Entercom Q2 Revenues Down 18%, Loss Narrows

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Entercom reported a 18% drop in net revenues for the second quarter to $101.3 million from $137 million. Station operating expenses decreased 10% to $66.5 million, while station operating income (SOI) declined 30% to $34.8 million. EBITDA fell 32% to $30.1 million and free cash flow declined 32% to $22.1 million.

The broadcaster posted a net loss of $41.9 million ($1.19 per share) as compared with a loss of $96.3 million (33 cents) in the year-ago period. Earnings included a non-cash intangible impairment charge of $67.7 million. Without the charge, net income per share decreased 34% to 29 cents.

President/CEO David J. Field stated, "Second quarter results improved modestly from first quarter as business conditions remained weak, but stabilized and strengthened slightly off of their lows. We continue to make progress towards our goals of emerging from the recession with enhanced capabilities, a stronger competitive position and an improved business model."

During the quarter, Entercom reduced its outstanding net debt by $20.3 million. The company also repurchased $18.4 million of its senior subordinated notes during the quarter.