non-Cash Compensation 106 105
Depreciation And Amortization 2,759 2,892
Merger And Acquisition Costs - 1,542
Net Time Brokerage Agreement Fees - 244
Net Loss On Sale Or Disposition of Assets 16 20
Adjusted EBITDA $15,062 $15,113
 

Reconciliation Of GAAP Net Income (Loss) To Free Cash Flow
Net Income (Loss) $(1,049) $1,021
Depreciation And Amortization 2,759 2,892
Deferred Financing Costs Included In Interest Expense 1,118 963
Amortization Of Original Issue Discount Included In Interest Expense 59 -
Non-Cash Compensation Expense 1,397 3,140
Net Loss On Sale Or Disposition of Assets 16 20
Merger And Acquisition Costs - 1,542
Net Gain On Derivative Instruments (788) -
Other Income (13) -
Income Taxes (Benefit) (1,333) 282
Capital Expenditures (881) (869)
Income Taxes Paid (99) (82)
Free Cash Flow $1,186 $8,909
 

Reconciliation Of GAAP Operating Income To Free Cash Flow:
Operating Income $10,890 $7,275
Depreciation and Amortization 2,759 2,892
Non-Cash Compensation Expense 1,397 3,140
Merger And Acquisition Costs - 1,542

Interest Expense, Net of Interest And Dividend Income, Deferred Financing Costs & OID
(12,896) (5,009)
Capital Expenditures (881) (869)
Net Loss On Sale Or Disposition of Assets 16 20
Income Taxes Paid (99) (82)
Free Cash Flow $1,186 $8,909
 

Reconciliation Of GAAP Net Income (Loss) To Adjusted Net Income (Loss)
Net Income (Loss) $(1,049) $1,021
Income Taxes (Benefit) (1,333) 282
Net Loss On Sale Or Disposition of Assets 16 20
Merger And Acquisition Costs - 1,542
Net Gain On Derivative Instruments (788) -
Other Income (13) -
Non-Cash Compensation Expense 1,397 3,140
Adjusted Income (Loss) Before Income Taxes (1,770) 6,005
Income Taxes (Benefit) (743) 2,522
Adjusted Net Income (Loss) $(1,027) $3,483
 

Weighted Average Diluted Shares Outstanding
Weighted Average Diluted Shares Outstanding - Diluted, As Reported 36,483 37,865
Shares Considered Anti-Dilutive When Reporting A Net Loss 1,126 -
Shares Considered Anti-Dilutive When Reporting An Adjusted Net Loss (1,126) -
Weighted Average Diluted Shares Outstanding - Diluted 36,483 37,865
 
Adjusted Net Income (Loss) Per Share - Diluted $(0.03) $0.09
 

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