Entercom Q3 Net Revenues Down 14%, Earnings Rise

RADIO ONLINE | , , | :am CT

Entercom posted a 14% decline in net revenues for the third quarter to $99.8 million from $115.5 million in 2008. Station operating income (SOI) dropped 23% to $34.2 million from $44.2 million. EBITDA decreased 25% to $29.7 million. Net earnings rose to 18.2 million from $4.2 million. Net income per share grew from 12 cents to 50 cents.

President/CEO David J. Field stated, "Entercom's third quarter results improved sequentially from the second quarter as business conditions stabilized and the company's cost cutting measures continued to drive expenses lower. We are increasingly optimistic about 2010 based upon a number of indications of improving demand for advertising in the year ahead."

He continued, "We believe that radio's strong audience listening trends and outstanding value proposition for advertisers position the industry to grow at the expense of certain competitive media experiencing significant audience erosion."

During the quarter, Entercom reduced its outstanding net senior and senior subordinated debt by $25.4 million. As of September 30, the company had $20.1 million in cash and cash equivalents, $758.2 million of senior debt and $23.9 million of senior subordinated notes. The company repurchased $20.2 million of its senior subordinated notes during the quarter.