Entercom First Quarter Revenues Up With CBS Radio Addition, Down On Same-Station Basis

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Q1


The addition of the CBS RADIO stations drove ENTERCOM COMMUNICATIONS first quarter net revenues up 300% from $99 million to $300.6 million, but on a same-station basis, net revenues for the quarter fell from $324.9 million to $300.6 million.  Operating income rose from a loss of $15 million to a gain of $5.7 million, and net loss per diluted share for the quarter narrowed from 25 to 10 cents.  Pro Forma Adjusted EBITDA dropped by half, from $61 million to $30.1 million.

President/CEO DAVID J. FIELD said,  “Since closing on our merger in NOVEMBER, we have moved quickly to implement rapid change and have made good progress on our various integration, synergy and transformation goals. We have built a terrific leadership team and are driving strong ratings growth and launching a number of revenue-driving initiatives to capitalize on our scale and compete far more effectively against other media for a larger share of ad spending. Earlier today, we announced the launch of the ENTERCOM AUDIO NETWORK which will enable us to use our scale to participate directly in the $1 billion network radio market.


“Our first quarter financial results were adversely affected by soft general local advertising conditions and a number of temporary factors, most notably the exclusion of $12 million in revenue due to financial issues at USTN. As these temporary factors abate and our growth initiatives take hold, we look forward to driving meaningful sustainable growth as we capitalize on the compelling brands, assets and capabilities of this exciting, emerging company.”


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