Entercom Communications has released its financial results for 2013, as well as for the fourth quarter of the year, showing a slight decrease in net revenue. As for the full year, net revenues decreased 3 percent to $377.6 million. Station expenses decreased slightly to $251.8 million, while station operating income decreased 8 percent to $125.8 million, Entercom reported.
When looking at the fourth quarter ended December 31, 2013, net revenues for the quarter decreased 2 percent to $99.6 million. Station expenses decreased 1 percent to $61.3 million, while station operating income decreased 5 percent to $38.3 million. In December, the company re-priced its $300 million Term B loan and reduced the borrowing rate by 1 percent, generating savings of approximately $3 million per year. Entercom also reduced its outstanding debt by $14.2 million (net of cash) during the quarter. As of December 31, the company had $12.2 million in cash and $517.1 million of senior debt and senior notes.
Entercom President and CEO David J. Field stated: "Entercom's fourth quarter revenues declined 2 percent while revenues excluding political advertising posted a 2 percent increase. 2014 began on a solid note with January revenues up moderately over the prior year. We are optimistic about 2014 performance based on improving sales capabilities and execution, strong ratings and meaningful local growth opportunities."