Entercom Communications Corp. Reports Second Quarter Results
August 5, 2014 Untitled Document
Entercom Communications Corp. today reported financial results for the quarter ended June 30, 2014.
Second Quarter Highlights:
* Net Revenues decreased 1% to $100.2 million * Station Expenses increased 3% to $68.0 million * Station Operating Income decreased 9% to $32.2 million * Adjusted EBITDA decreased 12% to $26.9 million * Adjusted Net Income per share decreased 12% to $0.23 * Free Cash Flow decreased 21% to $15.0 million
David J. Field, President and Chief Executive Officer, stated: “Revenue declined 1% from the prior year as results were impacted by sluggish business conditions during the quarter. Operationally, we continue to focus on developing our powerful local brands, content and digital capabilities and building our new SmartReach Digital division. These efforts are enhancing our value to listeners and customers and raising our growth potential. Broadcast radio fundamentals are strong with growing, massive audience reach and a superior ROI to competitive forms of media.”
The Company reduced its outstanding debt by $4.1 million (net of cash) during the quarter. As of June 30, 2014, the Company had $7.1 million in cash and $489.8 million of senior debt and senior notes.