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Entercom Q2 Net Revenues Up 20% to $120.5 Million
RADIO ONLINE | Wednesday, July 27, 2016 |
Entercom reported second quarter net revenues increased 20% to $120.5 million from $100.5 million in 2015. Station expenses grew 18% to $82.3 million, while station operating income (SOI) was up 23% to $38.2 million. Adjusted EBITDA gained 21% to $30.9 million. The company posted a net income of $10.4 million (26 cents per diluted share) as compared to $6.7 million (17 cents) in the year-ago period.
President/CEO David J. Field stated, "Entercom continues to deliver strong and consistent organic top line and bottom line growth driven by the great work of our talented programming and sales teams and our strategic investments in building powerful local brands and content and excellent customer marketing capabilities. Looking forward, we expect a strong second half of the year as we benefit from our excellent ratings performance, enhanced sales execution, multiple growth initiatives and election year political revenue."
Second quarter operating results include the impact of the transaction with Lincoln Financial Media and the station exchange with Bonneville International which started in July, 2015. Additionally, the company's board of directors has declared a dividend of $0.075 per share which will be payable on September 15 to shareholders of record as of the close of business on August 15.
As of June 30, 2016 the company had $465.5 million of senior debt, capital leases and senior notes and $11.1 million in cash. In addition, the company had $27.6 million in perpetual cumulative convertible preferred stock.
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