Entercom Q2 Net Revenues Up 4% to $105.8 Million

RADIO ONLINE | Tuesday, July 27, 2010 | 3:25pm CT

Entercom reported second quarter net revenues grew 4% to $105.8 million from $101.3 million in 2009. Station expenses increased 2% to $68.1 million and operating income (OI) swung from a loss off $43.6 million to a gain of $23.8 million. EBITDA was up to $33.4 million. The company posted net earnings of $14.2 million (40 cents per share) as compared to a loss of $41.9 million ($1.19) in the year-ago period.

President/CEO David J. Field stated: "Entercom posted strong operating results in the second quarter as solid revenue growth and margin expansion drove double-digit increases in EBITDA and Free Cash Flow. Looking ahead, we are highly enthusiastic about our future prospects based upon the likelihood of continued economic recovery and the ad market rebound."

Also during the quarter, the company reduced its outstanding net senior debt by $16.8 million. As of June 30, Entercom had $4.4 million in cash and $701.2 million of senior debt.